Detailed Study of Hand Tool Market by Research Cosmos
Hand Tool Market Size and Growth Rate:
As per the latest reports published by Research Cosmos, Hand Tool Market was valued at USD 9010 million in 2015 and projected to reach USD 13 million by 2023 growing at a CAGR of 3.7% during the forecast period 2015 to 2023.
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Hand Tool Market Growth Drivers and Restraints:
The increasing prevalence of DIY activities and increasing employment possibilities for technical jobs are observed as important trends in the global hand tools market. The record further reveals that a preponderance of hand tools failed in the world will be used for industrial designs.
The growth of the section is not restricted to a particular region, as the vehicle industry is flourishing across the world. Rising consumer spending capacity and per capita disposable income is also building a positive impact on the industrial section. The increase in professional jobs and employment is a great chance for the hand tools market to grow in terms of quality and pricing, as specialists use high-end tools and are ready to pay more for such products. This factor is making the growth of the industrial segment.
Geographical Analysis of Hand Tool Market:
North America will remain to be the most remunerative market for mechanical hand tools, trailed by Europe. The Market in Asia-Pacific excluding Japan is also expected to remain lucrative, with revenues expected to surpass US$ 2,000 Mn by 2026. In extension, the hand tools business in the Middle East & Africa will exhibit the fastest increase following APEJ. In distinction, the markets in Japan and Latin America will register a sluggish increase by 2026.
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Key Players of Hand Tool Market:
The Key Players include Wera Tools, Channellock, Inc., Snap-On, Akar Tools, Ltd., Apex Tools Group, Stanley Back Decker, Klein Tools, Kennametal Inc., and JK Files (India).
Hand Tool Market Segmentation:
By Type:
- General Purpose Tools
- Metal Cutting Tools
- Layout and Measuring Tools
- Taps and Dies
By End User:
- Industrial
- Household
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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