According to Markntel Advisors Report, Hand Tools Market is expected to grow at a significant growth rate, and the analysis period is 2023-2028, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
Hand tools are pieces of equipment that facilitate easy operability without exhibiting power consumption or heavy force. Different categories of such tools are wrenches, pliers, cutters, screwdrivers, clamps, knives, and more. Over the years, these equipments have been applied in daily gardening, agriculture, and farming. However, because of their manually operated trait, these are restricted to specific tasks and skills.
Global Hand Tools Market Research Report & Summary:
The Global Hand Tools Market is projected to grow at a CAGR of around 4.8% during the forecast period, i.e., 2023-28.
Time Period Captured in the Report:
· Historical Years: 2018-21
· Base Years: 2022
· Forecast Years: 2023-2028
Who are the Key Players Operating in the Hand Tools Market?
The top companies of the Hand Tools Market ruling the industry are:
Akar Tools Ltd., Apex Tool Group, C&A Hardware Tools Co. Ltd, Channellock, Inc., Dewalt, JK Files Limited, Kennametal Inc., Klein Tools, Inc., Knipex, Mittalbhai Projects Pvt Ltd, Shandong Pangu Industrial Co.,Ltd., Snap-on Incorporated, Stanley Black & Decker, Inc, Wera, Zhejiang SALI Abrasive Technology Co.,Ltd, Others (JCBL Group, Emerson Electric Co., etc.
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Hand Tools Industry Recent Developments
· In September 2022, Snap-on Incorporated announced the accretion of AutoCrib, Inc. The company is the figurehead in designing, manufacturing, and marketing tools and asset controls. This accretion extends Snap-on Incorporated’s existing tool control offering to users from multi-sectors.
The Hand Tools Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
-By Product Type
-Spanners
-Vices
-Pliers/Pincers
-Household Tools
-Grease Guns
-Wrenches
-Hammers
-Chisel
-Metal Working Tools
-Screwdrivers
-Others (Gauges, Clamps, etc.)
-By Application
-Industrial
-Professional
-Home Use
-By Sales Channel
-Online Sales
-Company Direct Sales
-Distributor Sales
-By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
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Market Dynamics -Global Hand Tools Market:
Surge in Residential as well as Commercial Infrastructural Projects Owing to Rapid Urbanization - Numerous governments from developing economies initiated measures towards infrastructural development, industry expansion, and necessary investments in the commercial and residential sectors to promote ongoing urbanization. As a result, projects dealing with constructing roads, railways, airports, energy, and commercial and residential buildings have been inaugurated or announced in the past few years.
Thus, the significant rise in several manufacturing plants and industries has necessitated such equipment on maintenance grounds. Additionally, key manufacturers focusing on developing high-performance and multi-functional tools to minimize time consumption & maximize operational efficiency would likely contribute to the market expansion. Hence, the upsurge in construction & renovation in real estate integrated with evolving hand tools usage is expected to propel the market growth over the forecast period.
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