Global Cutlery And Hand Tools Market Size, Drivers, Trends, Opportunities And Strategies – Includes Cutlery And Hand Tools Market Demand
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Rapid advances in wireless technology and miniaturization are expected to drive innovation in cutlery and hand tools manufacturing, thus driving the market during the forecast period.
The global cutlery and hand tools market is expected to grow from $156.34 billion in 2022 to $169.49 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The cutlery and hand tools market is expected to grow to $225.81 billion in 2027 at a CAGR of 7.4%.
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Global Cutlery And Hand Tools Market Segments Include:
- By Type: Metal Kitchen Cookware, Utensil, Cutlery and Flatware, Saw Blade and Hand Tool
- By Application: Household, Commercial
- By Sales Channel: Online Sales, Company Direct Sales, Other Sales Channel
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global cutlery and hand tools market in 2021.
Major Market Players in the cutlery and hand tools market include Stanley Black & Decker Inc., Techtronic Industries Co. Ltd., Procter & Gamble, Apex Tool Group, Griffon Corporation, Snap-on Inc.
The launch of new products and market growth is expected to affect the supply chain operations of the cutlery and hand tool manufacturing market, during the forecast period. A major limitation is an uncertainty over raw material suppliers’ ability to meet market demand. Going forward, long delays and unproductive downtime in manufacturing facilities due to lack of supply chain visibility will continue to be a key challenge for metal and mineral manufacturers. According to a KPMG survey, only 17% of companies have ‘complete visibility of their suppliers. Poor supply will result in an inability to meet market demand and will restrain the industry’s growth.
The Cutlery And Hand Tools Global Market Report 2023 provides a cutlery and hand tools market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cutlery and hand tools market forecast analyzes cutlery and hand tools market size, cutlery and hand tools market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Cutlery and hand tools refer to any of the tools that are cheaper than power instruments and versatile, consisting of metal, that artisans use when performing manual tasks, such as cutting, chiselling, sawing, filing, or forging, and can be used in manual operations to work without the use of power and operate at any time.
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