Hand Tool Industry News
Hand tools are those types of
non-powered tools which are designed for use by experts as well as in
Do-It-Yourself (DIY) projects, like home repairs, general maintenance,
woodworking, building, mechanics and gardening. The hand tool industry
is facing new challenges related to worldwide business globalization and
the invention and use of electronic business. Every single manufacturer,
irrespective of its size and importance in the market, should watch the
movements in its business environment, in order to adjust activities
Characteristics of the industry
Consumption patterns of hand tools
- A labor Intensive Industry: A source of employment to
many, hand tools industry is basically labor intensive in nature,
whose development is of great importance for a competitive as well
as a self-reliant industrial structure. The manufacturers of hand
tools produce a comprehensive range of of hand tools, right from
carpentry and plumbing tools to striking and cutting tools.
- Energy intensive industry: Apart from being a labor
intensive industry, this industry is also an energy intensive one.
It is estimated in a recent study that in most economies adoption of
energy efficient processes and technologies can yield in energy
savings of up to 30 to 50%.
- Effective contributor to the economy: Adding positively
to the income of a country, hand tools industry has contributed to
economy in terms of development and technology up-gradation.
This depends on the following factors:
- Price sensitivity
- Supply chain dynamics
- Product quality, design and safety
- Environmental factors
Generally speaking, hand tools products are applied in the following
Factors to consider for the grow of the hand tool industry
- Households (DIY)
- Professionals (e.g. carpenters, plumbers, craftsmen, toolmakers
Hand tool industry is a growing one. Developed countries like EU, USA
have already been manufacturing and exporting hand tools since a long
time. Developing countries like India, China, Japan are coming up. Some
factors that are to be considered for the overall development of the
industry are as follows:
- Manufacturing centers should be equipped with the latest hand
tool manufacturing technology.
- For small, medium scale entrepreneurs in the developing areas,
credit should be made available to them at lower rates of interest.
- This industry is usually a part of hand and power tool industry
as a whole. Hence, steps should be taken to built up a Hand Tool
Industrial Estate, exclusively for the Hand Tools Units, in all
- Labor laws of all countries dealing with hand tools should be
made more investor friendly, specially for small entrepreneurs.