New York, US, Oct. 13, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Mechanical Hand Tools Market, By Type, By Application and Region - Forecast 2020-2030”, the global market is poised to register a growth of USD 21.67 billion by 2030, with a 4.12% CAGR during the assessment period (2022-2030).
Mechanical Hand Tools Market Overview
The mechanical hand tools market is expected to have high expansion activities by multinationals and well-established companies. Additionally, growing investments in developing advanced quality mechanical hand tools influence market shares. Moreover, increasing demand for basic and advanced home inspection equipment drives market sales. The advantages and tremendous technology upgrades in manufacturing techniques of mechanical hand tools offer significant growth opportunities. The global mechanical hand tools market is estimated to flourish in the next few years. The growing DIY trend, alongside rapid industrialization worldwide, will boost market growth.
Furthermore, stringent government regulations for safety assessment and the increase in focus on process optimization foster market growth. Conversely, the growing competition and low-cost counterfeit hand tools impede market growth. Nevertheless, increasing regulatory actions by the government and the growing use of mechanical hand tools would support market growth throughout the review period.
Players leading the global mechanical hand tools market include,
- Robert Bosch Tool Corporation (US)
- Stanley Black & Decker Inc (US)
- Snap-on (US)
- TOYA SA (Poland)
- Metabowerke GmbH (Germany)
- Hilti Corporation (Liechtenstein)
- Techtronic Industries Co. Ltd. (TTI - Hong Kong)
- Makita Corporation (US)
- Wurth Group (Germany)
- Klein Tools (US)
- among others.
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Mechanical hand tools are used by mechanics and craftspersons in manual operations, such as chiseling, chopping, sawing, and filing/forging. A craftsperson may also use complementary tools such as the hammer for nailing, the vise for holding, and instruments that facilitate accurate measurements.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 21.67 billion |
| CAGR during 2022-2030 | 4.12% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Broader Scope In Developing Nation New product launches and R&D amongst major key players |
| Key Market Drivers | Growth In Construction Industry Growth In The Furniture Market Increase Use Of Capital Goods In Households |
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Mechanical Hand Tools Market Segments
The mechanical hand tools market report is segmented into types, applications, end-users, and regions. The type segment is sub-segmented into hand service tools, edge tools, hand saws, and others. The application segment is sub-segmented into construction, decoration, household, and other industries. The end-user segment is sub-segmented into organizations, manufacturers, research institutes, education institutes, potential investors, and others. The region segment is sub-segmented into the APAC, Americas, MEA, Europe, and rest-of-the-world.
Regional Analysis
North America dominates the global mechanical hand tools market. Augmenting demand from various industries and increasing technological advances in manufacturing techniques substantiate the market revenues of mechanical hand tools. With encouraging market growth and expansion, Canada and the US lead the mechanical hand tools market in the region.
Europe stands second in the global mechanical hand tools market, headed by advancements in unconventional tool-making technologies. The region is home to various industries that are proliferating, demonstrating significant market opportunities. Additionally, the presence of notable players integrating advanced production systems positively impacts market growth.
The Asia Pacific mechanical hand tools market is snowballing. Factors such as the demand for high-quality hand tools and the growing trend of 'do-it-yourself, alongside quality-conscious consumers opting for sophisticated but reasonably priced tools, escalate the market value. Manufacturers operating in the region are increasingly launching a variety of home tool kits and utility sets.
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Competitive Analysis
Highly competitive, the mechanical hand tools market appears fragmented with the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansions, and product/ technology launches. They also make substantial investments, focusing on R&D for a new product and driving geographical expansion. Players face stiff competition from unorganized domestic players and low-quality materials.
The manufacturing of hand tools is complicated and requires high-level technology and labor-intensive production processes. Hand tools manufacturing facilities must include a modern machine & forge shop, heat treatment, polishing, and nickel chrome plating. Mechanical hand tool manufacturers collaborate with providers of revolutionary tool-making technology. Also, they continually work on improving the quality, features, look, and packing of mechanical hand tools.
For instance, on May 25, 2022, Taparia Tools Ltd. (TTL - India), a leading manufacturer and exporter of precision quality hand tools, announced a technical collaboration with a Swedish company to further expand its robust product line in the country. The company is also planning to strengthen its distributor network further in other Indian states.
Taparia Tools is showcasing its latest product range in utility home product stores and shopping malls multiplying across the country. The facility will manufacture hand tools for the electrical, power utility, plumbing, and mechanical trades.
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In another instance, on Aug 12, 2022, Milwaukee Tool announced the opening of a new production plant in Wisconsin, continuing an impressive growth track record nationwide. The company has invested US$55 MN to build and equip the new 95,000-square-foot facility with advanced technology & equipment to manufacture new, innovative hand tools. On May 8, 2022, Milwaukee Tool announced its plan to expand its mechanic's hand tools lineup, featuring new hose picks and two new sets.
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