Hand Tools Market to Surpass USD 31,884 Million by 2030, Says P&S Intelligence
NEW YORK, Sept. 8, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the size of the hand tools market was over $21,854 million in 2021, and it will reach above $31,884 million by 2030, advancing at a growth rate of more than 4% in the near future. The strongest factor credited for this growth is the booming construction, automotive, shipbuilding, and manufacturing industries. Moreover, the snowballing usage of hand tools in the aerospace sector and by DIY enthusiasts for a diversity of applications, such as hammering, drilling, and sawing, is driving the industry growth.
Owing to their versatility, general-purpose tools are the most frequently utilized around the globe. Additionally, they are fairly simple to use and need no special skills. Because of these factors, these implements held the largest market share, of about 67%, in the year 2021.
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Cutting tool usage will grow at the highest hand tools market CAGR, of about 5%, in the years to come. Saws, knives & blades, chisels & files, and cable & wire cutting tools are utilized in a number of industries, including automotive, construction, aerospace, and electronics. Further, their augmenting usage for carpentry, furniture, and DIY purpose will drive their procurement in the future.
Construction had the largest share in the year 2021, among industrial end users. With the increasing population and fast urbanization, the requirement for commercial and residential facilities is snowballing, which, in line, drives the demand for hand tools. Likewise, the increase in upkeep and construction activities has been a key driver for the usage of hand tools around the world.
The aerospace sector will grow at the highest industrial hand tools market growth rate, of around 5%, in the near future. The aerospace industry is booming because of the increasing need for air travel, technical advances, rising income, and surging count of space exploration projects. This will generate a high demand for the scrutiny, maintenance, and restoration of aircraft.
Browse detailed report on Hand Tools Market Growth, Development and Demand Forecast to 2030
APAC is the global leader, based on region, and this trend will continue in the coming years. This is because of its fast-growing population, high urbanization rate, and increasing purchasing power of customers. The regional market will also advance because of the huge demand for these tools from developing economies and momentous growth in the end-use sectors.
The offline distribution channel offers high flexibility in choosing diverse products and quality valuations. Because of this, the category has the major share of the revenue in the hand tools market. Conversely, the online category will grow at a higher rate in the years to come, due to the increasing sales of hand tools via e-commerce websites.
Global Hand Tools Market Report Coverage
By Type
- General-Purpose Tools
- Cutting Tools
- Layout & Measuring Tools
- Taps & Dies
By End User
- Industrial
- Commercial
- Residential
By Distribution Channel
- Online
- Retail/Offline
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- U.K.
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
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