Hand Tools Market size is set to grow by USD 2.66 billion from 2024-2028, Huge demand for hand tools from developing economies boost the market, Technavio

NEW YORK, July 12, 2024 /PRNewswire/ -- The global hand tools market size is estimated to grow by USD 2.66 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.45%  during the forecast period. Huge demand for hand tools from developing economies is driving market growth, with a trend towards introduction of ergonomically designed hand tools. However, fluctuating raw material prices of hand tools  poses a challenge. Key market players include 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.

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Market Driver

The hand tool market is witnessing significant advancements in tool design and functionality. Vendors are prioritizing robustness and reliable performance in their hand tool offerings, catering to the demands of commercial and industrial sectors. Ergonomic designs, such as lightweight tools with cushioned grips, are gaining popularity among professionals, particularly in industries like electrician work. Customizations and extended tips are also being explored to enhance tool versatility. The aftermarket repair and service sector play a crucial role in extending tool life and ensuring cost-effectiveness. Multi-function tools and clear view toolboxes are other trends gaining traction in the hand tool market. The DIY industry and renovation activities are significant consumers of hand tools, with a growing number of vacant houses being renovated and consumer disposable income on the rise. The hand tool market spans across various industries, including production units, automotive, and household applications. The pricing strategy for hand tools varies based on their industrial or household usage, materials (metal or wood), and product features. The employment opportunities in the hand tool industry include technical jobs and labor force requirements for infrastructure building activities. Efficiency and durability are key factors influencing the purchasing decisions of both professionals and DIY enthusiasts. Small sized players in the market offer cost-effective solutions, while power tools and automation are other trends shaping the hand tool landscape. 

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Market Challenges

• The hand tools market is characterized by factors such as quality, pricing, and the use of multi-function tools. Raw material prices, particularly those of crude oil and natural forest products, significantly impact hand tool manufacturing costs. Iron, steel, aluminum, plastic, and carbon fibers are commonly used substrates. Fluctuations in raw material prices and intensifying competition from local manufacturers, especially in emerging economies, pose challenges to vendors, affecting hand tool affordability. Additionally, the use of cordless tools, automation, sustainability, digital platforms, e-commerce sites, and mobile apps are transforming the hand tools industry. The increasing cost of materials, coupled with the rise of online sales channels, is shaping the future of the hand tools market.

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Segment Overview 

This hand tools market report extensively covers market segmentation by  

1. Application 
• 1.1 General-purpose
• 1.2 Metal cutting
• 1.3 Taps and dies and others
2. End-user 
• 2.1 Industrial
• 2.2 Household
3. 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-  In the current market landscape, the hand tools sector is witnessing a notable shift towards sustainability and digitalization. With the rise in material costs, online sales channels through e-commerce sites and mobile apps have become increasingly popular for both consumers and small-sized players. The DIY culture is thriving, leading to an increased demand for hand tools that offer robustness, reliable performance, and customizations. Extended tips, clear view toolboxes, and multi-function tools are gaining traction, as they save time and money while enhancing durability and efficiency. Toughbuilt Industries Inc. Is capitalizing on this trend by expanding its product offerings. The company recently announced the addition of over 20 new stock keeping units (SKUs) to its handheld wrenches line, catering to various applications in building activities, renovation projects, and even in production units. These additions include adjustable wrenches, construction wrenches, and pipes. As the labor force adapts to new infrastructure and technical jobs, the need for high-quality hand tools at competitive pricing remains a priority. Aftermarket repair and service providers continue to play a crucial role in maintaining the longevity of power tools and hand tools made of metals. Overall, the general purpose application segment of hand tools is expected to grow significantly during the forecast period, driven by the versatility and cost-effectiveness of these essential tools.

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Research Analysis

The hand tools market is a dynamic and diverse industry, encompassing a wide range of tools designed for robustness and reliable performance. From customizations and extended tips for specific applications to the labor force's essentials like screwdrivers, pliers, wrenches, hammers, and saws, hand tools are integral to building activities. Screwdrivers, pliers, wrenches, hammers, and saws are the backbone of DIY projects and the automotive industry. With the rise of lightweight tools and cordless options, hand tools have become more accessible and versatile than ever. Industrial applications demand hand tools that can withstand heavy use and harsh environments. The hand tools market caters to this need with innovative designs and materials. Sustainability is a growing concern, with digital platforms, e-commerce sites, and mobile apps offering eco-friendly options and cost-effective solutions. Rising material costs pose a challenge, but advancements in automation and technology continue to drive efficiency and affordability. The hand tools market remains a vital player in the DIY industry, offering solutions for household and industrial applications alike.

Market Research Overview

In the dynamic hand tools market, tool design manipulations continue to prioritize robustness and reliable performance for both industrial and household applications. Customizations, extended tips, and multi-function tools cater to diverse labor forces and infrastructure needs in building activities. Consumer disposable income fuels renovation activities, revitalizing the market for vacant houses and production units. Technical jobs and employment opportunities in this sector ensure a steady demand for high-quality, cost-effective hand tools. Pricing remains a critical factor, with small-sized players offering aftermarket repair services and collaboration with service providers to enhance cost effectiveness. Power tools and materials, including metal and wood, drive product prices in the industrial sector. The DIY industry thrives on durability, efficiency, and the convenience of lightweight, cordless tools. Automation, sustainability, and digital platforms are shaping the future of hand tools, with e-commerce sites and mobile apps offering increased accessibility and convenience. Rising material costs and online sales channels are transforming the DIY culture, making hand tools an essential investment for homeowners and professionals alike.

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
• Industrial
• Household
• 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.

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SOURCE Technavio