Mechanical Hand Tools Market | Leading industry players, products and services, Market Size and Trends 2023-2030
Mechanical Hand Tools Market Scope:
Mechanical
Hand Tools Market was valued at USD 16,127.67 Million
in 2022 and is poised to reach USD 21,394.92 million with a CAGR
of 4.12% during the forecast period.
The huge demand for household applications, rise in
industrialization, and resurgence of the construction sector are major drivers
of the market. The use of mechanical tools is likely to surge owing to the manufacturing
sector and establishment of various facilities for expediting production.
Moreover, the need for wooden hand tools in the furniture industry as well for
fixing minor issues in households can beckon the market demand.
Competitive Outlook
TOYA SA, Hilti Corporation, Techtronic Industries Co. Ltd,
Makita Corporation, Snap-on, Klein Tools, Metabowerke GmbH, Wurth Group, Robert
Bosch Tool Corporation, Stanley Black & Decker, Inc, and others are key
players of the global mechanical hand tools market.
The devise of customized hand tools due to changes in design
of apparatus and equipment is likely to drive the market fortunes. Moreover,
the rise of do-it-yourself (DIY) kits as well as huge expendable income levels
of customers can bode well for the global mechanical hand
tools market. Rise of musculoskeletal disorders and focus on increasing
worker productivity are key to the market. The huge need for servicing legacy
plants, high levels of maintenance and repair in industrial machinery,
automotive, and aerospace can bode well for the market.
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Segmentation
The global mechanical hand tools market is segmented by type
and application for comprehensive purposes.
The types of hand tools are segmented into hand service
tools, hand saw, edge tools, and others.
By application, it is segmented into household application,
decoration industry, and construction industry. The construction industry is
likely to capture the largest share of the global mechanical hand tools market
owing to constant need for handymen for repair and maintenance of equipment.
Regional Analysis
Geographically, North America has emerged as the leading
market for mechanical hand tools market consuming around 35.3% market share in
2016. The U.S. is one of the leading countries in terms of consumption owing to
the rising construction sites and rapid industrialization. Rise in DIY kits as
well as emergence of such furniture kits can bode well for the market. The
large automotive industry and the impending need for maintenance of used and
old cars for sentimental purposes can bode well for the global mechanical
hand tools market.
Asia Pacific (APAC) has registered itself as the
fastest-growing region with a CAGR of 4.00% during the forecast period. The
large pace of industrialization and the plethora of conglomerates making base
in the region due to an economical workforce, safety laws, and subsidies by
governments can drive the regional market growth till 2027. Online tutorials
and consumer magazines encouraging self repair of apparatus will be favorable
for the global hand tools market.
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