Astute Analytica's recent report on the global Hand Tools Market encompasses all of the factors that will impact the market in the coming years. The report covers a variety of topics, including the impact of COVID-19, shareholding segments, latest trends, future prospects, innovations, strategies, etc.
The global Hand Tools Market size was US$ 11,246.46 million in 2021. The global Industrial & Heavy Machinery Market is forecast to grow to US$ 14,991.73 million by 2030 by registering a compound annual growth rate (CAGR) of 3.4% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
Favorable regulatory standards for tax breaks for infrastructure ventures are primarily driving the growth of the global Hand Tools Market. In addition, other factors like the rapidly growing urban population, technological advancements, and growing R&D activities will offer lucrative growth opportunities for market growth.
However, risks associated with equipment handling and high machine costs are expected to stymie the growth of the Hand Tools Market. This report on the global Industrial & Heavy Machinery Market outlines every subject impacting the market. The report offers both qualitative and quantitative analysis based on every segment.
COVID-19 Impact Analysis
Following the coronavirus pandemic, the Hand Tools Market experienced a sharp decline in terms of revenue. The COVID-19 pandemic forced the imposition of a lockdown to reduce infection among the population across countries. Moreover, manufacturing companies rely heavily on the supply of raw materials and components from other countries around the world, which was halted during the pandemic. Thus, the negatively affected the global Hand Tools Market.
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Regional Analysis
North America is expected to grow at a moderate rate, closely followed by Europe due to the well-developed infrastructure of these regions. Furthermore, the presence of various safety standards such as quiet operation, low emission, and others will contribute to the growth of the market.
The presence of developing economies such as India, China, etc., will drive the Asia-Pacific Hand Tools Market forward. It is majorly attributable to the growing urbanization and industrialization in the region. Further, the availability of cheap labor and raw materials has increased factory setup in the region. According to Invest India, the Parliament passed a bill with the aim to develop National Bank for Financing Infrastructure and Development (NaBFID) in order to invest in infrastructure projects in the country. Moreover, the same source estimates that infrastructure activities held a 13% share of the total FDI inflows of US$ 81.72 billion in In FY21.
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