Press release
Hand Tools Market Worth $30,381.0 Million by 2027 | by Type, Distribution Channel
Hand Tools Market
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The global hand tools market size was valued at $22,200.0 million in 2019, and is projected to reach $30,381.0 million by 2027, registering a CAGR of 4.1% from 2020 to 2027.
Moreover, major factors that drive the growth of the hand tools market include increase in demand from automotive maintenance and repair sector along with advancements in the production technology of hand tools. In addition, increase in use of hand tools in industrial applications is another factor that drives the overall market growth.
However, low profit margin due to acute competition and lack of skilled professionals are some key challenges that restrain the growth of the global hand tools market. In addition, growth in popularity of power tools and their versatile application is expected to hinder the growth of this market during the forecast period.
Further, the recovery of the construction industries is also expected to fuel the demand for hand tools. However, the growth in machinery and equipment manufacturing sectors around the globe offers lucrative growth opportunities for the market players during the forecast period.
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Global Hand Tools Market Segments
By Type
Wrench
Plier
Screw Drivers
Hammers
Cable cutter
Others
By End-User
DIY
Professional
Industrial
By Distribution Channel
Retail
Online
By Region
North America
Europe
Asia-Pacific
LAMEA
Key Players
Akar Tools Limited
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.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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