DUBAI, United Arab Emirates, March 08, 2022 (GLOBE NEWSWIRE) — Future Market Insights (IMF) forecasts the global hand tool market to grow by 5.6% in 2022 reaching a value of approximately US$15.06 billion end of 2022.
|Global Hand Tools Market Analysis (2021)||US DOLLARS$14.26 Bn|
|Global Hand Tools Market Analysis Estimated Annual Value (2022)||US DOLLARS$15.06 Bn|
|Global Hand Tools Market Analysis Projected Annual Value (2032)||US DOLLARS$ 26.70 min|
|CAGR Value (2022-2032)||5.9%|
|Share of collective value: Top 3 countries (2022)||30.7%|
Manufacturers have understood the importance of tool design manipulations, innovations and adding new features from time to time. Tools today must be rugged, provide reliable performance, and be designed to meet the demands of the job for which they are selected.
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Customizations such as extended tips to access hard-to-reach areas or specially designed seals to make the tools even more user-friendly are in high demand. Global hand tool sales are expected to grow at a CAGR of 5.9% during the period 2022 and 2032.
IMF has identified East Asia and South Asia Pacific as major market shareholders due to the huge labor force and field workforce that use tools hand for their work. Also, Europe holds a high share of the global hand tools market. Overall, Asia-Pacific is expected to hold a collective 35% revenue share in the global market by the end of 2032.
The hand tool market is driven by the rise of do-it-yourself (DIY) activities around the world. The hand tools market is expected to grow at a CAGR of 5.9% between 2022 and 2032.
Global hand tool sales are expected to be valued at over $15.06 billion in 2022, with a stable long-term projection, according to the latest information from Future Market Insights (IMF). A new report estimates the market to grow to more than 5.9% CAGR from 2022-2032.
According to Future Market Insights, the growing use of hand tools in the commercial end-use sector is the major influencing factor fueling the demand for hammers, knives, hand saws and other hand tools . The demand is expected to increase as the application in repair and maintenance works constantly increases.
The expansion of the sales network will boost the market considerably. To attract new players in the resale sector, manufacturers offer franchise stores with attractive benefits for the owner. A low initial investment in the establishment, comprehensive advice and training to manage their points of sale, user manuals and detailed processes, sales and marketing, technical and operational support, as well as marketing support and branding such as a website advertisement, newspaper advertisement, etc. are all manufacturer examples. support for owners.
In terms of product type, key sales are expected to represent the maximum demand. Multi-purpose wrenches have long sought applications from professional builders and tradespeople in the construction industry. Multi-purpose adjustable wrenches, torque wrenches, and socket wrenches are generally the preferred types.
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Key Insights from Hand Tool Market Research
- According to end use, hand tools for commercial use are expected to hold more than 37% volume share of the global market in 2022.
- Key sales are expected to account for 34% of the market share by value by the end of the forecast period.
- The use of hand tools will remain maximum for DIY and regional use.
- East Asia and South Asia Pacific will remain primary markets, accounting for over 35% of demand by 2022 combined.
“Increasing demand in the DIY, retail and industrial sectors will drive market players to innovate. The focus on product launches is therefore expected to remain high as competition intensifies in the hand tool market,” says an analyst from Future Market Insights.
The hand tool market is fragmented due to the presence of many players. However, according to the IMF, the key players represent approximately more than 40 to 50% of market share. These players are likely to invest in new technological developments and in the expansion of their distribution networks in order to maintain their presence in the market.
Some of the major players in this industry include but are not limited to Stanley Black and Decker, Robert Bosch GmbH, Snap-On Inc, MISUMI Group Inc, Milwaukee Tool Corporation and others.
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Find more valuable information
The research report analyzes the demand for hand tools. The global hand tools market has been analyzed with the impact of COVID-19, various macroeconomic factors, market trends and market background. According to Future Market Insights, the market has been analyzed on the basis of product types, application, installation, end use, material type, refrigerants, working pressure and temperature. region. The report provides qualitative and quantitative information about the different players in this market. This report also tracks the market based on supply and demand factors.
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