Hand Tools Market Rising Trends, Huge Demand, Business Strategies, High Growth Rate By 2031

The proliferation of do-it-yourself (DIY) culture owing to the rising labor costs in developed countries such as the UK, U.S., and Germany is anticipated to play a pivotal role in increasing the demand for hand tools. A study by Future Market Insights (FMI) has predicted the global hand tools market to reach  ~US$ 25.6 Bn by the end of 2031, growing at a CAGR of 3.9% over the forecast years (2021-2031).
 
Global Hand Tools Market to reach ~US$ 25.6 Bn by the end of 2031, growing at a CAGR of 3.9% over the forecast years (2021-2031).The construction sector has grown substantially over the past few decades. This growth trend is expected to continue in the next few years as a result of the growing number of new construction and renovation activities around the world. Hand tools Market are required components that are implemented in a variety of applications such as Industrial, household, and do-it-yourself (DIY) projects. Eventually, the growth in construction sector will lead to remunerative growth in the demand for hand tools Market.
 
Customers have been increasingly adopting self-help approaches to modify and repair their homes. Furthermore, the primary factor driving the growth of the hand tool market is the increasing use of hand tools in the automotive industry for repair & maintenance purposes. Moreover, the increase in the use of hand tools in industrial applications is another driver of overall hand tools market growth.  As per FMI, the industrial segment will account for over 60% of hand tools sales through the course of the report’s forecast period.
 
Click the link to get a free Sample Copy of the Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-1114
 
Key Takeaways of Hand Tools Market Study
After recording negative growth in 2020 amid COVID-19, 2021 will be a year of recovery for the market, as it is forecast to exhibit over 3% Y-o-Y growth
The U.S. will remain a highly lucrative market, accounting for 80% of hand tools sold in North America
Within Europe, the U.K. will emerge as an important market, exhibiting a little above 3% Y-o-Y growth in 2021
Germany and France also will record consistently rising demand for hand tools through the forecast period
South Korea and Japan will emerge as attractive markets for sales in East Asia
“The hand tools market has been exhibiting consistent growth, despite temporary lull witnessed amid COVID-19. Factors such as the rapidly growing urbanization in developing economies and the adoption of technologically sound and innovative hand tools have been encouraging market players to focus on innovations. Moreover, increase in practice of DIY activities is expected to create positive prospects for hand tools market growth over the forecast period,” said a lead analyst at FMI.
 
According to FMI, the market for hand tools is growing primarily due to the versatile features of hand tools such as the reduced size of the tool kit, maintenance & weight, and the increasing preference for multiple tools for multiple applications across various industries. Increasing customer preference towards DIY activities to surge the hand tools market globally.
 
Furthermore, high cost of maintenance and repair services for auto parts has created an urge among customers to execute do-it-yourself activities on their vehicles for short-term maintenance & repair. This has provided the manufacturers tremendous potential to manufacture hand tools and launch new & innovative products in the market.
 
Who is winning?
The hand tools market is a very competitive owing to presence of large number of small and medium sized manufacturers in the market. Leading manufacturers are gradually concentrating on positioning innovative technologies to design hand tools to improve the operating efficiency of commercial and industrial facilities. There is a fair amount of emphasis on innovation. Businesses functional in the hand tools market seek strategic collaborations with regional end-users and distributors to meet the needs of a growing consumer base.
 
Some of the leading players operating in the market are Stanley Black & Decker, Inc., Snap-on Incorporated, IDEAL INDUSTRIES, INC., Apex Tool Group, KLEIN TOOLS INC., Emerson Electric Co., Akar Tools Limited, Channellock, Inc., JK Files (India) Limited, Kennametal Inc., Wera Tools
 
Hand Tools Market by Category
Product Type
 
General Purpose Tools
Metal Cutting Tools
Layout & Measuring Tools
Taps & Dies
Application
 
Industrial
Household and DIY
Sales Channel
 
Online Sales
Retail Sales
Distributor Sales
Region
 
North America
Latin America
Western Europe
Eastern Europe
APEJ
MEA
Japan
 
To gain more insights into the market with a detailed table of content and figures, click here:  https://www.futuremarketinsights.com/reports/hand-tools-market/table-of-content
 
Key Questions Answered in the Report
 
Which is the most lucrative market for hand tools?
North America currently leads the global hand tools market. Within North America, the U.S. has emerged as a lucrative market
 
Which are the most commonly used hand tools?
Hand tools that are commonly used globally are cutlery, saw, wrench, hammer, screwdrivers, plier, chisels, and others.
 
Which is the key application of hand tools? 
Hand tools are widely used in industrial applications. Their usage in automotive, construction sites is increasing day-by-day.