LONDON--(BUSINESS WIRE)--The hand tools market is expected to grow by USD 2.62 billion during 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 the 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, the 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 significant trends and market drivers that will influence market growth over 2020-2024.
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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Hand Tools Market: Segmentation Analysis
This market research report segments the hand tools market by Application (general-purpose, metal-cutting, and others), End-user (industrial and household), and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
The use of hand tools in domestic applications, apart from industrial use, is rising in APAC. The rising demand for residential and commercial buildings, owing to the strong GDP growth and high disposable income, in the region is another factor increasing the use of hand tools. The rising manufacturing and industrial sectors will significantly influence the hand tools market growth in APAC.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
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