Hand Tools Market Share, Size, and Growth Forecast | CAGR of 4.8% By 2028 (2024)

By Product Type (Spanners, Vices, Pliers/Pincers, Household Tools, Grease Guns, Wrenches, Hammers, Chisel, Metal Working Tools, Screwdrivers, Others (Gauges, Clamps, etc.)), By App...lication (Industrial, Professional, Home Use), By Sales Channel (Online Sales, Company Direct Sales, Distributor Sales), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific), By Company (Akar Tools Ltd., Apex Tool Group, C&A Hardware Tools Co. Ltd, Channellock, Inc., Dewalt, JK Files Limited, Kennametal Inc., Klein Tools, Inc., Knipex, Mittalbhai Projects Pvt Ltd, Shandong Pangu Industrial Co.,Ltd., Snap-on Incorporated, Stanley Black & Decker, Inc, Wera, Zhejiang SALI Abrasive Technology Co.,Ltd, Others (JCBL Group, Emerson Electric Co., etc.) Read more

• Energy
• Feb 2023
• Pages 189
• Report Code EN77045

Market Definition

Hand tools are pieces of equipment that facilitate easy operability without exhibiting power consumption or heavy force. Different categories of such tools are wrenches, pliers, cutters, screwdrivers, clamps, knives, and more. Over the years, these equipments have been applied in daily gardening, agriculture, and farming. However, because of their manually operated trait, these are restricted to specific tasks and skills.

Market Insights & Analysis:Global Hand Tools Market (2023-28)

The Global Hand Tools Market is projected to grow at a CAGR of around 4.8% during the forecast period, i.e., 2023-28. The prime factors that steer the growth of the market involve surging demand from automotive operations and reparations sectors with innovations in the production technology of hand tools. As such, the functions of such equipment for manual operations such as sawing, forging, chopping, filling, fitting, and latching have led to the growth of machinery and equipment manufacturing sectors across the globe, offering lucrative growth opportunities for the key players during the forecast period.

Moreover, manufacturing such equipment utilizing CNC-operated machines, special purpose machines (SPM), and VMC machines generate exact precision and structural accuracy in the products. Besides, they are cost-benefit, efficient, and standard for several applications in the industrial segment. Thus, the systematic product development of precise tools with cutting-edge machinery is likely to extend new avenues for numerous regional players in the coming years.

Similarly, the enlargement of industrial manufacturing and hand tools recognizing country-specific systemizations for the products can enhance manufacturers' performance in diverse geographies. For example, countries such as the US, China, India, and Japan are investing rigorously in construction projects carving their infrastructural development and are anticipated to project massive growth in the future. As a result, the quickly changing demand and supply chains for manufacturers from construction, automotive, and other industries are expected to lead to industry expansion.

Further, the significant emergence of the Ministry of Micro, Small & Medium Enterprises (MSME) in developing economies such as India will project moderate growth in the market. Hence, the innovative machinery and equipment manufacturing verticals around the globe generate lucrative growth opportunities for the market players in the anticipated time frame, further aiding in enhancing the Global Hand Tools Market size.

Global Hand Tools Market Key Drivers:

Surge in Residential as well as Commercial Infrastructural Projects Owing to Rapid Urbanization - Numerous governments from developing economies initiated measures towards infrastructural development, industry expansion, and necessary investments in the commercial and residential sectors to promote ongoing urbanization. As a result, projects dealing with constructing roads, railways, airports, energy, and commercial and residential buildings have been inaugurated or announced in the past few years.

Thus, the significant rise in several manufacturing plants and industries has necessitated such equipment on maintenance grounds. Additionally, key manufacturers focusing on developing high-performance and multi-functional tools to minimize time consumption & maximize operational efficiency would likely contribute to the market expansion. Hence, the upsurge in construction & renovation in real estate integrated with evolving hand tools usage is expected to propel the market growth over the forecast period.

Global Hand Tools MarketPossible Restraint:

Availability of AI & IOT Integrated Electrical Power Tools- Power tools' capability to perform the same task repeatedly with high precision and fidelity makes them more applicable and reasonable during mass production. Moreover, the applications of power handy products eliminate physical muscle fatigue and enable operators to complete the task with high quality in less period. Thus, the growing presence of integrated AI and IoT electrical power equipment could curb market development in the coming years.

Also, sharp-edged and heavy-weight hand equipment could result in hazards during operations prompting the adoption of AI and IoT-enabled electrical power tools. However, even with all these advantages, power tools still have higher operating costs, require frequent maintenance and repairs to be mechanical or electrical components, and have higher initial purchase costs, which gives hand-operated tools a larger target market of users across various industries and skilled cutters.

