Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Mechanical Hand Tools Market.
Mechanical Hand Tools Market Synopsis
As per the analysis by Market Research Future Reports (MRFR), the global mechanical hand tools market has experienced a decent growth during the past few years and it has been estimated that the market will expand at the same pace during the review period. The market was initially valued at USD 16,044.1 million in 2016 and is likely to attain a value of USD 20,516.3 million expanding with a CAGR of 3.67% during the assessment period.
A hand tool is a tool that is not a power tool that is, powered by manual labor, rather than by a machine. Some of the examples of hand tools are rakes, hammers, garden forks, pliers, screwdrivers, chisels, and secateurs. Hand tools are not as dangerous as power tools.
Factors like increasing demand from the construction industry along with rising industrialization, increasing application industries, rising demand from household applications and among others are driving the global mechanical hand tools market 2020. Mechanical hand tools are broadly utilized in the construction sector. The increasing demand for wooden furniture, ruse in a number of construction projects undertaken is an important factor expanding the global mechanical hand tools market. The increase in the number of manufacturing plants, where hand tools are used, will eventually result in the expansion of the mechanical hand tool market. The industrial vertical is estimated to expand and would increase the requirement and demand for professional hand tools kit, and thereby leading to the expansion of the market. On the other hand, the need for hand tools is estimated to expand with the increasing demand for wooden furniture. The primary factors leading to the expansion of the furniture market are growth in construction and renovation activities. An increase in the number of a two-person household, the single-person household has led to an increase in demand for convenient and small furniture.
However, the expensive tools and maintenance charges are estimated to bring an impact on the expansion of the market. Besides, scarcity of experience and proficiency to utilize the equipment at the workplace is estimated to act as an obstruction for the expansion of the market.
Global Mechanical Hand Tools Market Segmentation
The global mechanical hand tools market can be segregated into type, application, and region.
On the basis of type, the global mechanical hand tools can be segregated into hand service tools, edge tools, hand saw, and others.
On the basis of application, the global mechanical hand tools can be segregated into the construction industry, decoration industry, and household application.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Mechanical Hand Tools Market Research Report
Global Mechanical Hand Tools
As per the regional analysis by Market Research Future Reports (MRFR), areas such as North America, Asia Pacific, and the Rest of the World (RoW) have been studied.
With respect to the region, North America has acquired the leading position in the market for mechanical hand tools marketing seizing approximately 35.3% market share in the year 2016. The US is one of the leading nations with respect to consumption due to the increasing construction sites and fast industrialization.
The APAC region has resulted to be the fastest-growing market thriving with a CAGR of 4.00% during the review period. Europe acquired the third position in terms of value.
Global Mechanical Hand Tools Key Players
The most important players in the global mechanical hand tools market are Klein Tools (U.S.), Stanley Black & Decker, Robert Bosch Tool Corporation (U.S), Inc (U.S.), Snap-on (U.S.), Metabowerke GmbH (Germany), TOYA SA (Poland), Hilti Corporation (Liechtenstein), Makita Corporation (U.S.), Techtronic Industries Co. Ltd (TTI) (Hong Kong), Wurth Group (Germany), and others.