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Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Hand Tools and Accessories market. Market segmentation includes Segment (Mechanics Service Tools, Edge Tools and Other Segments).

Find Out More About Regions, Brands, Dominant, Active & Niche Companies Covered in the Report

5 November 6:30 p.m., California- According to the new market research report, the global market for Hand Tools and Accessories is projected to grow at a CAGR of 3.9% reach US$23 Billion by 2027, supported by growing demand from household and commercial sectors in the post COVID-19 period. The global Hand Tools and Accessories market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Mechanics Service Tools, one of the segments analyzed and sized in this study, is forecast to grow at over 4.1% and reach a market size of US$12.2 billion by the end of the analysis period. The United States is forecast to readjust to a 2.8% CAGR. Within Europe, the worst affected by the pandemic, Germany will reach a market size of US$1.1 billion growing at a CAGR% of 3.4% over the next couple of years. In addition, over US$284 million worth of projected demand in the region will come from Rest of European markets. In Japan, the Mechanics Service Tools segment will reach a market size of US$1 billion by the close of the analysis period. Facing a global backlash over the coronavirus outbreak and spread, China the world's second largest economy faces economic and geopolitical challenges including economic distancing which can likely put China's monopoly of global supply chains in crisis. The Mechanics Service Tools segment in this country against this backdrop will grow at a CAGR of 6.4% over the next couple of years to create an addressable market opportunity worth US$1.7 billion by the year 2027.

Hand tools are manual equipment and tools that do not use electricity for operational purposes. A wide range of hand tools and accessories are used in gardening, agriculture, maintenance & repair, and other activities. Due to the manual nature of operations, the use of hand tools is restricted to specific skills and tasks. The worldwide hand tools market is expected to witness significant growth post COVID-19 pandemic supported by their increased use in commercial and household sectors; in addition to rapid pace of industrialization. Other key reasons that drive the growth of the hand tools market include production technology advancements pertaining to hand tools; recovery in construction activities; increased demand for use in automotive maintenance and repair; as well as increased use in industrial applications. Some of the key end users of hand tools include automobile, construction, aerospace, shipbuilding, and electronics. The culture of DIY comprises another key reason that is likely to drive the growth of the hand tools market in the near future, with a high penetration scope in emerging nations. Additionally, growth within equipment and machinery manufacturing sectors globally provides profitable growth opportunities for key players in the hand tools market. The hand tools industry is witnessing increased focus on customization and sophistication, mainly due to the intensely competitive conditions in the market. Technology advancements and developments in production technology of hand tools are also supporting growth in the hand tools market. Focus of manufacturers is on the development of efficient, ergonomic and advanced hand tools and accessories for addressing the production and assembly needs of various industries. Hand tools market is however being restrained by intense competitive conditions and the resultant reduced profit margins. The market also confronts challenges due to the rising popularity and adoption of powered tools and their ability to use in a versatile range of applications.

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 5402. Among this pool, 864 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 162 unique participations, a total of 73 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

Key Competitors Covered in the Report -
Robert Bosch GmbH
Emerson Electric Company
Stanley Black & Decker, Inc.
Kennametal, Inc.
Atlas Copco Group AB
The Lincoln Electric Company
Ideal Industries, Inc.
Southwire Company LLC
Klein Tools, Inc.
Lenox Corporation
STIHL, Inc.
Kirchhoff Group

Segments Covered in the Report -
Segment (Mechanics Service Tools, Edge Tools, and Other Segments)

Geographies Analyzed in the Report -
World
USA
Canada
Japan
China
Europe
France
Germany
Italy
UK
Spain
Russia
Rest of Europe
Asia-Pacific
Australia
India
South Korea
Rest of Asia-Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East
Iran
Israel
Saudi Arabia
UAE
Rest of Middle East
Africa.

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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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