![]() Rising Home Renovation and DIY Activities MARKET DYNAMICS: KEY TRENDS, DRIVERS, AND RESTRAINTS With normalizing cases of COVID-19 in several countries, the opening of manufacturing and commercial activities resulted in a gradually increasing demand for hand tools.Hence, the construction sector's demand for hand tools can be high. The US construction industry is expected to grow at a CAGR of 4.7% between 20.The United States is the biggest importer of hand tools.Home Depot, Lowes, and Amazon nearly account for 50% of U.S.Rising home renovations and DIY activities are expected to surge the demand for hand tools in the United States. The affordability, widespread presence, and proven efficiency ratio fuel the U.S. The consistent growth in the adoption of hand tools over the past few years, owing to their performance and productivity, signifies the niche probability of them being completely replaceable. Despite the prominence of sophistication and technological impact, hand tools play a crucial role in every household and industrial activity. Hand tools are the most conventional and inevitable equipment in the tools industry, even today, amid the surge in competition with the power tools market. hand tools market is expected to grow at a CAGR of 3.59% from 2022 to 2027 and is expected to reach USD 6.35 billion by 2027 from USD 5.25 billion in 2022.
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