Industrial Hand Tools Market: Robust expansion of the construction sector, along with increasing government focus on infrastructure development fuels demand

By: Pragati Pathrotkar

With increased popularity of online shopping, industrial hand tools manufacturers have commenced making changes in their retail strategies, and have been adopting omni-retail channels. Entering the e-commerce platform, these manufacturers are now offering various products on the basis of customer requirements. A major goal of manufacturers in leveraging the e-commerce is to expand their customer base across different geographies, devoid of physical occupancy in that specific country. This will further help them in bolstering their sales in the near future.

Expanding Automotive Aftermarket to Create Demand for Industrial Hand Tools

Increasing automotive repair and maintenance activities is considered to be one of the major factors driving demand for industrial hand tools. As the automotive industry comprises both manufacturing as well as service units, it is constantly prone to the technological innovations. This further prompts automotive manufacturers in developing vehicles equipped with advanced and upgraded features. Incorporation of advanced features is in turn likely to propel complexities in the vehicles, thereby creating demand for advanced and multi-purpose hand tools along with the requirement for trained professionals. This expansion of the automotive aftermarket is expected to drive need for automotive hand tools as well as the mechanical tools in the foreseeable future.

The global market for industrial hand tools is slated to exhibit a moderate growth through the forecast period (2017-2026), according to a recently developed report by Transparency Market Research (TMR). Nearly US$ 14,000 Mn revenues are estimated to be gained from worldwide sales of industrial hand tools by 2026-end.

North America and Europe to Remain Largest Markets for Industrial Hand Tools

North America and Europe are anticipated to remain the largest markets for industrial hand tools, with revenues from these two regions collectively projected to account for over two-third share of the market by 2026-end. Robust expansion of the construction sector, along with increasing government focus on infrastructure development will remain major factors influencing the market growth in North America and Europe.

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