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Industrial Hand Tools Market Share, Growth, Competitive Analysis, Future Prospects and Forecast 2028
Industrial Hand Tools Market
The industrial hand tools are gaining popularity among the consumers with the increasing focus of the manufacturers on innovations and development in their retail strategies, as well as adopting omni-retail channels. The rapid development in the commercial and the residential construction activities is anticipated to grow the industrial hand tools market in the forecast period.
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Companies Profiled in this report includes: Akar Tools Limited, Apex Tool Group, LLC, Channellock, Inc., CRAFTSMAN, IBT Industrial Solutions, Irwin Industrial Tools, PARD Hardware Industrial, Snap-On Incorporated, and Techtronic Industries Co. Ltd.
Growing Automotive Repair and Maintenance Activities to Drive Industrial Hand Tools Market
The growing automotive industry is driving the demand for industrial hand tools used in the repair and maintenance of vehicles. The increasing number of vehicles on the road globally, combined with the need for regular maintenance, has increased demand for hand tools such as wrenches, pliers, screwdrivers, and socket sets. These tools are essential for mechanics to carry out tasks such as oil changes, brake repairs, and engine maintenance.
The growing demand for automotive repair and maintenance activities has increased aftermarket sales of industrial hand tools. The aftermarket refers to selling automotive parts, equipment, and services to vehicle owners after the initial purchase. The increasing number of vehicles and the need for regular maintenance drive the aftermarket growth for industrial hand tools. This has increased the availability of specialized hand tools for specific automotive applications, further fueling the market's growth.
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Industrial Hand Tools Market: Segmental Overview
The global industrial hand tools market is segmented on the product type and sales channel. Based on product type, the market is segmented into taps and dies, layout and measuring tools, general purpose tools, working tools, and others. Similarly, on the basis of sales channel the market is bifurcated into direct, and indirect.
Based on sales channel, the direct segment held the substantial share in the market. The direct sales segment, which refers to selling industrial hand tools directly to end-users, is key in driving the market's growth. The direct sales channel allows consumers to purchase hand tools from the manufacturer, eliminating the need for intermediaries. This has increased the availability of a wide range of hand tools and accessories, allowing consumers to choose from various options based on their specific requirements. Additionally, the direct sales channel enables manufacturers to reach a larger customer base and reduce the cost of distribution, leading to increased profitability and market growth.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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