The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Hand Tools Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Hand Tools Industry (2023-2028):
According to the latest report, The Hand Tools Market is projected to grow at a CAGR of around 4.8% during the forecast period, i.e., 2023-28. The report demonstrates the prominent factors propelling the exponential growth of the Hand Tools industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-28
- CAGR (2023-2028): 4.8%
What are the major Driver the Hand Tools industry?
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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Hand Tools Market Segmentation
The Hand Tools Market analysis of Markntel Advisors 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
As per the regional aspect, the Hand Tools Market is expected to be dominated by North America by capturing the potential market share.
Explore further details about this research report - https://www.marknteladvisors.com/research-library/hand-tools-market.html
Top Companies in the Hand Tools Market
Akar Tools Ltd., Apex Tool Group, CA 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.
Hand Tools Industry Recent Development:
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.
In June 2022, Klein Tools Inc. launched the Hybrid pliers with a crimper, fish tape puller, and wire stripper.
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