Hand Tools Market Size was valued at USD 24.8 Billion in 2022. The Hand Tools market industry is projected to grow from USD 25.9 Billion in 2023 to USD 36.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2023 - 2032). Growing infrastructure developments and residential and commercial building are the key market drivers boosting the expansion of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for Hand Tools is being driven by the increasing automation of hand tools to decrease manual labor. Appliances and machinery that run off of electricity are referred to as hand tools. Agricultural, farming, and everyday gardening all make use of these instruments. The instruments can only be used for specific jobs and abilities since they must be manually manipulated. Furthermore, the market for hand tools is expanding due to a number of factors, including improvements in hand tool production technology and a rise in demand from the garage and repair industry. Furthermore, a contributing aspect to the overall market growth is the growing usage of hand tools in industrial settings.
Additionally, automation is becoming a reality in every nation on Earth. In order to meet the growing demands of the market and weather the impending difficult moment, all industries must undergo this evolution. Further benefits of automation for manufacturers include lower operating costs, less labor-intensive tasks, more worker safety, higher production rates, and higher-quality output. In a similar vein, automated hand tools have the potential to replace manual ones. These automated tools may function autonomously, replacing manual dexterity with intelligent solutions. In order to replace laborious and exhausting tasks and provide output and quality in a shorter amount of time, automated hand tools can be a wise investment.
It is evident that there is a growing global need for fast urbanization and infrastructure development. All of the main nations' governments are actively working to develop its infrastructure and investing the required funds in it in order to support these kinds of advances. The construction of roads, railroads, airports, electricity, utilities, and residential and commercial structures are all included in this list of infrastructure development projects. During the projected period, the market for hand tools and woodworking tools will grow as a result of the increase in infrastructure and construction projects as well as the developing hand tool space.
For instance, The German aerospace sector is one of the highest performing in the nation, with revenues of approximately $30.38 billion in 2020, according to the Germany Trade and Invest (GTAI) agency. Additionally, the aerospace sector is a significant user of hand tools, which supports the expansion of the hand tool market in Europe. Thus, result in driving the Hand Tools market revenue.
The Hand Tools Market segmentation, based on type includes Wrench, Plier, Screw Drivers, Hammers, Cable Cutter, and Others. The wrench segment dominated the market. An increasing number of variables, including the growth of the automobile and manufacturing industries in developing nations, are responsible for the surge in demand. Furthermore, during the projection period, it is expected that a major driver would be the growing emphasis on application-specific instruments and machinery in manufacturing processes. This occurs as a result of the higher efficiency of application-specific tools and machinery.
The Hand Tools Market segmentation, based on distribution channel, includes In Store, and Online. The online category generated the most income. Consumers these days have come to prefer purchasing this equipment from online retailers rather than going to hardware stores, specialist shops, or brick-and-mortar businesses.
The Hand Tools Market segmentation, based on end user includes DIY, Commercial, and Industrial. The industrial segment dominated the market. To a certain extent, the fast industrial sector expansion is being supported by the growing application of the vehicle repair and maintenance industry. Additionally, one reason propelling the growth of the hand tool market is the development of extremely durable tools combined with features particular to a given application.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Hand Tools market area will dominate this market, due to the quick rate of product uptake. The US is a major hub for hand tool production for a number of major firms, including Techtronic Industries Co., Ltd. and Stanley Black & Decker, among others.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Hand Tools market has the second-largest portion of the market due to a rise in the involvement of German manufacturers. Further, the German Hand Tools market had the biggest market share, and the UK Hand Tools market was the fastest growing market in the European region
The Asia-Pacific Hand Tools Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is due to rising demand for hand tools and construction activity. Moreover, China’s Hand Tools market had the biggest market share, and the Indian Hand Tools market was the fastest growing market in the Asia-Pacific region.
Leading market players are putting a lot of money on R&D to expand their product lines, which will help the market for weight reduction products grow. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. to grow and endure in an increasingly cutthroat and dynamic market, Hand Tools industry must provide reasonably priced goods.
Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the global Hand Tools industry to help customers and expand the market segment. In recent years, the Hand Tools industry has provided some of the biggest benefits to medicine. Major players in the Hand Tools market, including Akar Tools Limited, Snap-On Incorporated., Stanley Black and Decker, Techtronic Industries Co. Ltd., Wera Tools, Apex Tool Group, and others, are attempting to increase market demand by investing in research and development operations.
Snap-on Incorporated is an American company that designs, manufactures, and markets high-end equipment and tools for professional usage in the railroad, heavy-duty equipment, automotive, marine, and aviation sectors of the transportation business. Under the Blue-Point brand, Snap-on, which has its headquarters in Kenosha, Wisconsin, also distributes low-end products. Cornwell Tools, Mac Tools, and Matco are some of their main rival companies. In September 2020, for $36 million, the business purchased AutoCrib Inc., a Tustin, California-based company.
Stanley Black & Decker, Inc., previously The Stanley Works, is a Fortune 500 American company that produces security products as well as household and industrial hardware. headquartered in New Britain, Connecticut, in the greater Hartford area. Stanley's Bolt Manufactory, established by Frederick Trent Stanley in 1843, and the Stanley Rule and Level Company, established by Frederick's cousin Henry Stanley in 1857, merged to form the Stanley Works in 1920. In 1960, Black and Decker purchased DeWalt, which they later sold. In December 2021, Securitas AB declared that it has reached a deal to pay $3.2 billion to acquire the electronic security business segment of Stanley Black & Decker.
Snap-On Incorporated.
Stanley Black and Decker
Techtronic Industries Co. Ltd.
Wera Tools
Apex Tool Group
Klein Tools Inc.
Channellock, Inc.
JCBL India
Emerson Electric Co.
March 2021: Klein Tools, Inc. unveiled the Lineman Tribute Knife as a limited-edition product to honor the lives of fallen electrical line workers.
February 2021: The Klein-Kurve Wire Stripper/Cutter was unveiled by Klein Tools, Inc. as a robust stamped wire stripper featuring six stripping holes, shear blades for cutting, a cozy grip, and an upgraded lock.
November 2020: Two new screwdrivers with customizable lengths that can be used as impact drivers were released by Klein Tools, Inc.
Wrench
Plier
Screw Drivers
Hammers
Cable Cutter
Others
In Store
Online
DIY
Commercial
Industrial
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 24.8 Billion |
| Market Size 2023 | USD 25.9 Billion |
| Market Size 2032 | USD 36.9 Billion |
| Compound Annual Growth Rate (CAGR) | 4.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Distribution Channel, End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | Akar Tools Limited, Snap-On Incorporated., Stanley Black and Decker, Techtronic Industries Co. Ltd., Wera Tools, Apex Tool Group |
| Key Market Opportunities | Hand tool utilization may increase if hand tool automation is increased to decrease physical labor. |
| Key Market Dynamics | Growing infrastructure developments and residential and commercial building |
Frequently Asked Questions (FAQ) :
In 2022, the hand tool market was estimated to be worth USD 24.8 billion globally.
From 2023 to 2032, the global market is expected to expand at a compound annual growth rate (CAGR) of 4.50%.
North America held the most market share worldwide.
Akar Tools Limited, Snap-On Incorporated, Stanley Black & Decker, Techtronic Industries Co. Ltd., Wera Tools, and Apex Tool Group are the major companies in the market.
In 2022, the market was dominated by the Wrench category.
The Online held the biggest market share worldwide.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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