Hand tool sales are expected to grow at a 5.9% CAGR between 2022 and 2032. The global hand tools market is expected to grow 5.6% year on year in 2022, reaching a value of around US$ 15.06 billion by the end of the year. Extended tips for reaching difficult-to-reach areas, as well as specially engineered joints to make tools more user-friendly, are in high demand.
According to FMI, the global hand tools market will be worth US$ 26.70 billion by the end of 2032, growing at a 5.9% CAGR during the forecast period (2022 to 2032).
Hand tools are equipment and tools that do not require electricity to operate. These instruments are frequently used in gardening, agriculture, and farming. The tools’ capabilities and jobs are limited because they are operated by hand. Additionally, rising demand from the automotive maintenance and repair industry, as well as technological advancements in hand tool production, are driving the hand tools market’s expansion.
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Manufacturers have recognised the importance of regular tool design manipulations, innovations, and the addition of new features. Today’s tools must be robust, provide reliable performance, and be designed in such a way that they meet the needs of the job for which they are chosen.
“The hand tools market has been exhibiting consistent growth, despite a temporary lull witnessed amid COVID-19. Factors such as the rapidly growing urbanization in developing economies and the adoption of technologically sound and innovative hand tools have been encouraging market players to focus on innovations. Moreover, an increase in the practice of DIY activities is expected to create positive prospects for hand tools market growth over the forecast period,” said a lead analyst at FMI.
According to FMI, the market for hand tools is growing primarily due to the versatile features of hand tools such as the reduced size of the tool kit, maintenance & weight, and the increasing preference for multiple tools for multiple applications across various industries. Increasing customer preference towards DIY activities to surge the hand tools market globally.
Furthermore, the high cost of auto parts maintenance and repair services has created a desire among customers to perform do-it-yourself activities on their vehicles for short-term maintenance and repair. This has given manufacturers a tremendous opportunity to manufacture hand tools and introduce new and innovative products to the market.
Because of the large number of small and medium-sized manufacturers in the market, the hand tools market is extremely competitive. Leading manufacturers are increasingly focusing on positioning innovative technologies to design hand tools that will improve the operational efficiency of commercial and industrial facilities. There is a strong emphasis on innovation. Businesses in the hand tool market seek strategic collaborations with regional end-users and distributors in order to meet the growing consumer demand.
Some of the leading players operating in the market are Stanley Black & Decker, Inc., Snap-on Incorporated, IDEAL INDUSTRIES, INC., Apex Tool Group, KLEIN TOOLS INC., Emerson Electric Co., Akar Tools Limited, Channellock, Inc., JK Files (India) Limited, Kennametal Inc., Wera Tools.
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Global Hand Tools Market by Category
By Product Type, the Global Hand Tools Market is segmented as:
- Wrenches
- Pliers
- Screwdrivers
- Voltage Tester
- Measuring Tools
- Hammers
- Cutters
- Taps and Dies
- Hand Saws
- Punches
- Others
By Sales Channel, the Global Hand Tools Market is segmented as:
- Online
- Offline
- Authorized Dealers
- Multi-Brand Outlet
- Independent Dealers
By End-User, the Global Hand Tools Market is segmented as:
- DIY
- Commercial
- Construction End-User
- Electrical Service Provider
- Garage and Workshop
- Woodworking
- Metal Fabrication
- Sanitary End-User
- Others
- Industrial
By Region, the Global Hand Tools Market is segmented as:
- North America
- Latin America
- Europe
- South Asia Pacific
- East Asia
- Middle East and Africa
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