Global Hand Tools and Accessories Market to Reach $23 Billion by 2027

In the changed post COVID-19 business landscape, the global market for Hand Tools and Accessories estimated at US$17.5 Billion in the year 2020, is projected to reach a revised size of US$23 Billion by 2027, growing at a CAGR of 3.9% over the analysis period 2020-2027. Mechanics` Service Tools, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$12.2 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Edge Tools segment is readjusted to a revised 4.3% CAGR for the next 7-year period.

The U.S. Market is Estimated at $4.7 Billion, While China is Forecast to Grow at 6.3% CAGR

The Hand Tools and Accessories market in the U.S. is estimated at US$4.7 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.1 Billion by the year 2027 trailing a CAGR of 6.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.3 Billion by the year 2027.

Other Segments Segment to Record 3.5% CAGR

In the global Other Segments segment, USA, Canada, Japan, China and Europe will drive the 3.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.3 Billion in the year 2022 will reach a projected size of US$5.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 3.9% CAGR through the analysis period.