Global Hand Tools Market Report 2022: Market to be reached
Dublin, April 07, 2022 (GLOBE NEWSWIRE) — The report “Hand Tools Market by Type, Distribution Channel and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030” has been added to from ResearchAndMarkets.com offer.
According to Verified Market Research, Global Hand Tools Market was valued at USD 21,290.4 Million in 2020 and is projected to reach USD 31,817.3 Million by 2030, registering a CAGR of 4.2% from 2021 to 2030.
Hand tools are tools that generally do not use electricity and do not need a motor to operate. Hand tools include hammers, screwdrivers, wrenches, box cutters, saws, knives, scissors, pliers and others. These tools are basic necessities for performing the smallest tasks such as plumbing, drilling, cutting, removing and tightening screws and nuts.
The factors such as increasing recovery in the construction industry and growing industrialization and urbanization are driving the growth of the market. In addition, the urban population is expected to increase by 2050; thus fueling the demand for hand tools for residential application in the near future.
Additionally, rising living standards, especially in developing countries, are fueling the DIY culture, which is driving the growth of the market. However, the growing popularity of battery power tools and volatile economic conditions in Latin America are expected to hamper the market growth.
In addition, the growth of machinery and equipment manufacturing sectors across the globe presents lucrative growth opportunities for market players over the forecast period.
The global hand tools market is categorized based on type, distribution channel, end-user, and region. By Type, the market is segmented into wrench, pliers, screwdrivers, hammers, cable cutters and others. By distribution channel, the market is divided 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 over the analysis period, due to growing urbanization and increasing infrastructure investment.
MAIN BENEFITS FOR STAKEHOLDERS
- The report provides an in-depth analysis of current and emerging hand tools market trends and dynamics.
- In-depth market analysis is performed by constructing market estimates for key market segments between 2020 and 2030.
- An in-depth analysis of the hand tools market is performed by tracking key product positioning and monitoring key competitors within the scope of the market.
- A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
- The forecast analysis of the global hand tools market from 2020 to 2030 is included in the report.
- Major market players of Hand Tools market are profiled in this report and their strategies are thoroughly analyzed which helps in understanding the competitive outlook of the Hand Tools industry
- Automotive industry growth
- Increase in construction activities worldwide
- Growth in the manufacturing sector
- The growing popularity of power tools
- Fluctuating commodity prices
- Growing popularity of DIY projects
- Limited Akar Tools
- 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 TOOL MARKET SEGMENTS
- cable cutter
- North America
- The rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
For more information on this report visit https://www.researchandmarkets.com/r/ggrf4p