Global Hand Tools MarketGrowth Opportunities

Multi-functionality of Tools Paired with Technological Innovations Worldwide- In order to solidify their market presence and heighten the product’s adoption, factories intend to bring innovations in the manufacturing processes. Automation helps manufacturers lower operation prices, minimize human effort, protect worker safety, and enhance product output quality. Moreover, the production of such tools using automation provides high precision and dimensional accuracy, increasing performance.

Given this, many developing economies initiated coordinated measures with manufacturers to receive legal and monetary aid in obtaining cutting-edge technologies for better output. Further, producing advanced tools for automotive maintenance and repair by accelerating their durability is anticipated to steer the market growth. Hence, it has led to manufacturing such type of products for various industries, such as automotive, metalworking facilities, aerospace segments, and assembly units, presenting growth opportunities in the forecasted time frame.

Global Hand Tools MarketKey Trends:

Massive Investments in Research & Development by Key Players- The extensive investment in research and development initiated by numerous key players has provoked the production of brand-new and advanced products in the market. Thus, organizations invest in modern machinery to manufacture precise, durable, and multi-featured tools. Likewise, the trend for DIY (Do it yourself) gaining popularity with increasing recreational activities encourages people to keep such items handy.

In addition, the massive availability of information on the internet discourages the frequent need for expert assistance, subsequently promoting the practice of doing everything on your own, which involves construction, repair, home renovation, and more. Consequently, it elevates the utility of home repair tools, equipment, and appliances.

Global Hand Tools Market (2023-28): Segmentation Analysis

The Global Hand Tools Market study from MarkNtel Advisors analyses the major trends in each sub-segment and includes predictions for the period 2023–2028at the global, regional, and national levels. The market has been segmented in our analysis based on product type and application.

Based on Product Type

• Spanners
• Vices
• Pliers/Pincers
• Household Tools
• Grease Guns
• Wrenches
• Hammers
• Chisel
• Metal Working Tools
• Screwdrivers
• Others (Gauges, Clamps, etc.)

Among its peer, Wrenches are expected to share the inflated global revenue in the predicted time frame. Wrenches are used to fasten and tighten bolts and nuts, to grip and spin objects. It comprises a stout lever with one or both ends for latching the bolt. It is vital in the plumbing and electrical sectors to finish fitting works. Furthermore, it is largely needed for reparations and maintenance works in the automotive industry and electrification operations.

The rising demand for products such as wrenches/spanners in manufacturing, automotive, and industrial operations encourages further adoption. Hence, the tremendous accessibility and innovative applications in this category is the significant reason behind the voluminous market share within different regional markets. In addition, surging demand for open-ended wrenches, break-over wrenches, and cross-tire wrenches, projects a positive growth overview in this segment.

Based on the Application,

• Industrial
• Professional
• Home Use

The Industrial segment is anticipated to exhibit the maximum share of the global market. The innovative industrial growth in developed countries such as the U.S. and Germany steers the growth of hand tool manufacturers around the globe. The robust niche of enormous brands in the German market instigates dependence on hand tools for repair in aerospace, automobiles, and other such products.

Furthermore, the aerospace industry is expanding creating a rising demand for air travel, space exploration projects, technological advances, and surging disposable income. In turn, these factors will create rising stipulations for inspection maintenance and reparations of aircraft structures which drives the industrial handy equipment market growth in this category. Hence, maximizing the use of hand tools in the industrial sector exhibit a predominant share of the market over the predicted time frame.

Global Hand Tools Market Regional Projection

Geographically, the Global Hand Tools Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Asia-Pacific is anticipated to dominate the global market during the forecast period owing to increased infrastructure expenditures, urbanization, expanding population, and strengthening consumer spending power. Thus, due to the enormous demand from emerging economies, the regional market is likely to exhibit significant growth in the global market. Among others, China yielded the largest revenue share in the APAC market in 2022 due to the country’s enormous manufacturing, aerospace, shipbuilding, electronics, and construction sectors. In addition, the minimum labor wage and material costs in china aid the manufacturers in producing such tools at lower prices, parallel to obtaining high manufacturing productivity. Thus, the aforementioned industries were expected to provide traction for hand tools in the region.

Global Hand Tools Market Recent Developments

• In September 2022, Snap-on Incorporated announced the accretion of AutoCrib, Inc. The company is the figurehead in designing, manufacturing, and marketing tools and asset controls. This accretion extends Snap-on Incorporated’s existing tool control offering to users from multi-sectors.
• In June 2022, Klein Tools Inc. launched the Hybrid pliers with a crimper, fish tape puller, and wire stripper.

Gain a Competitive Edge with Our Global Hand Tools Market Report

1. Global Hand Tools Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Hand Tools Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.