Hand Tools Market will Witness a YOY Growth Rate of 3.25% in 2022
The hand tools market share is expected to grow by USD 2.11 billion, accelerating at a CAGR of 3.96% during the forecast period. The huge demand from developing economies will offer immense growth opportunities to market vendors. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus. Unlock Free Sample Analysis Report
Hand Tools Market: Segments and Leading Regions
The hand tools market report will provide insights into the current market share of each segment along with growth projections for the next five years.
- The hand tools market is segmented by End-user (Industrial and Household), Application (General-purpose, Metal cutting, and Others), and Geography (North America, APAC, Europe, South America, and MEA).
- The hand tools market size in the general-purpose segment will be significant during the forecast period. The growing number of DIY home improvement activities will facilitate segment growth.
- The rapid growth of industrial sectors will facilitate the hand tools market growth in North America. 32% of the market’s growth will originate from North America during the forecast period. The US is the key market for the hand tools market in North America.
- The hand tools market report provides an accurate prediction of the contribution of all the geographic segments to the growth of the hand tools market size.
Hand Tools Market: Trends, Drivers, Challenges
- A key market driver for the hand tools market will be huge demand from developing economies.
- Another factor that will boost the market will be the Growing popularity of DIY activities.
- The introduction of ergonomically designed hand tools is the major hand tools market trend that will positively impact the market growth.
- One of the key challenges that market players need to contend with in order to achieve further success is the fluctuating raw material prices.
Hand Tools Market: Vendor Analysis
- The market is fragmented due to the presence of several players.
- The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
- Akar Auto Industries Ltd., Apex Tool Group LLC, Bitburger Holding GmbH, Channellock Inc., Crossman Tool Co. Ltd., Emerson Electric Co., Excelta Corp., IDEAL Industries Inc, JCBLGroup, JPW Industries Inc., Kennametal Inc., Klein Tools Inc., KNIPEX Werk, Kyoto Tool Co. Ltd, Raymond Trade Tools, Snap on Inc, Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., Truper SA de CV, and Wiha Werkzeuge GmbH are some of the major hand tools market vendors.
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The report provides insights into the following FAQs:
- What is the market CAGR?
The market is accelerating at a CAGR of 3.96%.
- What is the incremental growth of the market?
The market is expected to grow by USD 2.2.11 billion.
- What is a key factor driving this market?
Huge demand from developing economies will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
North America, APAC, Europe, South America, and MEA are the key regions featured in this research report.
- Which is the leading geographic region for this market?
32% growth will originate from APAC
- Who are the leading market vendors?
The leading vendors in this market are Akar Auto Industries Ltd., Apex Tool Group LLC, Channellock Inc., Emerson Electric Co., IDEAL INDUSTRIES INC., JPW Industries Inc., Kennametal Inc., Snap-on Inc., Stanley Black and Decker Inc., and Techtronic Industries Co. Ltd.
- What are the market segments covered in this report?
The market is segmented by End-user (Industrial and Household), Application (General-purpose, Metal cutting, and Others), and Geography (North America, APAC, Europe, South America, and MEA).