Hand Tools Market to surpass US$ 26,123.3 Million globally by 2027
Europe holds the dominant position in the global Hand Tools market and is expected to witness significant growth over the forecast period 2020-27. This is owing to Automotive Sector of the Europe region. Hand Tools are widely used in the manufacturing, repair and maintenance of automobiles. According to the mckinsey report published in January 2019, the Europe region accounted for about 25% automobile production around the globe. Moreover Europe is home to some of the world's largest automobile manufacturers such as Volkswagen, BMW, Audi AG, Citroen, Mercedes- Benz and Opel.
Among application segment, Industrial sub segment is expected to dominate the global Hand Tools market over the forecasted period 2020-27. This is owing to wide application areas of Hand Tools in the Manufacturing and Process industries. The availability of Hand Tools is important at the manufacturing plants in case of the machine failures, installations and repairs. Maintenance of the machine is to be done in regular interval of time which requires the General Purpose Hand Tools such as Screwdrivers, Wrenches and drills.
