Dublin, April 07, 2022 (GLOBE NEWSWIRE) -- The "Hand Tools Market by Type, Distribution Channel and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global hand tools market was valued at $21,290.4 million in 2020, and is projected to reach $31,817.3 million by 2030, registering a CAGR of 4.2% from 2021 to 2030.
The hand tools are tools that usually do not use electricity and do not need any motor to operate. The hand tools include hammers, screwdrivers, wrenches, cutters, saw, knives, scissors, clamps, and others. These tools are basic necessities to carry out the smallest of tasks such as plumbing, drilling, cutting, removing, and tightening of screw & nuts.
The factors such as rise in recovery in the construction industry and growth in industrialization and urbanization drive the growth of the market. In addition, urban population is projected to rise by 2050; thereby, fueling the demand for hand tools for residential application in the near future.
Furthermore, surge in standard of living, particularly in the developing countries, empowers DIY culture, which drives the market growth. However, growth in popularity of battery power tools and volatile economic conditions in Latin America are expected to hamper the market growth.
Furthermore, the growth in machinery and equipment manufacturing sectors around the globe offers lucrative growth opportunities for the market players during the forecast period.
The global hand tools market is classified on the basis of type, distribution channel, end user, and region. By type, the market is segmented into wrench, plier, screw drivers, hammers, cable cutter, and others. By distribution channel, the market is bifurcated into in store and online. By end user, the market is categorized into DIY, commercial, and industrial.
By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the global market during the analysis period, due to growth in urbanization and increase in infrastructure investments.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging hand tools market trends and dynamics.
- In-depth market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2030.
- Extensive analysis of the hand tools market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global hand tools market forecast analysis from 2020 to 2030 is included in the report.
- The key market players within hand tools market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the hand tools industry
MARKET DYNAMICS
Drivers
- Growth of Automotive Industry
- Increased construction activities around the globe
- Growth in manufacturing sector
Restraint
- Increasing popularity of power tools
- Fluctuating price of raw materials
Opportunity
- Increasing popularity of DIY projects
COMPETITION ANALYSIS
- Akar Tools Limited
- Snap-On Incorporated.
- Stanley Black and Decker
- Techtronic Industries Co. Ltd.
- Wera Tools
- Apex Tool Group
- Klein Tools Inc.
- Channellock, Inc.
- JCBL India
- Emerson Electric Co.
GLOBAL HAND TOOLS MARKET SEGMENTS
Type
- Wrench
- Plier
- Screw Drivers
- Hammers
- Cable Cutter
- Other
Distribution Channel
- In Store
- Online
End User
- DIY
- Commercial
- Industrial
Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
For more information about this report visit https://www.researchandmarkets.com/r/ggrf4p
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