Rockville , May 09, 2023 (GLOBE NEWSWIRE) -- According to the latest estimates by Fact.MR, a market research and competitive intelligence provider, the global mechanical hand tools market is valued at US$ 16.9 billion in 2023 and is predicted to expand at a CAGR of 5% from 2023 to 2033.
Mechanical hand tools are commonly used in a wide range of applications, including construction, automotive repair, industrial manufacturing, woodworking, and DIY (Do-it-yourself) home improvement projects. The need for rapid urbanization and infrastructural development is escalating all across the world.
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Governments from all major countries can be observed making investments in various sectors and working to expand their infrastructure to support these kinds of advances. Projects involving the development of roads, trains, airports, utilities, energy, and commercial & residential buildings are included in these infrastructural development initiatives.
Countries such as the United States, China, Japan, and India are making significant investments in construction projects to shape the development of their infrastructure as a result demand for mechanical hand tools is anticipated to experience tremendous growth in the coming 10 years.
Manufacturers of mechanical hand tools are concentrating on improving their products to meet the most recent and shifting demands of customers. The growth of the mechanical hand tools market is expected to be fuelled by the spike in infrastructure and construction projects as well as the changing hand tool ecosystem during the projected period. Additionally, hand tools are affordable, small, and lightweight, which contributes to their widespread use across various industries.
Key Takeaways from Market Study
- The global mechanical hand tools market is expected to reach US$ 27.5 billion by 2033.
- The United States market is thriving due to high need for the production of aerospace & defense products.
- The presence of key market players in Germany is aiding market growth.
- Mechanical hand tools are widely purchased online due to vast options, brands, and discounts.
“Growing popularity of do-it-yourself (DIY) activities, which came into trend especially during the COVID-19 pandemic, is driving the use of hand tools for building, maintaining, and repairing diverse objects,” says a Fact.MR analyst.
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Key Market Players of Mechanical Hand Tools Market
- Klein Tools
- Stanley Black & Decker, Inc
- Wurth Group
- Hilti Corporation
- Snap-on
- Makita Corporation
- TOYA SA
- Techtronic Industries Co. Ltd
- Metabowerke GmbH
Recent Market Developments
- June 2021: A advanced, portable 18V Jig Saw Barrel Grip with an easy-to-grip shape for precision cutting has been made available by Bosch Power Tools. The latest version of the GST18V-47N's barrel handle design, which latches on the switch for additional convenience, especially when cutting down, provides users full command of the hand-cutting tool close to the task at hand.
- A new manufacturing plant was established in West Bend by American hand tool manufacturer Techtronic Industries Co. Ltd in 2021. The facility is assisting the producer in expanding its capability of developing improved hand tools.
Key Segments of Mechanical Hand Tools Industry Research Report
- By Type:
- Hand Service Tools
- Edge Tools
- Hand Saws
- By Application:
- Construction
- Automotive
- Naval Engineering
- Aerospace & Defense
- Electronics
- By Sales Channel:
- Retail
- Online
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global mechanical hand tools market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (hand service tools, edge tools, hand saws), application (construction, automotive, naval engineering, aerospace & defense, electronics), and sales channel (retail, online), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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