Hand Tools Market Size to Reach USD 31,817.3 Million by 2030 at CAGR 4.2%

BANGALORE, India, Feb. 10, 2022 /PRNewswire/ -- The Hand Tools Marketis Segmented by Type (Wrench, Plier, Screw Drivers, Hammers, Cable Cutter, and Others), Distribution Channel (In-Store and Online), and End User (DIY, Commercial, and Industrial). The report covers global opportunity analysis, regional outlook, growth potential, industry forecast from 2021 to 2030.

The global hand tools market size was valued at USD 21,290.4 Million in 2020 and is projected to reach USD 31,817.3 Million by 2030, registering a CAGR of 4.2%.

Major Factors Driving The Growth Of The Global Hand Tools Market:

An increase in construction activities due to rapid urbanization in developing countries along withindustrial growth in developed countries is expected to drive the growth of the hand tools market. Moreover, the growing automotive industry and automation in hand tools are expected to provide lucrative growth opportunities.

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Trends Influencing The Growth Of The Hand Tools Market :

The demand for infrastructure development and rapid urbanization is growing rapidly in the developing world. Governments from all developing countries are seen putting effort into infrastructure development and making necessary investments in the sector in order to promote such developments. Roads, railways, airports, energy, utilities, and commercial and residential buildings are among the projects involved in this infrastructure development. During the forecast period, the growth of the hand tools market will be fueled by an increase in construction and infrastructure activities, as well as a changing hand tool ecosystem.

Furthermore, the industrial growth in developed countries like the United States and Germany is expected to further drive the growth of hand tools market size.

With the growth of the global automotive industry, the demand for hand tools is expected to rise significantly, as they are increasingly used for high-precision automotive maintenance and repairs. This in turn is expected to drive the growth of the hand tools market.

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Hand Tools Market Segmentation

The industrial segment accounted for the largest market share in the hand tools market in 2020, based on end-user. The market is expected to grow as a result of an increase in the use of hand tools in industrial applications due to their durability. Furthermore, rising urbanization around the world, particularly in developing regions, has increased the demand for residential construction, boosting the demand for hand tools.

The in-store segment accounted for the largest share of the hand tools market in 2020, and the online segment is expected to maintain its lead throughout the forecast period. This is due to rising income levels, rapid urbanization and industrialization, population and household income growth, and governments' ongoing efforts to expand and upgrade physical infrastructure.

Asia-Pacific generated the most revenue in 2020 and is expected to grow at the fastest CAGR during the forecast period. The demand for hand tools such as hammers, screwdrivers, cable cutters, and other hand tools is expected to rise in developing countries such as China, India, and Brazil as the residential construction industry grows. The growing popularity of cordless power tools, on the other hand, may stifle market growth. Due to intense completion and new product launches by market players, the impact of this factor is expected to diminish in the future.

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Hand Tools Market Size to Reach USD 31,817.3 Million by 2030 at CAGR 4.2% - Valuates Reports (2024)