Hand Tools Market: The Ultimate Guide with Many Applications in Construction Industry 2030

Developments in the automotive industry, increased construction activities across the globe, and advancements in the manufacturing sector drive the growth of the global hand tools market. On the other hand, growth in popularity of power tools and fluctuation in price of raw materials restrain the growth to some extent. However, surge in popularity of DIY projects is expected to create lucrative opportunities in the industry.

According to the report, the global hand tools industry was estimated at $21.29 billion in 2020, and is anticipated to hit $31.81 billion by 2030, registering a CAGR of 4.2% from 2021 to 2030.

Request Sample PDF of This Report @ https://www.alliedmarketresearch.com/request-sample/4470

Asia-Pacific generated the highest revenue in 2020, and is expected to grow at the 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 gives a handle grip for holding the tool, further strengthen the market growth.

In addition, surge in residential construction industry in the developing countries such as China, India, and Brazil, is expected to increase the demand for hand tools such as hammers, screwdrivers, 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.

Hand tools are used in various applications such as residential, industrial, and commercial. Based on end user, the industrial segment accounted for the largest market share in the hand tools market in 2020. Increased adoption of hand tools in industrial applications, owing to its durability drives the market growth. In addition, increase in urbanization around the globe, especially in developing regions, has created the need for residential construction; thereby, boosting the demand for hand tools products.

Make Purchase Enquiry Before Buying @ https://www.alliedmarketresearch.com/purchase-enquiry/4470

Top 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.

Key Findings Of The Study
• The report provides an extensive analysis of the current and emerging hand tools market trends and dynamics.
• By type, the wrench segment dominated the hand tools market, in terms of revenue in 2020 and cable cutter segment is projected to grow at a CAGR of 6.2% during the forecast period.
• By end user, the industrial segment registered highest growth in the hand tools market in 2020.
• The Asia-Pacific region is projected to register the highest growth rate in the coming years.
• The report provides an extensive analysis of the hand tools market trends and emerging opportunities of the market.
• In-depth hand tools market analysis is conducted by constructing estimations for the key segments between 2020 and 2030.

Buy This Research Report @ https://www.alliedmarketresearch.com/checkout-final/a394ee6fd99feac9c27c37c2b6a8dd96

About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. 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 domain.

Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

This release was published on openPR.