Chicago, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Arizton believes that players in the hand tools market will grow inorganically by acquiring regional or local players in the future.
| Report Coverage | Details | |
| Market Size in 2021 | $22.07 billion | |
| Market Size in 2027 | $28.74 billion | |
| Growth Rate from 2021 to 2027 | 4.14% | |
| Largest Market | North America | |
| Fastest Market | APAC | |
| Base Year | 2021 | |
| Forecast Period | 2022-2027 | |
| Segments Covered | Type and End-User | |
| Key Companies | Stanley Black & Decker, Techtronic Industries Company, Snap-on Apex Tool Group (ATG), and Emerson | |
| Geographic Analysis | APAC, North America, Europe, Latin America, and Middle East & Africa | |
| Countries Covered | China, India, Japan, South Korea, Australia, US, Canada, UK, Germany, France, Italy, Spain, Brazil, Mexico, South Africa, Saudi Arabia, UAE, and Turkey | |
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Key Highlights:
- The global demand for hand tools is projected to be adversely affected by a substantial increase in global automation spending, which essentially justifies the adoption of power tools by end-user industries.
- There are hundreds of hand tool manufacturers globally and their sales network relies on the demand for construction and manufacturing. However, mergers and acquisitions in the industry have also resulted in moderate consolidation.
- Based on the tool type, general-purpose tools were the major revenue contributors, generating $15.19 billion in 2021 and is expected to reach $19.30 billion by 2027, growing at a CAGR of 4.07%.
- The cutting tools were the second-largest segment since these tools are mostly used for wooden and metal works that need precision cutting. They are also used in DIY activities as most vendors offer user-friendly cutting tools for home improvement and wood-crafting activities.
- The global wrenches market was valued at $3.02 billion in 2021 and is expected to reach $3.77 billion by 2027, growing at a CAGR of 3.78% during the forecast period.
- The global taps & dies market was valued at $1.07 billion in 2021 and is expected to reach $1.34 billion by 2027, growing at a CAGR of 3.90% during the forecast period.
- The residential segment is expected to witness significant growth in hand tools owing to the rise in the construction of new homes and buildings. The tools are utilized in the renovation and retrofit activities that can make use of fastening, demolition tools, and cutting equipment.
- The rising middle-class population increased the availability of power tools, and the high cost of professional laborers are increasing the popularity of DIY culture globally.
- The global hand tools market is characterized by low market concentration and high competition among the major players.
- Vendors must develop new patented designs and ergonomics to remain abreast of upcoming innovations and thereby retain a competitive advantage.
Key Offerings:
- Market Size & Forecast by Revenue | 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by type, end-user, and geography
- Competitive Landscape – 5 key company profile and 28 other prominent vendors
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Hand Tools Market – Segmentation Analysis
- Renovation retrofit and home improvement activities are expected to contribute to the growth of the segment during the forecast period. General purpose hand tools market segment is expected to pose an absolute growth of 4.07% by the end of 2027.
- The global knives & blades market is expected to reach $1.58 billion by 2027. Moreover, Leatherman is a major player in this segment where the company leverages the multi-tool cutting feature in the hand tools market.
- The complexity in designs and mechanisms will force technicians to work in smaller cabinets, which can increase the demand for precision and accuracy in hand tools. It will also prompt vendors to undertake product innovations to compete with the growing cordless tools segment.
Hand Tools Market – Segmentation
Market segmentation byTool Type
- General Purpose Tools
- Wrenches
- Screwdrivers & Nut Drivers
- Pliers
- Hammers
- Riveters
- Clamps & Vises
- Wrecking Bars
- Ratchets & Sockets
- Cutting Tools
- Saws
- Chisel & Files
- Knives & Blades
- Cable & Wire Cutting Tools
- Layout & Measuring Tools
- Taps & Dies
Market Segmentation by End-User
- Industrial
- Construction
- Automotive
- Aerospace
- Electronics
- Energy
- Shipbuilding
- Others
- Commercial
- Residential
Market Segmentation by Geography
- APAC
- China
- India
- Japan
- South Korea
- Australia
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
Hand Tools Market – Vendor Landscape
The adoption rate of cordless power tools among end-users in the US and Europe is impressive since their launch. Players such as Bosch have parented with Amazon for the sales of their professional hand tools and kits. DIY retail stores can be the game changers to elevate DIY based hand tools. It can be more effective in upcoming markets for DIY such as India, Brazil, Indonesia, Thailand, and Nigeria. Power tools will continue to remain as a major revenue generator for batteries and chargers. With the rising awareness and penetration of power tools across regions, the market for hand tools can be affected on a larger scale in terms of new and replacement demands. Arizton believes that global players will grow inorganically by acquiring regional or local players in the future. Furthermore, companies with better technical and financial resources can develop innovative products in the hand tools market.
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Key Vendors
- Stanley Black & Decker
- Techtronic Industries Company
- Snap-on
- Apex Tool Group (ATG)
- Emerson
Other Prominent Vendors
- Robert Bosch GmbH
- Akar Tools Ltd
- Wera Tools
- Klein Tools
- JCBL India
- Channellock
- JK Files India
- Kennametal
- IDEAL Industries
- Gray Tools Canada
- Leatherman
- Ningbo Great Wall Precision Industrial Co., Ltd
- PILANA
- Wurth
- Tajima
- KNIPEX
- PHOENIX CONTACT
- Wiha Tools Ltd
- Ajay Group
- Mac Tools
- Stiletto Tools
- Vaughan Manufacturing
- Estwing
- Kobalt
- Daniels Manufacturing Company
- Lowell Corporation
- Bojo
- Honiton
Explore our Industrial Machinery profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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