NEW
YORK, May 16, 2024 /PRNewswire/ -- The
global hand tools market size is estimated
to grow by USD 2.66 bn from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of over 4.45% during the forecast
period.
For more insights on the forecast market size and
historic data (2018 - 2022) - Download Free sample
report in minutes
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application
(General-purpose, Metal cutting, and Taps and dies and others),
End-user (Industrial and Household), and Geography (North America,
Europe, APAC, South America, and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Akar Auto Industries
Ltd., Apex Tool Group LLC, Cementex Products Inc., Channellock
Inc., Emerson Electric Co., Estwing Manufacturing Co., IDEAL
Industries Inc, Ingersoll Rand Inc., JCBL Group, Klein Tools Inc.,
Malco Tools Inc., Martin Sprocket and Gear Inc., Snap On Inc.,
STAHLWILLE Eduard Wille GmbH and Co. KG, Stanley Black and Decker
Inc., Swanson Tool Co. Inc., Taparia Tools Ltd., Techtronic
Industries Co. Ltd., The L.S. Starrett Co., Toughbuilt Industries
Inc., TOYA S.A., Vaughan Manufacturing, and Wera
|
Key Market Trends Fueling Growth
The hand tools market is characterized by continuous innovation,
focusing on enhancing operational efficiency in commercial and
industrial settings. Vendors prioritize ergonomic designs, catering
to professionals' needs, such as electricians. Lightweight,
ergonomically designed tools with cushioned grips enable maximum
muscle power application. Key features include robustness, reliable
performance, customizations, extended tips, and durability. Labor
force and infrastructure building activities drive demand, along
with consumer disposable income and renovation activities. Tools
vary from industrial and household use, including screwdrivers,
pliers, wrenches, hammers, saws, and automotive hand tools.
Cost-effective solutions, aftermarket repair, and service providers
are essential considerations. Multi-function tools, clear view
toolboxes, and automation further enhance productivity, saving time
and money. Small sized players offer cost-effective alternatives,
while cordless tools and materials like metal and wood impact
product pricing.
Market Challenges
- The hand tools market experiences volatility due to fluctuating
raw material prices, particularly those derived from crude oil and
natural forest products. Key materials like iron, steel, aluminum,
plastic, and carbon fibers are utilized in hand tool production.
The manufacturing and transportation processes rely on crude oil
derivatives such as petrol and diesel. These factors, coupled with
intensifying competition from local manufacturers, significantly
impact hand tool pricing. Quality, durability, and efficiency are
essential factors for consumers in this market, which includes both
industrial and household applications. Multi-function tools, clear
view toolboxes, and lightweight, cordless options are popular
trends. The DIY industry, automotive hand tools, and automation are
also significant sectors. Rising material costs, e-commerce sites,
mobile apps, and digital platforms are transforming sales channels.
Sustainability and cost effectiveness are increasingly important
considerations.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This hand tools market report extensively covers market
segmentation by
- Application
- 1.1 General-purpose
- 1.2 Metal cutting
- 1.3 Taps and dies and others
- End-user
- 2.1 Industrial
- 2.2 Household
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 General-purpose- The hand tools market
segmentation by application reveals a promising growth trajectory,
driven by sustainability, digital platforms, and e-commerce sites.
General purpose hand tools, such as hammers, screwdrivers,
wrenches, pliers, and mallets, cater to various applications.
Hammers are utilized for driving, shaping, and breaking, while
screwdrivers turn different types of screws. Wrenches provide
torque support, and pliers grip, turn, twist, and cut. Mallets are
employed for soft striking and positive object drive.
Sustainability is a significant factor influencing market trends,
with consumers preferring robustness and reliable performance from
their hand tools. Customizations, extended tips, and clear view
toolboxes cater to DIY culture and efficiency. Rising material
costs and online sales channels necessitate cost effectiveness and
aftermarket repair services from small sized players.
Infrastructure development, building activities, and consumer
disposable income fuel demand for hand tools in construction and
renovation projects. Employment growth in technical jobs and
production units further boosts market potential. Quality and
pricing remain crucial factors, with multi-function tools and power
tools offering durability and efficiency. Materials, such as metal,
play a vital role in tool design manipulations, ensuring extended
usage and reliable performance. The labor force and infrastructure
development in various industries contribute to the market's
expansion. Overall, the hand tools market is poised for growth,
driven by digital platforms, e-commerce sites, and the DIY
culture.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Hand Tools Market encompasses a wide range of instruments
designed for manipulation and application of force, including
screwdrivers, pliers, wrenches, hammers, saws, and various
specialized tools. These tools are essential for building
activities, both industrial and household, as well as DIY projects
and automotive applications. Robustness and reliable performance
are paramount in hand tool design, ensuring extended usage and
customization options to cater to diverse user needs. Lightweight
and cordless tools have gained popularity due to their convenience
and sustainability benefits. The industry continues to evolve with
advancements in automation, digital platforms, and e-commerce
sites, offering mobile apps for seamless purchasing and usage
experiences. However, the rising material costs pose a challenge to
market growth.
Market Research Overview
The Hand Tools Market encompasses a wide range of tools used in
various industries for assembly, construction, maintenance, and
repair works. These tools include hammers, wrenches, pliers,
screwdrivers, drills, saws, and more. The market is driven by the
growing construction and manufacturing sectors, as well as the
increasing demand for DIY projects. The use of advanced materials
and technologies in hand tools is also a significant trend, leading
to the development of lightweight, durable, and high-performance
tools. Additionally, the market is witnessing the rise of cordless
and battery-operated hand tools, offering convenience and
portability to users. The Hand Tools Market is expected to grow
steadily in the coming years due to these factors.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- General-purpose
- Metal Cutting
- Taps And Dies And Others
- End-user
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio