Hand Tools Market 2023 | Worth US$ 32.1 Billion by 2028

What is the Market for Hand tools ? :

The latest research study "Hand Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The global hand tools market size reached US$ 24.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.

Hand Tools Market Uses:

Hand tools represent a set of manually operated, indispensable power equipment and devices that are not powered by motors, electricity, or other energy sources. Usually manufactured from the heat and forging treatment techniques, commonly used hand tools include wrenches, cable cutters, knives, hammers, scissors, screwdrivers, pliers, saws, clamps, and drills. These devices are mainly classified into laying, striking, metal cutting, holding, sharpening, and grinding equipment categories. Hand tools assist in shaping the object into the desired form by relying on mechanical strength and performing various manual operations, such as filing, chopping, forging, and sawing. In addition, these devices are compact, cost-effective, and lightweight, owing to which they find extensive application in several industries.

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Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being

• Channellock Inc
• Emerson Electric Co
• Ideal Industries Inc
• Ingersoll Rand
• Klein Tools Inc
• Martin Sprocket & Gear Inc
• Snap-on Incorporated
• Stanley Black & Decker Inc
• Tapariatools
• Techtronic Industries Co. Ltd
• TOYA S.A

Hand Tools Market Development and Growth:

The escalating number of construction activities and the rising need for repair and maintenance operations across establishments are primarily driving the hand tools market. In line with this, the emerging trend of urbanization, especially in the emerging economies, and the launch of various policies by the government bodies to promote infrastructure development, including roads, airports, and energy utilities, are further augmenting the market growth. Moreover, the continuous technological advancements and the introduction of effective and contemporary hand tool kits with rust preventive coatings are also catalyzing the global market. Apart from this, the elevating requirement for portable and lightweight equipment for repairing automobiles and the growing popularity of do-it-yourself (DIY) practices are acting as significant growth-inducing factors. Furthermore, the strategic collaborations among the leading players for manufacturing multi-functional devices that enable a single instrument to perform several operations and the easy product availability via various distribution channels are expected to bolster the hand tools market in the coming years.

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Key Market Segmentation:

Breakup by Type:

• Wrench
• Plier
• Screw Drivers
• Hammers
• Cable Cutter
• Others

Breakup by Distribution Channel:

• Offline
• Online

Breakup by End User:

• DIY
• Commercial
• Industrial

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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