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Global hand tools market to hit $12.21 billion by 2021
Global SourcesUpdated on 2023/12/01
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Rise in construction and DIY projects worldwide increases sales.
Market research firm Technavio projects a CAGR of nearly 4 percent for the hand tools market from this year to 2021. By the end of the forecast period, global market value is set to build up to $12.21 billion.
Construction sectors in India, Indonesia and Thailand are improving as shown by emerging government initiatives for the residential segment. DIY, meanwhile, remains an engaging hobby and work in some Europe countries, and a cost-effective solution in homes in the US and China. Buyers are not just looking for hand tools in physical shops, but many are turning into online shopping, another trend that makes sales easy.
Power hand tools is the product category that is seen to be more popular in the said projects. Tools that are used for the automotive repair industry will be in-demand as well, according to the report. As vehicles become advanced and many getting older, hand tools are needed more for upgrading and maintenance services.
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