Mechanical Hand Tools Market 2018-2023 Global Key Players: Robert Bosch Tool Corporation, Stanley Black & Decker, Inc, Snap-on, TOYA SA

Mechanical Hand Tools Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Mechanical Hand Tools Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023

Global Mechanical Hand Tools Market, By Type (Hand Service Tools, Edge Tools, Hand Saw And Others), By Application (Construction Industry, Decoration Industry, And Household Application), And Region - Forecast 2017-2023.

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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Mechanical Hand Tools Market Global Market – Overview

Mechanical hand tools are universal tools, integral to every technological progress in commercial as well as industrial sectors. Mechanical hand tools are manufactured suitably to fulfil the tasks for which they have been designed to. Mechanical hand tools are manufactured by using highest-grade materials, which ensure efficiency and adhere to tolerances. The current manufacturing techniques require proper understanding of ergonomic design, tool shape, handles to improve grip possibilities and strength, and vibration health effects reducing injuries. They are intended to do multiple operations for variety of applications in various industries, such as construction, decoration, and for household applications, serving numerous potential users. According to a recent study report published by the Market Research Future, The global market of mechanical hand tools is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2022).

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. The growth of the U.S. construction industry, has been revived due to the federal policies such as reduced corporate tax, and will be retained in the future. This growth in construction industry will ultimately lead to growth in mechanical hand tool market.

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. This increase in demand for furniture will result in the growth of the mechanical hand tool market. According to Business and Institutional Furniture Manufacturers Association (BIFMA), the U.S. office furniture market production had increased from USD 9,335 million in 2013 to USD 10,254 million in 2015.

In the era of technology, various companies have shifted from the use of traditional tools to the tools that are equipped with technology such as power tools. The demand for power tool is increasing because it enables the customer to complete the work faster. The major disadvantage of using hand is that if it is not handled properly, it might result in accident. There are no skills required in order to operate the power tools while hand tools need to have specific tools to operate. There are various power tools that are noise free but hand tools generate noise till the work is not completed. This advantages of power tool over hand tools is expected to be the restraining factor.

Industry/ Innovation/ Related News:

The key strategies followed by most companies within the global mechanical hand tools market are that of new product development.

On January 2017, Stanley Black & Decker have entered into a definitive agreement with Sears Holdings Corporation to purchase the Craftsman brand from Sears Holdings. Also in October 2016, Hilmor, Irwin, Lenox Brands has been acquired by Stanley Black & Decker. This will Enhance Stanley Black & Decker's Strong Brand Portfolio.

On May 2017, Snap-on acquired Norbar Torque Tools, to expand its geographical footprint and product offering. With this acquisition, Snap-on is pressing ahead with further development and is expanding its market share with its core business sector.

Mechanical Hand Tools Market – Segmentation

The global mechanical hand tools market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Type : Comprises hand service tools, edge tools, hand saw, and others

Segmentation by Application : Comprises construction industry, decoration industry, and household application

Segmentation by Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Mechanical Hand Tools Market: Regional Analysis

Developing economies such as India, China, Indonesia and Brazil have a wide opportunity for the use of mechanical hand tools. Indonesia is emerging as one of the leading economies of Asia with a substantial growth rate and fast paced development. In order to sustain stable growth and development in infrastructure sector, the government has started investing in this sector. This will lead to huge development in infrastructure projects. The increase in infrastructure sector will create an increased opportunity in developing nation for mechanical hand tool market.

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