According to Stratistics MRC, the “Global Hand Tools market” is expected to grow from $9.80 billion in 2016 to reach $13.12 billion by 2023 with a CAGR of 4.2%.
Hand tools comprise tools and equipment that are not powered by electricity. These tools discover their application in every day planting, agriculture, and framing. Since the tools are manually operated their application is confined to certain tasks and skills.
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Increasing do it yourself (DIY) activities are driving the market growth. Rising consumer preference towards leisure and recreational activities coupled with rising disposable incomes of people across the globe is leading to growing uptake of DIY activities. Moreover, the rapid growth of the automobile field has created an impact on consumers to execute DIY activities on their own vehicles for temporary maintenance and repair purposes due to the rise in costly repairs and maintenance of vehicles, primarily for four-wheelers.
By Application, Household and DIY segment held significant market growth during the forecast period due to increasing adoption of modern residential dwellings, rising consumer spending on housing, and improved economic conditions. On the basis of the geographical presence, the Asia Pacific region acquired the largest market share owing to the increasing demand for residential and commercial buildings, because of the strong GDP growth and high disposable income.
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The Global Hand Tools Market Leaders are Akar Tools Limited, Apex Tools Group, Channellock, Inc., Craftsman-Sears Brands, Irwin Industrial Tools, JK Files (India) Limited, Kennametal Inc., Klein Tools, Newell Brands Incorporated, Northern Tool + Equipment, Power Products Llc, Snap-On, Stanley Black&Decker, Techtronic Industries Company Limited, Textron Incorporated and Wera Tools.
Stanley Black&Decker, In Oct 2016, Stanley Black & Decker acquired Tools business of Newell Brands, which includes the highly attractive industrial cutting, hand tool and power tool accessory brands. Newell Tools is an industry leader with an array of strong brands and products that are highly complementary to Stanley Black & Decker.
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