The hand tools and woodworking tools market size is expected to grow from USD 8.4 billion in 2021 to USD 10.3 billion by 2026, at a CAGR of 4.0%

The growth of the market is attributed to the growth of commercial, residential and infrastructure projects, the introduction of hand tools into households for home improvement, as well as growing manufacturing facilities and increasing repair and maintenance operations around the world.

New York, July 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces Release of Report “Hand Tools and Woodworking Tools Market Affected by COVID-19, By Type, Distribution Channel, End User, and Region – Global Forecast to 2026″ ” – https://www.reportlinker.com/p06124642/?utm_source=GNW
However, factors such as increased safety risks and concerns due to improper use of hand tools are holding back market growth. On the other hand, the development of single, variable size / multitasking tools suitable for multiple operations could increase the demand for hand tools, and increasing automation of hand tools to reduce physical labor could increase the use of hand tools and likely create opportunities for them the introduction of hand tools and woodworking tools in the years to come. In addition, the lack of hand tools with all specifications / dimensions for the end user, armed for every possible area of ​​use, presents a challenge to the hand tool and woodworking tool market.

Online sales channel is expected to grow the fastest in the forecast period
Online sales channels are changing the way customers shop. They offer customers numerous additional advantages, such as z – trading platforms.

Various third-party dealers sell hand tools on the online platforms. This helps customers compare, evaluate, study, and select the most appropriate hand tool.

These online platforms have made it possible for many hand tool manufacturers to sell their products directly to end customers. You can see large manufacturing companies launching their online sales channels with their e-commerce platforms.

Professional end users will hold the largest share of the hand tools and woodworking tools market by 2026
The market for the professional end customer segment is expected to have the largest share in the forecast period. With the increasing population and infrastructure development worldwide, professional applications such as plumbing, electrification and carpentry have seen strong growth.

In addition, growth in other industries, such as oil & gas, electronics, automotive, aerospace, energy, mining, and shipbuilding, is contributing to the growth of professional use of hand tools and woodworking tools with increasing application areas.

The hand tool and woodworking tool market in APAC is growing with the highest CAGR
The growth of the hand tool and woodworking tool market in APAC is due to the rapid industrialization and rapid construction activity in countries such as India, China, Australia and Japan. Hand tools are widely used in both construction and industry.

Even the governments of the leading countries are taking initiatives to develop infrastructure and construction plans and industrial development with the increasing number of industrial facilities and production units. However, the pandemic has resulted in disruption to supply chain activities, lost revenue and a slowdown in manufacturing activities that somehow affected market growth and ultimately impacted the economy.

Key Participant Profiles Breakdown:
• By type of company: Tier 1 – 52%, Tier 2 – 31% and Tier 3 – 17%
• By appointment: C-level executives – 47%, directors – 31% and others – 22%
• By region: North America – 36%, Europe – 29%, APAC – 30% and RoW – 5%

The main players mentioned in this report are: Stanley Black & Decker (USA), Apex Tool Group (USA), Snap-On Incorporated (USA), Techtronic Industries Co. Ltd (China), Klein Tools (USA), Husqvarna (Sweden ), Akar Auto Industries Ltd. (India) and Hangzhou Great Star Industrial Co. Ltd. (China) and others.

Research coverage
In this report, the Hand Tools and Woodworking Tools market has been segmented by type, end-user, sales channel, and region. The market for hand tools and woodworking tools has been divided into chisels, hammers, saws, pliers, wrenches, screwdrivers, and others by type.

Based on the sales channel, the market has been divided into online and retail / offline. Based on the end user, the market was divided into commercial and private / home improvement.

The study also predicts the size of the market in four main regions – North America, Europe, APAC and RoW.

Main benefits of buying the report:

The report would assist market leaders / new entrants in this market in the following ways:
This report comprehensively segments the Hand Tools and Woodworking Tools market, offering the best approximation of overall market size and sub-segments that include type, industry, and region.
The report would help the stakeholders get the pulse of the market and provide them with information about key drivers, restraints, challenges, and opportunities related to the market.
This report would help stakeholders better understand their competitors and gain more insights to improve their position in the business.
The Competitive Landscape section encompasses the competitor ecosystem as well as growth strategies such as product launches, acquisitions, and expansions carried out by large market players.
Read the full report: https://www.reportlinker.com/p06124642/?utm_source=GNW

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