Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 22.36 Billion | USD 32.67 Billion | 4.5% | 2021 |
FrequentlyAsked Questions
The demand for infrastructure development and fast urbanization is constantly expanding over the world. Governments from all major nations have been seen making efforts toward infrastructure development and making required expenditures in the sector to facilitate such advancements. Projects including the construction of roads, trains, airports, utilities, energy, and commercial and residential structures are among the infrastructure development projects. Countries such as the United States, China, India, and Japan are substantially investing in building projects, influencing their infrastructure development, and are projected to have rapid expansion in the next years.
According to the Zion Market Research report, the global household and DIY hand tools market was worth about 22.36 (USD billion) in 2021 and is predicted to grow to around 32.67 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 4.5 percent.
Due to increased urbanization and infrastructure developments, Asia Pacific is predicted to dominate the global household and DIY hand tools market throughout the study period. Furthermore, China is a significant supplier of hand tools worldwide. The fast industrial expansion of China has prompted hand tool and accessory manufacturers to set up production facilities there. China's cheap labor and material costs enable manufacturers to make hand tools and accessories at reduced costs while also increasing production productivity.
Major players operating in the global household and DIY hand tools market include Snap-On Incorporated., Akar Tools Limited, Stanley Black and Decker, Wera Tools, Techtronic Industries Co. Ltd., Apex Tool Group, JCBL India, Klein Tools Inc., Emerson Electric Co, and Channellock, Inc.
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