The global hand tools market

The growth of the automobile industry, increasing global construction activities and manufacturing developments are fueling the growth of the global hand tools market.
PORTLAND, Ore. , Feb. 8, 2022 /PRNewswire/ — Allied Market Research has released a report titled “Hand Tools Market by Type (Wrenches, Pliers, Screwdrivers, Hammers, Cable Cutters and Others), Distribution Channel (Store and shops). online) and end users (DIY, commercial and industrial): Global Opportunity Analysis and Industry Forecast 2021-2030.” will reach US$31.81 billion in 2021, growing at a compound annual growth rate of 4.2% from 2021 to 2030.
The growth of the automobile industry, increasing global construction activities and manufacturing developments are fueling the growth of the global hand tools market. On the other hand, the popularity of power tools and fluctuations in raw material prices are restraining growth to a certain extent. However, the popularity of DIY projects is expected to create lucrative opportunities for the industry.
In terms of type, the wrenches segment held a major share in 2020, accounting for more than a third of the global hand tools market. The growth of this sector is driven by the growth of manufacturing and automobile industries in developing countries. At the same time, from 2021 to 2030, the cable cutting machine industry’s compound annual growth rate will reach 6.2%, which is the fastest. Economic growth in countries like India, Vietnam, Nigeria, South Africa, Colombia, etc. has boosted the development of cable, automobile and construction industries, which in turn has increased the demand for manual cable cutting tools, thereby driving growth this segment. .
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The industrial segment contributed nearly half of the global hand tools market’s revenue in 2020 from an end-user perspective and is expected to lead the segment throughout the forecast period. Additionally, this segment is expected to grow at the fastest rate at a CAGR of 5.0% from 2021 to 2030. Developing on-demand auto repair apps is of great importance to the auto repair industry. This application is designed to provide convenient maintenance services through mobile application management to provide fast customer service. These initiatives are driving demand for hand tools, thereby reducing work time. In this regard, hand tools help in fulfilling the requirements using wrenches, knives, etc. These factors are expected to drive the demand for hand tools for industrial applications across the world.
From a regional perspective, Asia Pacific accounts for the largest market share, followed by the North American market, which accounts for the largest share in 2020, accounting for approximately two-fifths of the global hand tools market and is expected to continue to dominate revenue in 2020. 2030. The region is expected to register the fastest CAGR of 4.8% during the forecast period. This is because major players are working to develop manufacturing facilities in the region to increase production and service Asian industries including construction, automotive, consumer goods, etc.
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