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KSA and UAE Hand Tools Market Forecast: $476.80 Million by 2027
WILMINGTON, DE, UNITED STATES, October 22, 2024 /EINPresswire/ — The hand tools market in KSA and UAE was valued at $363.20 million in 2019 and is expected to grow to $476.80 million by 2027, with a CAGR of 4.7% from 2020 to 2027. The tools storage segment led the market, followed by wrenches. Tools are sold through wholesalers, retailers, distributors, and e-commerce platforms to both individual users and professionals.
Market Drivers: The demand for hand tools stems from construction and maintenance in industries such as construction, automotive, and oil & gas. High prices of power tools have also increased hand tool sales. However, lower-cost power tools might limit growth. The COVID-19 pandemic impacted sales and manufacturing, but a return to normalcy is expected by mid-2021, boosted by the rise of DIY culture.
Market Segmentation: The market is categorized by product (wrenches, screwdrivers, etc.), sales channel (online/offline), end-user (DIY/commercial), and country (KSA and UAE).
Key Players: Major companies include Channellock, Inc., Stanley Black & Decker, and Snap-on Incorporated, focusing on expansion, acquisitions, and new product launches.
Key Findings:
– Tools storage was the biggest revenue source in 2019.
– Offline sales channels generated the most revenue.
– The commercial and industrial sector contributed the highest revenue.
About Us: Allied Market Research provides high-quality market research and business consulting services. Contact David Correa at Allied Market Research for more information.
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