New York, US, May 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Mechanical Hand Tools Market Information by Type, Application, and Region - Forecast till 2030”, Mechanical Hand Tools Market could thrive at a rate of 4.12% between 2023 and 2030. The market size will be reaching around USD 21,394.92 MIllion by the end of the year 2030
Mechanical Hand Tools Market Overview
Mechanical hand tools are handheld devices that operate with manual force. These tools are utilized in a wide range of applications across industries, including manufacturing, construction, automotive, and maintenance. Mechanical hand tools include hammers, screwdrivers, wrenches, pliers, and other tools.
Mechanical hand tools are used in a variety of applications, such as tightening or loosening screws, assembling and disassembling equipment, cutting and shaping materials, and gripping and pulling objects. These tools play an essential role in many industries, as they can provide precision, accuracy, and control to perform tasks that require human manipulation.
Market Competitive Landscape:
The affluent companies in the Mechanical Hand Tools industry include
- Klein Tools
- Stanley Black & Decker, Inc
- Wurth Group
- Hilti Corporation
- Snap-on
- Makita Corporation
- TOYA SA
- Techtronic Industries Co. Ltd
- Metabowerke GmbH
- Among others.
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February 2021
Stanley Black & Decker launched a new brand, called GEARWRENCH Industrial, aimed at the industrial and automotive maintenance markets. The brand includes a range of mechanical hand tools and industrial storage products, designed to meet the demands of professionals in the field.
Mechanical Hand Tools Market Segmentation
By Type
The Type in the market include Hand Service Tools, Edge Tools, Hand Saw, and Others
By Application
The Application in the market includes Construction Industry, Decoration Industry, and Household Application.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 21,394.92 million |
| CAGR during 2022-2030 | 4.12% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Key Market Opportunities | New product launches and R&D amongst major key players |
| Key Market Dynamics | Growth in the construction industry Increasing use of capital goods in households |
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Mechanical Hand Tools Market USP Covered:
Market Drivers:
The increasing demand for repair and maintenance activities, growth in the construction industry, and technological advancements in hand tools. The rise in construction activities, both in developed and developing countries, has led to an increase in the demand for hand tools. Technological advancements, such as ergonomic design, improved durability, and increased precision, are also driving the growth of the market.
Market Restraints:
The market restraints for mechanical hand tools include the high cost of advanced tools and equipment, low-quality products from local manufacturers, and the availability of substitute products. The high cost of advanced tools and equipment can make it challenging for small businesses and individuals to afford them. Low-quality products from local manufacturers can also impact the market by offering cheaper alternatives that do not meet industry standards.
Mechanical Hand Tools Market COVID 19 Analysis
The COVID-19 pandemic had a significant impact on the mechanical hand tools market, leading to a mixed impact on the market. While the pandemic led to increased demand for certain hand tools due to the surge in DIY home improvement projects, the decline in manufacturing and construction activities affected the market negatively. The pandemic led to factory shutdowns, supply chain disruptions, and labor shortages, leading to a decline in demand for mechanical hand tools in some sectors.
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Post-COVID, the mechanical hand tools market is expected to recover gradually, as the global economy improves, and manufacturing and construction activities pick up. The market is expected to benefit from government initiatives aimed at boosting infrastructure development and investment in the construction and manufacturing sectors. In addition, the rising trend of DIY home improvement projects is expected to continue to drive demand for mechanical hand tools.
Mechanical Hand Tools Market Regional Insights
The mechanical hand tools market in the Asia-Pacific region is expected to grow significantly in the coming years, driven by the growth in the construction industry and increased government spending on infrastructure projects. As countries in the region continue to invest in their infrastructure, the demand for mechanical hand tools is expected to increase.
In North America, the US is the largest market for mechanical hand tools. The country's large manufacturing and construction industries are key drivers of the market, with a significant demand for high-quality and durable hand tools. In addition, the DIY market in the United States is also a significant contributor to the growth of the mechanical hand tools market.
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In Europe, Germany is a significant market for mechanical hand tools. The country has a strong focus on precision engineering and manufacturing, which has led to a high demand for high-quality hand tools. Additionally, the growth of the construction industry in Europe has also contributed to the growth of the mechanical hand tools market.
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