Hand Tools Market Size, Share, Growth Drivers and Forecast Report, 2030

NEW YORK - Nov. 28, 2022 - PRLog -- In 2021, the hand tools industry generates $21,854.1 million revenue, and it is projected to rise at a rate of 4.3%, to capture $31,884.1 million revenue by 2030. It is ascribed to the rising construction, automotive, shipbuilding, and manufacturing sectors. Moreover, hand tools are highly utilized in the DIY and aerospace sectors for a range of applications, such as hammering, drilling, sawing, and others, resulting in industry expansion.

DIY and woodwork activities are rising due to the absence of skilled labor and expensive labor cost. Individuals prefer such a low-cost approach for enhancing the home outlook, interior decoration, and other furniture projects. Thus, the saved expenses from labor costs can be spent on quality raw materials. Moreover, the transforming lifestyle of consumers, increasing creative and fun activities, and availability of resources such as DIY guides, video tutorials, as well as how-to articles support people in doing such activities.

General-purpose tools dominate the industry due to their versatility. Moreover, these are easy-to-use tools with no requirement for special skills for operations. They capture a significant share of the industry, accounting for 66.6% in 2021.

Furthermore, the cutting tools are projected to rise at a rate of 4.6% from 2021 to 2030. These tools include cable & wire cutting tools, knives, and blades, chisels, and files. These are utilized in various industries such as construction, aerospace, electronics, and automotive. Moreover, the surge in the usage of such tools in furniture, woodwork, and DIY applications is projected to cause industry propulsion.

The industry hand tools capture a significant share, as these tools are widely utilized in the automotive, construction, and aerospace sectors. Therefore, the rise in such industries is projected to increase the demand for industrial hand tools. Thus, the industrial category captures the extensive industry share.

Therefore, the rising construction activities lead to the growing demand for hand tools (https://www.psmarketresearch.com/market-analysis/hand-too...) for hammering, drilling, sawing, and various other purposes.