Hand Tools Market Scenario, Trends, Drivers and Impact Analysis, 2020-2027
Advanced industrial growth in developed countries such as the United States and Germany attracts the attention of hand tool and accessory manufacturers around the world
PORTLAND, OR, USA, Oct 7, 2021 /EINPresswire.com/ – The hand tools market has experienced significant growth over the past decade, owing to increased investment in various user industries end products such as construction and automotive. A number of players are expanding their businesses around the world, due to increased customer base, improved efficient operations, developed product portfolios and expanded geographic reach. This is expected to fuel demand for the global hand tools market
The global hand tools market size was valued at $ 22.2 billion in 2019 and is expected to reach $ 30.3 billion by 2027, with a CAGR of 4.1% from 2020 to 2027.
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Hand tools are used in various applications such as residential, industrial and commercial. On the basis of the end user, the industrial segment accounted for the largest market share of the market in 2019. The increased adoption of hand tools in industrial applications, due to its durability, is driving the growth of the market. In addition, increasing urbanization around the world, especially in developing regions, has created the need for residential construction; thereby increasing the demand for hand tool products.
Additionally, DIY activities include the use of hand tools for any activity carried out by a non-professional individual. This can be generalized as home improvement activities. Many major market players offer DIY hand tool kits, which include wrenches, saws, cutting tools, and other accessories. Moreover, DIY culture is more recognized in developed countries such as USA, UK, Germany and others.
Top 10 key players in the market
Akar Tools Limited
Stanley Black and Decker
Techtronic Industries Co. Ltd.
Apex Tool Group
Klein Tools Inc.
Emerson Electric Co.
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By end user
By distribution channel
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