Dublin, May 03, 2024 (GLOBE NEWSWIRE) -- The "Global Hand Tools Market Report by Type, Distribution Channel, End User, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global hand tools market has exhibited significant growth, with a recorded market size of US$ 25.6 Billion in the year 2023. According to industry analysis, the market is predicted to expand further, reaching an estimated US$ 36.5 Billion by 2032. This growth projection corresponds to a compound annual growth rate (CAGR) of 4.02% from 2023 to 2032. The market's expansion can be attributed to diverse factors, including increased construction activities and the need for routine repair and maintenance operations across various sectors.
The market expansion is propelled by swift urbanization, particularly in developing nations, and government initiatives that promote the development of infrastructure. Additionally, the hand tools market is benefiting from the rising demand for lightweight and portable repair equipment in the automotive industry. Technological advancements and the generation of state-of-the-art hand tool kits with added rust prevention have been instrumental in market growth as well. The COVID-19 pandemic, and the surge in do-it-yourself (DIY) projects resulting from lockdowns, has necessitated an increased usage of hand tools for constructing, repairing, and maintaining various objects, thus positively impacting the market. Moreover, partnerships focused on creating multi-functional hand tools contribute significantly to the market dynamics.
Market Segmentation
The report highlights detailed segmentation of the hand tools market, categorizing it based on type, distribution channels, end-users, and regional presence. The types of hand tools available in the market include wrenches, pliers, screwdrivers, and cable cutters among others. In terms of distribution channels, the market is bifurcated into offline and online segments. Various end users have been identified, ranging from DIY enthusiasts to commercial and industrial entities. Regionally, the report covers North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa, offering insights on specific market trends and growth patterns within these areas.
Competitive Landscape
The hand tools market report also examines the competitive arena, outlining the principal market players that include prominent manufacturers and industry leaders. These key players have been recognized for their strategic initiatives, such as collaborations and product innovations, which are geared towards meeting the evolving needs of the market and enhancing their respective market standings.
Outlook
The market outlook for hand tools remains positive, with forecasts indicating robust growth over the coming decade. Factors fueling this growth encompass advancing infrastructure, urban development, DIY trends, and continuous product improvements through technological enhancements. The global hand tools market stands as a testament to the durable and evolving nature of the manufacturing sector and the everyday utility these essential tools provide.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $25.6 Billion |
| Forecasted Market Value (USD) by 2032 | $36.5 Billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
Companies Featured
- Channellock Inc
- Emerson Electric Co
- Ideal Industries Inc.
- Ingersoll Rand
- Klein Tools Inc
- Martin Sprocket & Gear Inc
- Snap-on Incorporated
- Stanley Black & Decker Inc
- Tapariatools
- Techtronic Industries Co. Ltd
- TOYA S.A.
For more information about this report visit https://www.researchandmarkets.com/r/3vukfj
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