LONDON--(BUSINESS WIRE)--The global hand tools market is expected to post a CAGR of close to 4% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The rapidly growing construction market is one of the key drivers anticipated to boost the hand tools market during the forecast period. The growth of construction market can be attributed to the rising housing industry, particularly, in the advanced economies including the US. Thus, rising investments in the residential construction industry are likely to boost the growth of the hand tools market during the forecast period.
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As per Technavio, introduction of ergonomically designed hand tools will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Hand Tools Market: Introduction of Ergonomically Designed Hand Tools
Vendors in the market are increasingly focusing on deploying innovative technologies to design hand tools to improve the operational efficiency of commercial and industrial facilities. Professionals using hand tools prefer ergonomically designed hand tools that are light in weight and have a cushioned grip to strengthen the hold of the tool. These tools improve the comfort of the users and reduce the limitations associated with hand tools. Furthermore, organizations such as OSHA and ANSI have also implemented regulations pertaining to the design and features of hand tools. These regulations further encourage vendors to design ergonomic hand tools, which will boost the market growth during the forecast period.
“Increasing M&A activities and strategic alliances, growing sales of hand tools through online platforms, and surging use of hand tools for DIY activities are a few other factors that will boost the hand tools market growth during the forecast period”, says a senior analyst at Technavio.
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Global Hand Tools Market: Segmentation Analysis
This market report segments the global hand tools market by application (general-purpose, metal-cutting, and others) and end-user (industrial and household) and geography (APAC, Europe, MEA, North America, and South America)
North America led the hand tools market share in 2019, followed by APAC, Europe, South America, and MEA respectively. This can be attributed to several factors such as to the growing construction market in the region, developments in the commercial and industrial sectors, and the presence of a large customer base for hand tools in the region. However, APAC is anticipated to contribute highest incremental growth in the market during the forecast period due to the rising use of hand tools for domestic applications apart from industrial applications in China, Indonesia, Malaysia, and Thailand.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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