For instance, according to a study, labour workforce that fall under 16 to 24 years of age, is likely to experience a slight decline from 14.3% in 2008 to 12.7% by 2018, owing to factors such as rapid growth in urbanization in developing economies and adoption of technologically sound & innovative hand tools and similar products as a substitute for labour workforce.

Factors Shaping the Hand Tools Market

Ergonomic Design of Hand Tools

Major players in the hand tools market are focusing on ergonomic design elements of hand tools to make them precise and comfortable to operate.

For Instance, IRWIN VISE-GRIP Fast Release locking pliers have a trigger-less and one-handed release making them twice as easy to open as conventional pliers. Anti-pinch, non-slip Pro-Touch Grips provide control, comfort, and less hand fatigue.

In 2014, Klein Tools introduced a new series of ergonomically efficient tools, including single-handled and double-handled tools such as 1 1/4" screwdrivers and 3" pliers and cable cutters.