Press release
Hand Tools Market Growing at a CAGR of 4.1% from 2020 to 2027 | Growth in The Aerospace Industry Drives The Market
Hand Tools Market
According to a new report published by Allied Market Research, titled, “Hand tools Market by Type, End-User, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020–2027,” the global hand tools market size was valued at $22.2 billion in 2019 and is expected to reach $30.3 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027.
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Asia-Pacific generated the highest revenue in 2019, and is expected to grow at a highest CAGR during the forecast period, followed by LAMEA and Europe. Hand tools products witnessed a higher demand, owing to its durability and availability at low cost. Moreover, advancements such as introduction of hand tools with insulated layers, which protects the user from electric shock and give handle grip for holding the tool, further strengthen the market growth.
In addition, surge in residential construction industry in the developing countries such as India, China, India, and Brazil is expected to increase the demand for hand tools such as hammers, screwdriver, cable cutters, and others. However, growing popularity of cordless power tools may hamper the market growth. The impact of this factor is anticipated to reduce in future due to intense completion and new product launches by market players.
Key Players
The key players profiled in the hand tools market report include 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, and Emerson Electric Co.
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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
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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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