The Hand Tools Institute (HTI), a trade association of leading North American hand tool manufacturers, held its spring meeting at the Naples Grand Hotel in Naples, Fla. from April 3-6. The event was attended by executives of hand tool manufacturing companies that sell into the retail channel, as well as professional markets.
HTI invited key industry consultants to present overviews on business outlook best practices.
Council Tools’ John Council and Mayhew Tools’ Vice President of Sales and Marketing Eric Mills reported on business conditions in the first quarter of 2019 across the various segments within the institute. Council and Mills said the consumer segment has been showing ups and downs over the past three quarters, with conditions flat in Q1, and automotive remaining mostly flat over the past five quarters. Declines were offset by gains, with the overall being flat. The same holds true in the international market, with e-channel activity being a big winner over time.
In the automotive sector, aftermarket revenue was reported to reach $316 billion in 2020. Mills and Council indicated this figure is a large leap from the 2016 figure of $277 billion.
The upcoming HTI fall meeting will be held in Chicago.
