The Hand Tools Market is experiencing a remarkable surge in demand across the globe, fueled by the introduction of cutting-edge technology that offers superior grips, enhanced durability, and extended shelf life. This uptick in demand is especially driven by the resurgence of automotive manufacturing and repairing industries, as well as the proliferation of intricate and sophisticated appliances in the market.
The hand tools market is anticipated to expand its roots at an average CAGR of 5.8% between 2023 and 2033. The market is projected to have a market share of US$ 27.9 billion by 2033 while it is likely to be valued at US$ 15.9 billion in 2023
- Advanced features-loaded hand tools such as wrenches, screwdrivers, and pliers are in fashion. Furthermore, the addition of repair kits in most vehicles is also consuming a big chunk of the market.
- New technology with better grips, durable body, and long shelf life is flourishing the demand for hand tools across the globe. The restoration of automotive manufacturing and repairing along with the new complex appliances are garnering market growth.
- Emerging economies of China and India with large manufacturing capacities of cars, trucks, and bikes are also investing in the hand tools sector. The growing number of vehicles on the road is expected to help the market thrive.
- New concepts like glass-covered toolboxes, small repairing points, and highway support units are pushing the authorities to invest in hand toolboxes or kits. Alongside this, the new features like small parts of the kit in different sizes and packaging are also flourishing the market growth.
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Key Points
- The United States market leads the hand tools market in terms of market share in North America. The United States region holds a market share of 20.6% in 2023. The growth in this region is attributed to the expanding manufacturing and repairing sector in the region
- Germany’s hand tools market is another significant market in the Europe region. The market holds a market share of 6.9% in 2023. The growth is attributed to the increasing number of cafés, new and advanced flavors, and rising production facilities.
- India’s hand tools market thrives at a leading CAGR of 7.2% during the forecast period. The market’s growth is attributed to the proliferation of sales, export, and repair of vehicles and appliances. The big facilities are adopting the latest hand tools.
- The wrench segment leads the product type segment as it holds a leading market share of 30.9% in 2023. The growth is attributed to high consumption.
Competitive Landscape:
The key vendors work on rigidity, advanced design, and custom availability. The players also work on enhanced supply chains and high affordability. Companies collaborate to expand their supply chain. Key competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments:
- Weidmuller Interface GmbH and Co. KG have set up their hand tool portfolio with the categories like cutting, stripping the insulation, crimping, etc.
- Indian brand, MISUMI Group Inc. has introduced its long range of hand tools like wrenches, hex wrenches, screwdrivers, hammers, tools sets, cutter knives, and monkey wrenches. The company has also launched its 20% off on the first order scheme.
Key Segments Covered
By Product Type:
- Wrenches
- Pliers
- Screwdrivers
- Voltage Tester
- Measuring Tools
- Hammers
- Cutters
- Taps and Dies
- Hand Saws
- Punches
- Others
By Sales Channel:
- Online
- Offline
By End-User:
- DIY
- Commercial
- Industrial
Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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