Title: Significant Growth Foreseen by Hand Tools Market During 2019-2029
1Hand Tools Market Growing at 4 CAGR to 2029
Scrutinized in New Research 2019 2029
Report Id REP-GB-1114 Status
Published Category Industrial Automation and
Equipment
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4Hand 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.
5Hand 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.
6Hand 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.
7Hand 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 - Related Press Release
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