According to a market report, published by Sheer Analytics and Insights, The global hand tool sets market was valued at $24.2 billion in 2021 and it is expected to reach $39.8 billion at a CAGR of 4.3% between 2022 and 2032. The market's expansion is due to an increase in infrastructure projects for both commercial and residential buildings, the usage of hand tools by households for domestic and do-it-yourself projects, expanding manufacturing facilities, and rising repair and maintenance activities globally. On the other hand, the development of multi-tasking or variable-size single tools that can handle multiple operations may boost demand for hand tools, and an increase in hand tool automation to lessen physical labor may boost hand tool usage. These developments are anticipated to open up opportunities for the adoption of hand tools and woodworking tools in the upcoming years. The market for hand tools and woodworking equipment is further challenged by the shortage of dimension hand tools that allow end users to be ready for any application area.
The need for rapid urbanization and infrastructure development is escalating all across the world. Governments from all major nations can be observed making investments in the sector and working to expand their infrastructure to support these kinds of advances. Projects involving the development of roads, trains, airports, energy, utilities, and commercial and residential buildings are included in these infrastructural development initiatives. Moreover, the market will be greatly boosted by the growth of the sales network. Manufacturers are providing franchise outlets with enticing perks to the owner to recruit new participants in the reselling sector.
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Furthermore, in recent years, there have been a lot more large production facilities and businesses where hand tools are mostly used for maintenance. Workers and laborers are using hand tools more frequently as a result of the high demand for professional hand tools among industrial personnel. Additionally, end-use industries make up 40% of the global hand tool markets, with the remaining 60% of the market being accounted for by specialists such as farmers, plumbers, carpenters, and auto mechanics. Although several hand tools and hand tool sets are utilized in ceiling tiles, flooring, and interior, electrical, mechanical, and plumbing fixtures, small hands are. Hence, these would create more growth opportunities for the hand tool sets market across the globe.
On the other hand, some factors would restrain the market growth over the forecast period from 2022 to 2032. For instance, due to inappropriate use or handling, using such technology can raise questions about human safety. These errors typically stem from a lack of knowledge, experience, or professionalism, thus these tools should be utilized with the appropriate caution and instruction. Additionally, the appropriate safety measures should be taken while carrying them, and they should be kept in specialized toolboxes, holsters, or sheaths.
Some new developments in the global hand tool sets market:
On 22nd November, 2022, a new portable cannabis vaporizer was released by Dr. Dabber. The portable, small vaporizer, which stands about four inches tall, is intended only for use with marijuana concentrates. The apparatus represents a development in cannabis vaporizer technology developed by Dr. Dabber.
On 23rd November, 2022, Ingersoll Rand introduced Air Hammer for building. The hammer's feather-touch trigger, which offers the accuracy required for precise pin driving and sheering, allows technicians to keep control of projects. The feather-touch trigger is developed for tasks that call for light handling as well as powerful, effective performance in demanding applications.
According to the study, key players dominating the global hand tool sets market are Bitburger Holdings (Germany), C&A Hardware Tools (China), Fortiv (U.S), Gedore (Germany), Knipex (Germany), Klein Tools (U.S), Mittal Bhai Projects (India), Misumi Group (Japan), Pangu Industrial (China), Robert Bosch (Germany), Stahlwille (Germany), Snap-On Incorporated (U.S), Stanley Black and Decker (U.S), Taparia Tools (India), among others.
The Global Hand Tool Sets Market Has Been Segmented Into:
The Global Hand Tool Sets Market – by Tools Type:
- Machine Tool
- Electrician Tool
- General Tool
- Others
The Global Hand Tool Sets Market – by Application Type:
- Residential Use
- Professional Use
- Others
The Global Hand Tool Sets Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Other
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/hand-tool-sets-market-21
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