LeapZipBlog: Monica nerkar's blog: Hand tools Market Size, Status and Forecast to 2023

Hand tools Market Size, Status and Forecast to 2023

February 18, 2020 by Monica nerkar  

According to Market Research Future (MRFR)’s new report, the global mechanical hand tools market is anticipated to mark a CAGR of 3.67% during the forecast period 2017 to 2023. The market is poised to enter a phase of maturity and exhibit steady but constant growth. MRFR’s revenue analysis of the global market highlights that the valuation of the market is set to reach USD 20,516.3 Mn by 2023-end from USD 16,044.1 Mn in 2016.

Construction sector has been gaining momentum across the world which has led to a moderate increase in demand for mechanical hand tools. It is highly likely to perpetuate a similar trend in the forthcoming years. Furthermore, industrial sector being the backbone of economy is expected to scale new heights through the review period. This, in turn, is prognosticated to expedite the growth of the mechanical hand tools market.

The developments in the standard of living are also forecasted to favor the proliferation of the mechanical hand tools. Rising renovation activities and investments in wooden furniture are poised to generate demand for hand tools globally throughout the projection period, thus, augmenting the market.

Market Segmentation:

By type, the mechanical hand tools market has been segmented into hand service tools, edge tools, hand saw and others.

By application, the mechanical hand tools market has been segmented into construction industry, decoration industry, and household application.

Regional Insights:

The global mechanical hand tools market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America has held a major share of the market in 2016 and accounted for 35.3% of the total share. It is prognosticated to retain its prominence over the next couple of years. The region is likely to witness moderate growth in the foreseeable future owing to an increase in demand from the construction sector. Thriving industrial sector is another major factor responsible for catalyzing the expansion of mechanical hand tools market in the region. The U.S. is an important country-level market of North America, and is projected to contribute significantly towards the revenue creation of the players of the mechanical hand tools market.

Asia Pacific is likely to witness impressive growth in the upcoming years. It has been estimated to mark a CAGR of 4% over the assessment period. Rapid industrialization and urbanization are expected to fuel demand for mechanical hand tools in the region. Additionally, the rising count of infrastructural projects and manufacturing units are likely to boost the growth of the mechanical hand tools market.

Europe is the third-largest regional market for mechanical hand tools in terms of market valuation. The burgeoning industrial sector of the region is projected to have a positive influence on the proliferation of the mechanical hand tools market. Meanwhile, the Rest of the World accounts for the least share of the global market. The region is expected to exhibit sluggish growth owing to the demand from construction industry of the Middle Eastern country-level markets.

Competitive Dashboard:

Some of the key players profiled in the report are Robert Bosch Tool Corporation (U.S), Snap-on (U.S.), TOYA SA (Poland), Metabowerke GmbH (Germany), Stanley Black & Decker, Inc (U.S.), Hilti Corporation (Liechtenstein), Techtronic Industries Co. Ltd (TTI) (Hong Kong), Wurth Group (Germany), Klein Tools (U.S.), and Makita Corporation (U.S.).

Browse Complete Report "Mechanical Hand Tools Market Research Report- Global Forecast 2023" @ https://www.marketresearchfuture.com/reports/mechanical-hand-tools-market-3602