VALLEY COTTAGE, N.Y., Dec. 10, 2015 (GLOBE NEWSWIRE) -- Future Market Insights (FMI) delivers key insights on the global hand tools market in its latest report titled "Hand Tools Market: Global Industry Analysis and Opportunity Assessment 2015 - 2025".According to the report, the global hand tools market is projected to expand at a CAGR of 3.5% during the forecast period in terms of revenue.
The global hand tools market is segmented on the basis of application, product type, sales channel and region.
By application, the market is sub segmented into industrial and household.
By product type, the market is sub-segmented into general purpose tools, metal cutting tools, layout and measuring tools and taps and dies.
On the basis of sales channel, the key segments include online sales, company-direct sales and distributor sales.
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Key regions covered in the report include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, the Middle East & Africa and Japan.
Factors Driving the Hand Tools Market
Increasing demand for hand tools in the automotive maintenance and repair sector is a major factor driving growth of the market globally. Advancements in technologies used in the production of hand tools and rise in demand for hand-tools as a result of their increasing export are other factors anticipated to fuel growth of the global hand tools market between 2015 and 2025.
Lower profit margin due to intense competition and popularity of power tools could act as restraints for growth of the global hand tools market to a certain extent. Key trend identified in the global hand tools market is foray of multi-functional hand tools and hand tool kits.
Market growth is pronounced in emerging economies of the world (Brazil, GCC, ASEAN, India, Russia and China). Healthy trade relations and government support in these economies are among the major factors boosting rise in the hand tools export-import activities globally.
From a regional perspective, in 2014, North America was the largest market for hand tools, accounting for 33.2% value share of the global hand tools market. The region continues to dominate the market currently in 2015 and the trend is expected to continue over the forecast period as well. India is projected to play an important role in driving growth of the market due to various factors, such as low labour and operational costs and rapid technological advancements in the country.
From the application perspective, the industrial application segment is projected to expand at the highest CAGR of 3.6% during the forecast period, due to increasing industrialisation, mainly in the emerging regions such as Asia Pacific and the Middle East and Africa.
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Key market participants covered in the report include Apex Tool Group, Channellock, Inc., Stanley Black & Decker, Snap-On, Wera Tools, Irwin industrial Tools, Akar Tools Limited, Kennametal Inc., JK Files (India) Limited and Klein Tools.
The report analyses the global hand tools market in terms of value (US$ Mn), by application, product type, sales channel and region, and provides insightful information regarding market dynamics, value chain, competitive landscape, current trends and market estimations and forecast.
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Source: Future Market Insights