Steady Growth Forecast For Hand Tools

The global hand tools market was valued at $21.3 billion in 2020 and is projected to reach $31.8 billion by 2030, registering a compound annual growth rate (CAGR) of 4.2 per cent over the forecast period, says a report from Research and Markets. Hand tools, which include tools such as hammers, screwdrivers, wrenches, cutters, saw, knives, scissors, and clamps, are basic necessities to carry out tasks such as plumbing, drilling, cutting, removing, and tightening of screw and nuts. Factors such as rise in recovery in the construction industry and growth in industrialization and urbanization will drive growth in the market. In addition, urban population is projected to rise by 2050, fueling the demand for hand tools for residential application. Furthermore, a surge in standard of living, particularly in the developing countries, empowers DIY (do-it-yourself) culture, which drives the market growth. However, growth in popularity of battery power tools is expected to hamper the market growth.