Mechanical Hand Tools Market Expecting Worldwide Growth by 2023

Market Highlights:
The need for mechanical hand tools is gradually rising owing to factors such as, growing demand from construction industry coupled with increasing industrialization, growing application industries, increasing demand from household applications and among others. Mechanical hand tools are widely used in the construction industry. The rise in the number of manufacturing plants, where hand tools are majorly used, will lead to the growth of mechanical hand tool market. The industrial sector is expected to grow and would increase in demand for professional hand tools kit, thus leading to the growth of the market. On the other hand, the need for hand tools is likely to increase with the increase in the demand for wooden furniture. The key factors responsible for the growth of the furniture market is growth in construction and renovation activities. Increase in the number of single-person and two person households, has resulted in the increase in demand for small and convenient furniture.

The global Mechanical Hand Tools market has witnessed a moderate growth over the past few year and it has been analysed that the market will grow at the same pace during the forecast period. This market was valued at USD 16,044.1 million in 2016 and is poised to reach USD 20,516.3 million with a CAGR of 3.67% during the forecast period.

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Key Players of Mechanical Hand Tools Market:
• Robert Bosch Tool Corporation (U.S)
• Stanley Black & Decker, Inc (U.S.)
• Snap-on (U.S.)
• TOYA SA (Poland)
• Metabowerke GmbH (Germany)
• Hilti Corporation (Liechtenstein)
• Techtronic Industries Co. Ltd (TTI) (Hong Kong)
• Makita Corporation (U.S.)
• Wurth Group (Germany)
• Klein Tools (U.S.)

Regional Analysis:
Geographically, North America has emerged as the leading market for mechanical hand tools market consuming around 35.3% market share in 2016. US is one of the leading country in terms of consumption owing to the rising construction sites and rapid industrialization. Asia-Pacific region has registered itself as the fastest growing region with a CAGR of 4.00% during forecast period. Whereas Europe stood on third rank in terms of value.

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This release was published on openPR.