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Snap-On Incorporated SWOT & PESTLE Analysis

ID : 521758153| Aug 2023| 21 pages

COMPANY PROFILE -Snap-on Incorporated

Business Sector :Automotive & Industrial Tools

Operating Geography :United States, North America, Global

About Snap-on Incorporated :

Snap-on Incorporated is a renowned global leader in professional tools and equipment, headquartered in Kenosha, Wisconsin, USA. Snap-on was founded in Milwaukee, Wisconsin in 1920 by Joseph Johnson. The company's first product was a line of socket wrenches. Snap-on quickly grew to become a leading supplier of tools and equipment for the automotive and industrial markets. With a history dating back to 1920, Snap-on is dedicated to designing, manufacturing, and distributing high-quality tools and solutions to industries like automotive, aviation, and industrial sectors. The company's products are sold through a direct sales force, franchised dealers, and distributors in over 130 countries. Their commitment to innovation, craftsmanship, and customer support has solidified Snap-on's reputation as a trusted partner for professionals seeking excellence and efficiency in their work. As of 2023, it employs over 130,000 individuals worldwide. Snap-on's ZEUS+ diagnostic tool was awarded the 2023 PTEN Innovation Award for its innovative features and capabilities.

Snap-on Incorporated's unique selling proposition is its unwavering dedication to delivering premium tools and solutions, empowering professionals across industries. Their mission is to equip professionals with exceptional tools, fostering success through innovation and customer support. Their vision is to be a global leader, setting industry standards and supporting professionals with cutting-edge solutions while cultivating strong customer relationships worldwide.

Snap-on Incorporated Revenue :


US$ 4,492.8 million - FY ending 31st December 2022 (y-o-y growth 5.7%)
US$ 4,252 million - FY ending 31st December 2021

Competitive Analysis of Snap-on Incorporated

SWOT
PESTLE
The SWOT analysis for Snap-on Incorporated is presented below in a matrix followed by the detailed analysis report:
Strengths
Weaknesses
1. Strong brand reputation catering to 16 different industries in 130+ countries globally.
2. Significant revenue generation from 3 out of 4 operating segments.
3. Wide Product portfolio with over 80,000 SKUs under 28 brands.
4. Robust distribution network with significant sales on 3 out of 4 channels.
5. Vertically integrated supply chain & distinctive franchised-van distribution model.
6. Strong focus on innovation & technology, consistently introducing new products.
1. High product pricing may limit its market share in price-sensitive markets.
2. Low penetration in the e-commerce channel.
3. High revenue dependence on the U.S market & automotive industry.
4. Expand its presence in emerging markets, such as Asia, Africa & Latin America.
Opportunities
Threats
1. The growing trend of e-commerce provides an opportunity to strengthen its online presence & expand its direct-to-customer sales channel.
2. Introduce smart diagnostic systems & improve efficiency by adopting AI & IoT.
1. Counterfeit products threaten brand reputation & growth by compromising safety, quality & customer trust.
2. Intense competition with numerous players ranging from large manufacturers to smaller, local suppliers.
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Snap-on Incorporated

Strength

This section is available only in the 'Complete Report' on purchase.

Weakness

1. High product pricing may limit its market share in price-sensitive markets: Snap-On's premium quality tools and equipment come at a higher price point compared to competitors. The company's pricing strategy is driven by its commitment to delivering high-quality products and excellent customer service. While this approach has allowed it to establish a reputation for top-notch tools, it may pose challenges in markets where customers prioritize affordability over brand recognition. Price-sensitive markets often comprise a significant portion of the customer base, particularly in regions with emerging economies. In such markets, customers may opt for lower-priced alternatives, which can limit its market share and growth opportunities. Additionally, increased competition from local or international manufacturers offering cheaper alternatives further intensifies this challenge. To address this issue, it can explore strategies to cater to price-sensitive markets without compromising product quality and brand integrity. This may involve introducing more cost-effective product lines tailored to the specific needs of these markets or offering flexible pricing options, such as financing or leasing programs.

The remaining section under "Weakness" is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

1. Counterfeit products threaten brand reputation & growth by compromising safety, quality & customer trust: The proliferation of counterfeit products in the market undermines the credibility and reliability associated with the original brand. Counterfeit tools not only compromise the safety of users but also lead to poor performance, potentially causing harm or accidents. This can result in customer dissatisfaction, negative reviews, and potential legal implications. Moreover, counterfeit products damage the perception of Snap-On's commitment to quality and reliability, eroding customer trust and loyalty. The automotive industry, in particular, has been heavily affected by counterfeit parts, including tools and equipment. These counterfeit products infiltrate the supply chain through unauthorized distribution channels, posing a significant challenge for legitimate manufacturers like Snap-On. By investing in advanced anti-counterfeit technologies, such as unique identifiers and secure packaging, the company can provide customers with assurance of product authenticity and safety. Additionally, robust supply chain management practices and partnerships with authorized distributors and retailers can help minimize the entry of counterfeit products into the market. By actively combating the presence of counterfeit products and raising awareness among customers, the firm can protect its brand integrity, ensure customer satisfaction, and sustain its growth in the competitive tools and equipment industry.

The remaining section under "Threat" is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Stanley Black & Decker
  • The Toro Company
  • Home Depot
  • Bosch Automotive Service Solutions
  • Danaher Corp
  • Rockwell Automation
  • Makita Corp

Major Brands :

  • ATI Tools
  • AutoCrib
  • Auto VHC
  • Bahco
  • BlackHawk
  • Blue Point
  • Car-O-Liner
  • Cartec L
  • CDI Torque Products
  • CL Challenger Lifts
  • Dealer-FX
  • Ecotechnics
  • Hofmann
  • IRIMO
  • JognBean
  • Josam
  • Kansas Jack
  • Lindstrom
  • Mitchell1
  • Nexiq Technologies
  • Norbar
  • Power Hawk
  • Pro-Cut
  • Sioux
  • Sturtevant Richmont
  • Sun
  • Truck Cam
  • Williams
SWOT & PESTLE (combined)
Complete Report
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References used in Snap-on Incorporated SWOT & PESTLE Analysis Report

1. Fortune business insights: https://www.fortunebusinessinsights.com/automotive-e-commerce-market-105728
2. Lawsuit settlements: https://topclassactions.com/lawsuit-settlements/closed-settlements/snap-on-data-breach-class-action-settlement/#:~:text=Snap-on%20agreed%20to%20a%20class%20action%20lawsuit%20settlement,in%20the%20Snap-on%20data%20breach%20in%20March%202022
3. Annual Report 2022: https://www.snapon.com/Snap-on-Files/Annual-Reports/Snap-on2022AnnualReport_Final.pdf
4. Sustainability commitment: https://www.snapon.com/EN/Investors/Sustainability-Commitment/Environment
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Snap-on Incorporated SWOT and PESTLE analysis has been conducted by Sindhu and reviewed by senior analysts from Barakaat Consulting.

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