Significant Growth Foreseen by Hand Tools Market During 2019-2029

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Hand Tools Market Growing at 4 CAGR to 2029
Scrutinized in New Research 2019 2029

• Feb 2020

Report Id REP-GB-1114 Status
Published Category Industrial Automation and
Equipment
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Hand Tools Market Analysis

• Hand Tools Market Growing at 4 CAGR to 2029
  Scrutinized in New Research 2019 2029
• VALLEY COTTAGE, N.Y. ,(GLOBE NEWSWIRE) -- Future
  Market Insights (FMI) has recently released a
  research intelligence report with deep-dive
  analysis on the hand tools market that offers
  global industry analysis for 20142018 and
  opportunity assessment for 20192029. The hand
  tools market was valued at US 16 Bn in 2018,
  and is projected to grow notably at a CAGR of 4
  over the forecast period. This growth is
  primarily driven by increasing customer
  preference for do-it-yourself activities and
  rising disposable incomes.
• As per the study, the hand tools market is
  anticipated to witness moderate growth during the
  forecast period owing to rapid growth of the
  global automotive market, which in turn pushes
  the demand for hand tools and related products.
• North Americas hand Tools Market to Witness
  Significant Growth
• North America is likely to present significant
  opportunities for the growth of hand tools market
  owing to factors such as proliferation in four
  vehicle fleet and rising disposable incomes of
  consumers in the U.S. and Canada. The region
  accounts for a maximum number of people carrying
  their own tool kits and using hand tools for
  household applications.

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Hand Tools Market Analysis

• In the U.S. and Canada, according to per capita
  checks, there is high consumer inclination
  towards leisure and recreational activities,
  which is driving market growth. Propensity of
  following countries towards hand tools is
  creating further growth opportunities for the
  hand tools market during the forecast period.
• Global Industrial Expansion Bolstering Demand
• The global hand tools market has been segmented
  based on product type, sales channel,
  application, and regions, such as North America,
  Latin America, Western Europe, Eastern Europe,
  APEJ, MEA, and Japan.
• Owing to factors such as rise in the number of
  manufacturing plants and construction industries
  that require the use of hand tools for
  maintenance and repair activities, the demand for
  specialized hand tool kits is forecasted to rise.
• For instance, among end users, industries account
  for 40 share of the global hand tools market,
  while professionals such as carpenters, plumbers,
  automotive maintenance mechanics, and farmers
  account for the remaining 60 market share.

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Hand Tools Market Analysis

• Hand Tools Enjoying Increased Demand for Domestic
  Activities
• With rapid growth of the global automobile
  market, maintenance and repair of automobiles
  that require high-end precision hand tools is
  also increasing. Growth of the hand tool market
  is not restricted to a particular region, as the
  automobile industry is thriving globally. In
  addition to this, rapidly increasing labor costs
  are compelling consumers to prefer DIY hand tools
  for domestic household activities.
• The automotive maintenance and repair sector
  accounts for 23 of the worlds total hand tools.
  Moreover, increasing consumer spending ability
  and per capita disposable incomes are major
  factors pushing market growth.
• For instance, in 2015, the per capita disposable
  income of consumers witnessed a compound growth
  of 1.5, globally, thereby increasing their
  spending abilities.
• Hand Tools Market Vendor Insights
• The report highpoints few of the key market
  players, who have recognized themselves as global
  influencers in the hand tools market. Few
  examples of key players in the market are Akar
  Tools Limited, Apex Tool Group, Channellock,
  Inc., JK Files (India) Limited, Kennametal Inc.,
  Klein Tools Inc., Snap-On Incorporated, Stanley
  Black and Decker, and Wera Tools.Tier-1 players
  are focusing on mergers, acquisitions, and joint
  ventures with local market players and deploying
  advancements in hand tools to achieve positive
  traction and healthy competitive advantage over
  their contemporaries.

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Hand Tools Market Analysis

• Press Release Source https//www.globenewswire.co
  m/news-release/2019/10/09/1927296/0/en/Hand-Tools-
  Market-is-estimated-to-grow-at-a-CAGR-of-4-over-th
  e-forecast-period-of-2019-to-2029-Future-Market-In
  sights.html
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