According to Future Market Insights (FMI), the global hand tool market will increase by 5.8% annually in 2023, reaching a value of roughly US$ 27.9 billion by the year’s end.
Manufacturers are aware of how important it is to occasionally alter tool designs and introduce new features. Today’s tools must be durable, deliver consistent performance, and be made in a way that they meet the needs of the task for which they are chosen.
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Customizations such as extended tips to get into hard-to-reach areas or specially designed joints to make the tools even more user friendly are in high demand. The global sales of hand tools are anticipated to grow at a CAGR of 5.8% during the period of 2023 and 2033.
FMI has identified East Asia and South Asia Pacific as the leading shareholders in the market as a result of huge labour force and man power work on field which use hand tools for their work. Also, Europe has high share in the Global Hand Tools market. Overall Asia Pacific are projected to hold a collective revenue share of 35% in the global market, by the end of 2032.
The hand tools market is driving by the surge in focus on do-it-yourself (DIY) activities worldwide. The market for hand tools is expected to grow at 5.9% CAGR between 2022 and 2032.
The global sales of hand tools are set to be valued at over US$ 15.06 Billion in 2022, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). A new report estimates the market to expand at over 5.9% CAGR from 2022 to 2032.
According to Future Market Insights, increasing usage of hand tools in commercial end-use sector is the key influencing factor fuelling the demand hammer, cutter, hand saws and other hand tools. Demand is forecast to rise as application in repair and maintenance work consistently grows.
Expansion of sales network will significantly boost the market. To entice the new players in the reselling sector, manufacturers are offering franchise stores with attractive benefits to the proprietor. Low initial establishment investment, complete guidance and training to run their outlets, detailed operation manuals and processes, sales and marketing, technical and operational support, and marketing & branding support such as website ad, newspaper ad, and so on are all examples of manufacturer support for proprietors.
In terms of product type, sales of wrenches are expected to account for maximum demand. Multi-purpose wrenches have long sought applications from professional builders and craftsmen in construction industry. Versatile adjustable wrenches, torque wrenches and pipe wrenches are commonly preferred types.
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Key Takeaways from Hand Tools Market Study
- By end-use, hand tools for commercial purpose are projected to hold over 37% volume share of the global market in 2022.
- Sales of wrenches are expected to account for 34% of the market share on value basis by the end of forecast period.
- Application of hand tools will remain maximum for DIY usage and usage in the regional level.
- East Asia and South Asia Pacific will remain a primary markets, accounting for over 35% of the demand by 2022 combined.
“Surge in demand in DIY, commercial and industrial sectors will encourage market players to pursue innovations. Focus on product launches is therefore expected to remain high as competition grows in the hand tools market,” says a Future Market Insights analyst.
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
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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