Hand Tools Market to Surpass USD 31,884 Million by 2030, Says P&S Intelligence

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Cutting tool usage will grow at the highest hand tools market CAGR, of about 5%, in the years to come. Saws, knives & blades, chisels & files, and cable & wire cutting tools are utilized in a number of industries, including automotive, construction, aerospace, and electronics. Further, their augmenting usage for carpentry, furniture, and DIY purpose will drive their procurement in the future.

Construction had the largest share in the year 2021, among industrial end users. With the increasing population and fast urbanization, the requirement for commercial and residential facilities is snowballing, which, in line, drives the demand for hand tools. Likewise, the increase in upkeep and construction activities has been a key driver for the usage of hand tools around the world.

The aerospace sector will grow at the highest industrial hand tools market growth rate, of around 5%, in the near future. The aerospace industry is booming because of the increasing need for air travel, technical advances, rising income, and surging count of space exploration projects. This will generate a high demand for the scrutiny, maintenance, and restoration of aircraft.

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APAC is the global leader, based on region, and this trend will continue in the coming years. This is because of its fast-growing population, high urbanization rate, and increasing purchasing power of customers. The regional market will also advance because of the huge demand for these tools from developing economies and momentous growth in the end-use sectors.

The offline distribution channel offers high flexibility in choosing diverse products and quality valuations. Because of this, the category has the major share of the revenue in the hand tools market. Conversely, the online category will grow at a higher rate in the years to come, due to the increasing sales of hand tools via e-commerce websites.

Global Hand Tools Market Report Coverage

By Type

By End User

By Distribution Channel

Regional Analysis

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