Asia-Pacific holds a substantial market share in the household hand tools market and is expected to contribute to the demand for household hand tools in the coming future. Improved standard of living and ease of using tools have surged the demand for hand tools in the region. Strong economic growth, coupled with rising disposable income, growing household construction, and remodeling of existing houses drives the market growth.
Impact of COVID-19
The COVID-19 outbreak has severely affected various industry verticals. Stringent government regulation and disruptions in the supply chain across the globe have adversely impacted business operations. The U.S. and China are the leading producers and consumers of household hand tools and are also among the severely affected regions by COVID-19. The key participants are struggling to maintain the operations, which is ultimately impacting the revenue figures. The raw material prices are witnessing a spike due to discouraging demand and rising inventories, further hampering the market growth.
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Household Hand Tools Market: Segmentation
By Product Type
By Distribution Channel
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now