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The hand tools market share in the UK is expected to increase by USD 163.73 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.09%.
This hand tools market in UK research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hand tools market in UK segmentation by end-user (industrial and household) and application (general-purpose, metal cutting, and others). The hand tools market in UK report also offers information on several market vendors, including Channellock Inc., Draper Tools Ltd., Kennametal Inc., KNIPEX-Werk, MilwaUKee Electric Tool Corp., Snap-on Inc., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., Thomas Flinn and Co., and Wera Werkzeuge GmbH among others.
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The growing popularity of DIY activities is notably driving the hand tools market in UK growth, although factors such as fluctuating raw material prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hand tools industry in the UK. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hand Tools Market in UK Driver
One of the key factors driving the hand tools market growth in the UK is the growing popularity of DIY activities. People are becoming increasingly interested in DIY projects, particularly those involving domestic difficulties such as carpentry, plumbing, and electrical work. This growth is mainly attributed to the high cost of the aforementioned professional services, the digital promotion of DIY skills by bloggers and vloggers, and the concerns about privacy among consumers have resulted in the growing demand for hand tools by individuals. Consumers are becoming more interested in DIY home renovation projects. This is aided by the availability of hand tools. The introduction of ergonomically designed and versatile hand tools has increased the demand for hand tools even more. Because of the growing demand for hand tools, the growing DIY home improvement trend around the globe is likely to be a key factor driving the hand tools market in the UK.
Key Hand Tools Market in UK Trend
Another key factor driving the hand tools market growth in the UK is the introduction of ergonomically designed hand tools. There have been several advancements in the design and functionality of hand tools. Vendors are focusing on designing hand tools that improve the operational efficiency of commercial and industrial facilities. Professionals such as electricians are looking for instruments that are ergonomically constructed. For instance, electricians look for tools that are light in weight, ergonomically designed, and have a cushioned grip that can fit easily in hands to exert maximum muscle power for work rather than holding or handling the tool. Furthermore, numerous companies are concentrating on improving the ergonomics of hand tools to reduce the number of accidents that occur in industrial and commercial settings. Ergonomically built hand tools increase user comfort while reducing the constraints of hand tools. Such breakthroughs are rare. Such innovations in the design of hand tools will drive the growth of the hand tools market in the UK during the forecast period.
Key Hand Tools Market in UK Challenge
One of the key challenges to the hand tools market growth in the UK is the fluctuating raw material prices. The prices of raw materials used in the manufacturing of hand tools are highly volatile due to the high dependence of hand tool manufacturers on crude oil prices and natural forest products. Hand tools are mostly made from materials such as iron, steel, aluminum, plastic, and carbon fibers. Raw material price changes, as well as increased competition from local manufacturers, especially in emerging nations, present a significant challenge to vendors in the worldwide hand tool industry, affecting final hand tool prices. Petrol and diesel are crude oil derivatives that are utilized in the manufacturing and transportation of raw materials and finished goods. Therefore, the fluctuations in the prices of crude oil significantly impact the final prices of hand tools.
This hand tools market in UK analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the hand tools market in UK as a part of the global household appliances market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hand tools market in UK during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the hand tools market in the UK encompasses successful business strategies deployed by the key vendors. The hand tools market in the UK is fragmented and the vendors are deploying growth strategies such as focussing on quality, regulatory compliances, innovations, and offered products with different features to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The hand tools market in UK forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the hand tools market in UK, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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The hand tools market share in UK growth by the industrial will be significant during the forecast period. Hand tools are used for various activities, including setting up factories, product assembling, maintenance repair, and overhaul (MRO) activities in various industries such as mining, construction, manufacturing, transportation, and automobile. A key factor driving the demand for hand tools is the growth of the industrial sector. This growth can be attributed to the increased industrial output, which is driven by industry (including construction) value-added applications.
This report provides an accurate prediction of the contribution of all the segments to the growth of the hand tools market size in the UK and actionable market insights on post COVID-19 impact on each segment.
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Hand Tools Market in UK Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.09% |
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Market growth 2021-2025 |
$ 163.73 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.80 |
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Regional analysis |
UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Channellock Inc., Draper Tools Ltd., Kennametal Inc., KNIPEX-Werk, MilwaUKee Electric Tool Corp., Snap-on Inc., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., Thomas Flinn and Co., and Wera Werkzeuge GmbH |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by End-user
Customer landscape
Vendor Landscape
Vendor Analysis
Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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