Mechanical Hand Tools Market Revenue, Opportunity & Key Trends To 2023
The global mechanical hand tools market is poised to reach USD 20,516.3 million with a CAGR of 3.67% during the forecast period. It was valued at USD 16,044.1 million in 2016.
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.
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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.
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.
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 2023. Online tutorials and consumer magazines encouraging self repair of apparatus will be favorable for the global hand tools market.
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.
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