LONDON–(BUSINESS WIRE)–Mar 30, 2020–
The hand tools market is expected to grow by USD 2.62 billion during 2020-2024 according to the latest market research report by Technavio.
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Technavio has published a latest market research report titled Global Hand Tools Market 2020-2024 (Graphic: Business Wire)
The rapidly growing construction market is one of the key drivers anticipated to boost the hand tools market during the forecast period. The growth of the construction market can be attributed to the rising housing industry, particularly, in the advanced economies including the US. Thus, rising investments in the residential construction industry are likely to boost the growth of the hand tools market during the forecast period.
As per Technavio, the introduction of ergonomically designed hand tools will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Vendors in the market are increasingly focusing on deploying innovative technologies to design hand tools to improve the operational efficiency of commercial and industrial facilities. Professionals using hand tools prefer ergonomically designed hand tools that are light in weight and have a cushioned grip to strengthen the hold of the tool. These tools improve the comfort of the users and reduce the limitations associated with hand tools. Furthermore, organizations such as OSHA and ANSI have also implemented regulations pertaining to the design and features of hand tools. These regulations further encourage vendors to design ergonomic hand tools, which will boost the market growth during the forecast period.
says a senior analyst at Technavio.
This market research report segments the by Application (general-purpose, metal-cutting, and others), End-user (industrial and household), and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
The use of hand tools in domestic applications, apart from industrial use, is rising in APAC. The rising demand for residential and commercial buildings, owing to the strong GDP growth and high disposable income, in the region is another factor increasing the use of hand tools. The rising manufacturing and industrial sectors will significantly influence the hand tools market growth in APAC.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com:
CONTACT: Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:media@technavio.com
Website:www.technavio.com/
KEYWORD:
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 03/30/2020 11:00 AM/DISC: 03/30/2020 11:01 AM
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