NEW
YORK, July 12, 2024 /PRNewswire/ -- The global
hand tools market size is estimated to grow by USD 2.66 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
over 4.45% during the forecast period. Huge demand for
hand tools from developing economies is driving market
growth, with a trend towards introduction of
ergonomically designed hand tools. However, fluctuating raw
material prices of hand tools poses a challenge. Key market
players include Akar Auto Industries Ltd., Apex Tool Group LLC,
Cementex Products Inc., Channellock Inc., Emerson Electric Co.,
Estwing Manufacturing Co., IDEAL Industries Inc, Ingersoll Rand
Inc., JCBL Group, Klein Tools Inc., Malco Tools Inc., Martin
Sprocket and Gear Inc., Snap On Inc., STAHLWILLE Eduard Wille GmbH
and Co. KG, Stanley Black and Decker
Inc., Swanson Tool Co. Inc., Taparia Tools Ltd., Techtronic
Industries Co. Ltd., The L.S. Starrett Co., Toughbuilt Industries
Inc., TOYA S.A., Vaughan Manufacturing, and Wera.
![Technavio has announced its latest market research report titled Global Hand Tools Market 2024-2028 Technavio has announced its latest market research report titled Global Hand Tools Market 2024-2028](https://mma.prnewswire.com/media/2459343/Technavio_Global_Hand_Tools_Market_2024_2028.jpg)
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Hand Tools Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.45%
|
Market growth
2024-2028
|
USD 2.66
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.15
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
32%
|
Key
countries
|
US, China, Germany, UK,
and France
|
Key companies
profiled
|
Akar Auto Industries
Ltd., Apex Tool Group LLC, Cementex Products Inc., Channellock
Inc., Emerson Electric Co., Estwing Manufacturing Co., IDEAL
Industries Inc, Ingersoll Rand Inc., JCBL Group, Klein Tools Inc.,
Malco Tools Inc., Martin Sprocket and Gear Inc., Snap On Inc.,
STAHLWILLE Eduard Wille GmbH and Co. KG, Stanley Black and Decker
Inc., Swanson Tool Co. Inc., Taparia Tools Ltd., Techtronic
Industries Co. Ltd., The L.S. Starrett Co., Toughbuilt Industries
Inc., TOYA S.A., Vaughan Manufacturing, and Wera
|
Market Driver
The hand tool market is witnessing significant advancements in
tool design and functionality. Vendors are prioritizing robustness
and reliable performance in their hand tool offerings, catering to
the demands of commercial and industrial sectors. Ergonomic
designs, such as lightweight tools with cushioned grips, are
gaining popularity among professionals, particularly in industries
like electrician work. Customizations and extended tips are also
being explored to enhance tool versatility. The aftermarket repair
and service sector play a crucial role in extending tool life and
ensuring cost-effectiveness. Multi-function tools and clear view
toolboxes are other trends gaining traction in the hand tool
market. The DIY industry and renovation activities are significant
consumers of hand tools, with a growing number of vacant houses
being renovated and consumer disposable income on the rise. The
hand tool market spans across various industries, including
production units, automotive, and household applications. The
pricing strategy for hand tools varies based on their industrial or
household usage, materials (metal or wood), and product features.
The employment opportunities in the hand tool industry include
technical jobs and labor force requirements for infrastructure
building activities. Efficiency and durability are key factors
influencing the purchasing decisions of both professionals and DIY
enthusiasts. Small sized players in the market offer cost-effective
solutions, while power tools and automation are other trends
shaping the hand tool landscape.
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Market Challenges
- The hand tools market is characterized by factors such as
quality, pricing, and the use of multi-function tools. Raw material
prices, particularly those of crude oil and natural forest
products, significantly impact hand tool manufacturing costs. Iron,
steel, aluminum, plastic, and carbon fibers are commonly used
substrates. Fluctuations in raw material prices and intensifying
competition from local manufacturers, especially in emerging
economies, pose challenges to vendors, affecting hand tool
affordability. Additionally, the use of cordless tools, automation,
sustainability, digital platforms, e-commerce sites, and mobile
apps are transforming the hand tools industry. The increasing cost
of materials, coupled with the rise of online sales channels, is
shaping the future of the hand tools market.
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challenges - Request a sample report!
Segment Overview
This hand tools market report extensively covers market
segmentation by
- Application
- 1.1 General-purpose
- 1.2 Metal cutting
- 1.3 Taps and dies and others
- End-user
- 2.1 Industrial
- 2.2 Household
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 General-purpose- In the current market
landscape, the hand tools sector is witnessing a notable shift
towards sustainability and digitalization. With the rise in
material costs, online sales channels through e-commerce sites and
mobile apps have become increasingly popular for both consumers and
small-sized players. The DIY culture is thriving, leading to an
increased demand for hand tools that offer robustness, reliable
performance, and customizations. Extended tips, clear view
toolboxes, and multi-function tools are gaining traction, as they
save time and money while enhancing durability and efficiency.
Toughbuilt Industries Inc. Is capitalizing on this trend by
expanding its product offerings. The company recently announced the
addition of over 20 new stock keeping units (SKUs) to its handheld
wrenches line, catering to various applications in building
activities, renovation projects, and even in production units.
These additions include adjustable wrenches, construction wrenches,
and pipes. As the labor force adapts to new infrastructure and
technical jobs, the need for high-quality hand tools at competitive
pricing remains a priority. Aftermarket repair and service
providers continue to play a crucial role in maintaining the
longevity of power tools and hand tools made of metals. Overall,
the general purpose application segment of hand tools is expected
to grow significantly during the forecast period, driven by the
versatility and cost-effectiveness of these essential tools.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The hand tools market is a dynamic and diverse industry,
encompassing a wide range of tools designed for robustness and
reliable performance. From customizations and extended tips for
specific applications to the labor force's essentials like
screwdrivers, pliers, wrenches, hammers, and saws, hand tools are
integral to building activities. Screwdrivers, pliers, wrenches,
hammers, and saws are the backbone of DIY projects and the
automotive industry. With the rise of lightweight tools and
cordless options, hand tools have become more accessible and
versatile than ever. Industrial applications demand hand tools that
can withstand heavy use and harsh environments. The hand tools
market caters to this need with innovative designs and materials.
Sustainability is a growing concern, with digital platforms,
e-commerce sites, and mobile apps offering eco-friendly options and
cost-effective solutions. Rising material costs pose a challenge,
but advancements in automation and technology continue to drive
efficiency and affordability. The hand tools market remains a vital
player in the DIY industry, offering solutions for household and
industrial applications alike.
Market Research Overview
In the dynamic hand tools market, tool design manipulations
continue to prioritize robustness and reliable performance for both
industrial and household applications. Customizations, extended
tips, and multi-function tools cater to diverse labor forces and
infrastructure needs in building activities. Consumer disposable
income fuels renovation activities, revitalizing the market for
vacant houses and production units. Technical jobs and employment
opportunities in this sector ensure a steady demand for
high-quality, cost-effective hand tools. Pricing remains a critical
factor, with small-sized players offering aftermarket repair
services and collaboration with service providers to enhance cost
effectiveness. Power tools and materials, including metal and wood,
drive product prices in the industrial sector. The DIY industry
thrives on durability, efficiency, and the convenience of
lightweight, cordless tools. Automation, sustainability, and
digital platforms are shaping the future of hand tools, with
e-commerce sites and mobile apps offering increased accessibility
and convenience. Rising material costs and online sales channels
are transforming the DIY culture, making hand tools an essential
investment for homeowners and professionals alike.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- General-purpose
- Metal Cutting
- Taps And Dies And Others
- End-user
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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