Pune, India -- (SBWIRE) -- 07/02/2018 -- Global Mechanical Hand Tools Market – Overview
The Mechanical Hand Tools are used across various verticals such as industrial, household, construction and professional. The construction sector is the largest user of these tools, generating a huge demand for the tools. The market perceives huge demand from the industrial sector as well. In the recent years, owing to the resurging construction industry & growing industrialization worldwide, the Mechanical Hand Tools market is pervasively increasing.
Factors such as growing application industries, increasing demand from household applications and other sectors are fostering the market growth of Mechanical Hand Tools market. Further, owing to the growing number of manufacturing plants, where hand tools are majorly used, the market is garnering extensive traction on the global platform.
Acknowledging the prominence and the value this market is garnering currently and the growth prospect the market is demonstrating worldwide, Market Research Future (MRFR), has recently published a brilliant study report giving out the complete market insights up till 2023. According to MRFR, the Global Mechanical Hand Tools market is expected to reach USD 20,516.3 Mn. by 2023, registering a CAGR of 3.67% during the review period (2017-2023).
Other factors propelling the market growth include the increasing pollution, growing urbanization & industrialization coupled with the growing economic conditions that improve consumers' quality of life, increasing their purchasing power. Growing industrial sector is defining the increased demand for professional hand tools kit, thus leading the growth of the market.
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Simultaneously, the demand for mechanical hand tools is likely to increase with the growth in the demand for the wooden furniture. The key driving force for the furniture market growth is the increase in construction and renovation activities. Growing number of nuclear households has increased the demand for small and convenient furniture.
The manufacturing sector is one of the key contributors to the economic growth of a country. Hence, the growth in the industrial sector is expected to drive the Mechanical Hand Tools market. Rising investments in the industrial sector transpired by the governments to boost the GDP of the country, in turn, will benefit the market growth.
Various initiatives being introduced such as Make in India which will further boost the growth of Mechanical Hand tools market.
Conversely, fluctuating raw material prices is one of the challenges the market is confronted with. Alternatively, factors such as increasing demand from the industrial sector and profession segment along with the increasing usage of Mechanical Hand tools for DIY (Do It Yourself) and household activities are providing impetus to the growth of the global Mechanical Hand tools market.
The major players operating in this market, who have adopted these strategies are:
Stanley Black & Decker, Inc. (US), Robert Bosch Tool Corporation (US), Snap-on (US), Metabowerke GmbH (Germany), TOYA SA (Poland), Hilti Corporation (Liechtenstein), Makita Corporation (US), Techtronic Industries Co. Ltd (TTI Hong Kong), Klein Tools (US) and Wurth Group (Germany) are some of the key players operating in the global Mechanical Hand Tools Market included in MRFR Analysis.
Global Mechanical Hand Tools Market – Segments
The Global Mechanical Hand Tools Market can be segmented into 3 key dynamics for the convenience of the report and enhanced understanding;
By Product Types : Comprises Hand Service Tools, Edge Tools, and Hand Saw among others.
By Applications : Decoration, Construction, and Household industry among others.
By Regions : North America, Europe, APAC and Rest of the World.
Global Mechanical Hand Tools Market – Competitive Analysis
The well-established market of Mechanical Hand Tools is fiercely competitive. A number of key players along with the new entrants form a competitive landscape of the global market. These players in order to maintain their market position, incorporate collaboration, partnership, acquisition, expansion and product/ technology launch.
Expansions in the growing market help the established key players to extend their sales networks. Matured players strive to develop ergonomic products. Those well-established players also focus on expanding their product portfolio by developing a product with unrivalled design & advent technology.
Innovation/ Industry/Related News:
May 17, 2018 – Atlas Pressed Metals (US), a manufacturer of powder metallurgy components for lawn and garden, and hand tools industries announced the installation of two additional compaction presses at its manufacturing facility in DuBois (Pennsylvania, USA). The company has also newly installed a 175-ton CNC fully hydraulic Osterwalder press and a Gasbarre 100-ton die set press with two lower and two upper punch capability. The investment in the seven-level press is to expand its capabilities in complex structural parts.
March 20, 2018 – Robert Bosch GmbH (Germany), a leading global engineering and electronics company launched its new pocket chainsaw – EasyCut 12. The mini chainsaw is the most delightful mechanical hand tool existing in the market.
Global Mechanical Hand Tools Market – Regional Analysis
North America accounts for the leading market for Mechanical Hand Tools, consuming around 35.3% market share in 2016. The market is anticipated to grow at a substantial value during the forecast period. Factors such as increasing construction projects coupled with the well-defined distribution channel are expected to drive the market in the region. The US among other North American countries accounts for the dominating market occupying the majority of the share.
Asia-Pacific accounted for the second largest market share in 2016, which is expected to expand at a CAGR of 4.00% during forecast period. Factors such as burgeoning construction sector and increasing number of infrastructure development projects across the region and rapid industrialization in the countries like India and China are expected to propel the market in the region. Also, growing trend for DIY activities in the region is also expected to boost the growth of Mechanical Hand Tools market in the region. China accounts for the dominating market in the region followed by India.
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