US Hand Tools Market 2023 Driving Factors Forecast Research 2029

The US hand tools market is anticipated to grow at a significant CAGR during the forecast period. The hand tools market in the US is growing on the basis of the growth recorded in the industrial and residential sectors. Automotive manufacturers and suppliers dominated the manufacturing sector and accounted for over 3% of the US GDP. Detroit is home to several industries and car manufacturing companies like Ford and is referred to as the ‘Motor City’. Thus, car production and maintenance operations are dependent on portable automotive hand tools, which are gaining momentum for their usefulness and effectiveness. Scrapping tools like chisels and putty knives are also used in paint stripping in cars. Going forward, vendors in the country are expected to find opportunities through value-added growth in the well-established markets.
Although the sales of EVs have been fluctuating over the past five years, the year 2019 witnessed sales of over 2.4 million electric vehicles, and the growth scenario is expected to remain consistent due to enhancements from manufacturers like Tesla and Toyota. With the growth in demand for EVs, precision hand tools that are used for advanced assembling activities will gain demand, leading to the overall growth of the hand tools market in the country.
However, the outbreak of the COVID-19 pandemic has resulted in significant decline in the sales of automobile in the country. Post COVID, automotive industry in the US continued to remain fragile. Vehicle sales in August (2020) declined close to 20% (YoY), reaching 1.33 million units, despite an extended weekend due to Labor Day falling on a Monday. Total January-August 2020 sales reached around 8.8 million units, down 23%.
The US hand tools market is segmented based on tool type and end-user. Based on tool type, the hand tools market is segmented into general purpose tools (hammers, clamps and vises, pliers, ratchets and sockets, riveters, screwdrivers and nut drivers, wrecking bars, and wrenches), cutting tools (chisel and files, cable and wire cutting tools, knives and blades, and saws), layout and measuring tools (plumb bob and try square), and taps and dies. On the basis of end-user, the market is classified into commercial, industrial, and residential.
To Request a Sample of our Report on US Hand Tools Market: https://www.omrglobal.com/request-sample/us-hand-tools-market
US Hand Tools Market Segmentation
By Tool Type
• General Purpose Tools
• Hammers
• Clamps and Vises
• Pliers
• Ratchets and Sockets
• Riveters
• Screwdrivers and Nut Drivers
• Wrecking Bars
• Wrenches
• Cutting Tools
• Chisel and Files
• Cable and Wire Cutting Tools
• Knives and Blades
• Saws
• Layout and Measuring Tools
• Plumb Bob
• Try Square
• Taps and Dies
By End-user
• Commercial
• Industrial
• Residential
A full Report of US Hand Tools Market is Available @ https://www.omrglobal.com/industry-reports/us-hand-tools-market
Company Profiles
• Apex Tool Group, LLC
• BOJO INC.
• Channellock, Inc.
• Daniels Manufacturing Corp.
• Emerson Electric Co.
• Estwing Manufacturing Co., Inc.
• IDEAL INDUSTRIES, INC.
• Kennametal Inc.
• Klein Tools, Inc.
• Leatherman Tool Group, Inc.
• Lowell Corp.
• Snap-on, Inc.
• Stanley Black & Decker, Inc.
• Stiletto Tools
• Vaughan Manufacturing
• Wiha Tools, USA
Reasons to buy from us –
1. We cover more than 15 major industries, further segmented into more than 90 sectors.
2. More than 120 countries are for analysis.
3. Over 100+ paid data sources mined for investigation.
4. Our expert research analysts answer all your questions before and after purchasing your report.
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 7803040404