Hand Tools Market: By Product Type (Spanners, Vices/Clamps, Pliers/Pincers, Household Tools, Grease Guns, Wrenches, Hammers/Sledge Hammers, Chisel/Gauges, Metal Working Tools, Screwdrivers, Others), By End-Users (DIY, Commercial, Industrial), and Geography, and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2028

Description

Market Overview: The global hand tools market size was valued at $21,290.4 million in 2020, and is estimated to reach $31,817.3 million by 2030, accounting for a CAGR of 4.2%. Hand tools denote equipment and tools that function without electrical power. These tools are normally utilized in everyday gardening, agriculture, and farming activities. Owing to their manual operation, their usage is restricted to precise tasks and skills. Furthermore, significant growth drivers in the hand tools market are the growing demand from the automotive maintenance and repair industry and hand tool manufacturing technology innovations.

Market Size for Global Hand Tools Market on the Basis of Revenues in USD Bn , 2018-2023

Source: XX Research Analysis

What Factors are Leading to the Growth of the Global Hand Tools Market:

• The global hand tools market has seen growth, propelled by aspects including urbanization, infrastructure development, and the growing popularity of do-it-yourself (DIY) activities.
• The market growth is also propelled by an increase in commercial and residential construction projects, the widespread implementation of hand tools for household DIY determinations, the expansion of manufacturing setups, and a rise in repair and maintenance operations across the globe.
• The surge in technical jobs and employment presents a valuable opportunity for the hand tools market to improve both quality and pricing. Experts often prefer high-end tools and are willing to invest proficiently in these premium products.

Which Industry Trends have been Fueling the Growth?

Increasing Investments in Industrialization: The budget for constructing residential infrastructure is projected to grow in the coming years. According to the Global Infrastructure Outlook, by 2040, the global population is estimated to increase by nearly 2 billion, with urban populations anticipated to rise by 46%. This will introduce a substantial requirement for infrastructure assistance. The growth of urbanization has led to an development of the industrial sector across the globe, thereby growing the need for hand tools. Improved transportation, growing immigration, new technologies, and significant investments, specifically in the Asia-Pacific region, have further propelled industrialization. The increase in building activities propelled by urbanization has also amplified the requirement for machinery and other equipment, directly fostering the requirement for hand tools.

Significant Innovations in the Market: Hand tools streamline tasks such as cutting, sawing, and several other construction activities. Present technological innovations have improved the productivity of hand tools used for heavy-duty tasks in building procedures. These tools help save labor time by making tasks more effective, thereby growing their acceptance in the construction industry. The different range of hand tools, comprising screwdrivers, hammers, wrenches, and others, further propels reliance on them owing to their portability, lightweight nature, and capability to complete jobs speedily and efficiently.

What is the Current Structure for the Global Mobile Phone Accessories Market?

By Product Type, the Spanners Segment is Registered the Largest Market Share

Spanners dominate the largest market size due to their extensive use in industrial applications. This segment is estimated to maintain a steady growth rate throughout the forecast period. The substantial requirement for products including spanners, wrenches, vices, and pliers in manufacturing, automotive, and industrial applications contribute to a robust market presence across the globe. The extensive availability of different and innovative products in this category is the foremost driver behind the significant market share in different regional markets. Additionally, the high requirement for innovative tools developed by hand tool producers, including break-over wrenches, cross tire wrenches, and double-insulated products for electrical, chemical, and related industries, indicates a promising growth outlook for these segments in different regions.

By End-Users, the DIY segment dominates the Global Market Growth

The DIY segment is the largest contributor to the hand tools market and is estimated to accomplish the highest CAGR over the forecast period. “Do it yourself” (DIY) includes making repairs, modifications, and constructions without expert assistance. In this approach, individuals employ transforming, introducing, and rebuilding utilizing raw and semi-raw materials. DIY activities include maintenance and home renovation tasks. The trend of engaging in DIY tasks for cost savings is rising in industrialized countries including the UK, the U.S., Germany, and several others. This includes activities including machine and vehicle maintenance, electronic device troubleshooting, house remodeling, and various other functions, which are projected to propel the expansion of the global hand tools market.

By Region, Asia Pacific Accounted for the Largest Market Share in the Global Market

The Asia-Pacific region is estimated to register notable growth in the global hand tools market in the forecast period. This growth is principally driven by the high requirement for industrial and professional tools in the region. Additionally, the growing number of local producers is introducing a healthy competitive landscape, further contributing to market growth. However, North America remains the largest single market globally, owing to the significant existence of different established and giant brands across the region.

Competitive Analysis

In recent years, there has been a rise in acquisition and expansion activities focused at advancing the supply chain of hand tools. Foremost hand tool manufacturers are concentrating on enhancing new, technology-driven hand tools. Additionally, the emergence of different new producers in this space has been witnessed. Some of the players operating in the market includes Channellock Inc, Emerson Electric Co, Ideal Industries Inc., Ingersoll Rand, Klein Tools Inc, Martin Sprocket & Gear Inc, Snap-on Incorporated, Stanley Black & Decker Inc, Tapariatools, Techtronic Industries Co. Ltd and TOYA S.A.

Market Segmentation

Global Hand Tool Market, by Product Type

• Spanners
• Vices/Clamps
• Pliers/Pincers
• Household Tools
• Grease Guns
• Wrenches
• Hammers/Sledge Hammers
• Chisel/Gauges
• Metal Working Tools
• Screwdrivers
• Others

Global Hand Tool Market, By End-Users

• DIY
• Commercial
  • Construction End-User
  • Electrical Service Provider
  • Garage and Workshop
  • Woodworking
  • Metal Fabrication
  • Sanitary End-User
  • Others
• Industrial

Global Hand Tool Market, By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • Russia
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • Turkey
  • South Africa
  • Rest of Middle East & Africa

Market Players Included

• Channellock Inc
• Emerson Electric Co
• Ideal Industries Inc.
• Ingersoll Rand
• Klein Tools Inc
• Martin Sprocket & Gear Inc
• Snap-on Incorporated
• Stanley Black & Decker Inc
• Tapariatools
• Techtronic Industries Co. Ltd
• TOYA S.A.