Future Market Insights (FMI) projects the global hand tools market is expected to grow at an average CAGR of 5.8% during the forecast period. The market is projected to generate USD 15.9 billion in revenue in 2023, with an anticipated value of USD 27.9 billion by 2033.
Manufacturers recognize the importance of continuous innovation in tool design, adding new features to enhance functionality. Modern hand tools need to be durable, provide reliable performance, and be tailored to the specific tasks they are selected for. Customizations such as extended tips for hard-to-reach areas or specialized joints for ease of use are increasingly in demand.
FMI highlights increasing demand for hand tools in commercial sectors, particularly for repair and maintenance work, as a key factor boosting sales of hammers, cutters, saws, and other tools. Expanding sales networks and enticing new players in the reselling sector are also contributing to market growth. Manufacturers are offering franchise opportunities with low initial investment and comprehensive support, including marketing, training, and operational guidance.
Among product types, wrenches are expected to see the highest demand, with multipurpose wrenches such as adjustable, torque, and pipe wrenches being popular choices among professional builders and craftsmen in the construction industry.
Key Players Working in the Hand Tools Market:
- Stanley Black and Decker
- Robert Bosch GmbH
- MISUMI Group Inc
- Milwaukee Tool Corporation
- Snap-On Inc
- Klein Tools
- Fluke Corporation
- KNIPEX Group
- Weidmuller Interface GmbH and Co. KG
- Emil Lux GmbH & Co. KG
- Sathlwille Tools
- Gedore GmbH
- KS Tools Werkzeuge and Maschinen GmbH
- Taparia Tools
- Others
Key Segments Covered
By Product Type:
- Wrenches
- Socket Wrenches
- Spanner
- Adjustable Wench
- Torque Wrench
- Pipe Wrench
- Insulated Wrench
- Others
- Pliers
- Combination and Multi-Pliers
- Wire Strippers
- Gripping Pliers
- Pincers
- Side Cutters
- Crimping Pliers
- Circlip Pliers
- Insulated Pliers
- Others
- Screwdrivers
- Standard
- Stubby
- Torque
- Electronic
- Multi Screwdriver
- Insulated Screwdriver
- Others
- Voltage Tester
- Measuring Tools
- Tape Measures
- Folding Rulers
- Levels
- Marking Knife
- Others
- Hammers
- Locksmiths
- Soft Face
- Blacksmith/Forge
- Carpenters/Roofing
- Sledge
- Club
- Others
- Cutters
- Cable Cutters
- Bolt Cutters
- Insulated Cutters
- Edge Cutting Tools
- Others
- Taps and Dies
- Bottom Tap
- Plug Tap
- Taper Tap
- Spiral Flute Tap
- Straight Flute Tap
- Dies
- Hand Saws
- Hacksaw
- Pruning Saw
- Coping Saw
- Punches
- Centre Punch
- Drive Punch
- Pin Punch
- Letter Punch
- Others
- Others
- Knives and Blades
- Hand Drills
- Wood Carving Tools
- Vice
- Allen Key
- Chisels
- Files
- Trowels
- Crowbars
- Clamps
- Handheld Weight Gauge
- Threading Hand Taps
- Ratchet
- Anvil
- Scissors
- Pry Bars
- Hand Planners
- Others
By Sales Channel:
- Online
- Offline
- Authorized Dealers
- Multi-Brand Outlet
- Independent Dealers
By End-User:
- DIY
- Commercial
-
- Construction End-User
- Electrical Service Provider
- Garage and Workshop
- Woodworking
- Metal Fabrication
- Sanitary End-User
- Others
- Industrial
Key Regions Covered:
- North America
- The United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- The United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- The Middle East and Africa (MEA)
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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