Hand Tools Market Overview
[192 Pages Report] Global Hand Tools Market to reach ~US$ 25.6 Bn by the end of 2031, growing at a CAGR of 3.9% over the forecast years (2021-2031).The construction sector has grown substantially over the past few decades. This growth trend is expected to continue in the next few years as a result of the growing number of new construction and renovation activities around the world. Hand tools Market are required components that are implemented in a variety of applications such as Industrial, household, and do-it-yourself (DIY) projects. Eventually, the growth in construction sector will lead to remunerative growth in the demand for hand tools Market.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for hand tools Market. The report tracks the global sales of hand tools in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the industrial, household, DIY sector in general, and hand tools in particular.
How Does Historical and Future Outlook Hand Tools Market Compare?
With the growth of the global automotive industry, the demand for hand tools Market is expected to increase significantly owing to their increasing applications for maintenance and repair of automobiles that require high-precision. Growth of the market however is not limited to a particular region since it is driven by application in various industrial activities around the world are witnessing substantial growth.
Leading manufacturers also are focusing on developing technologically advanced hand tools specifically for consumers that choose DIY hand tools in order to minimize labor costs. For instance, Snap-on has developed a set of MRO Pro industrial tools that includes over 500 tools specifically selected for the maintenance, repair and industrial operating industries by teaming up with MRO Industry professionals to design this all-in-one set. These advancements by market participants are expected to be crucial in driving demand for hand tools Market over the forecast period.
According to FMI’s analysis, hand tools Market sales have grown at 1.3% CAGR between 2016 and 2020.
Increasing consumer inclination towards leisure and recreational activities along with rising disposable income of people across the globe is leading to growing uptake of DIY activities. While this enabled growth in the market, disruptions caused by COVID-19 pandemic, in production and supply chain activities have resulted in temporary slowdown. However, consumption will improve as the economy recovers post the containment of pandemic.
The COVID-19 pandemic has had serious repercussions at various levels on the global economy and also on the hand tools market. Given the effect of the pandemic on regions such as Europe, North America, and Asia-Pacific, supply and demand are insufficient and the Y-O-Y growth is anticipated to decline substantially, yet, FMI expects global hand tools market to increase at 3.9% CAGR through 2031.
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What is the Commercial Potential of Hand Tools Market?
Hand tools are used in construction, automobile, aerospace, construction, and DIY sectors for a variety of applications including drilling, hammering, sawing, and others. The professional market is bigger and has a stronger potential for the future. Professionals use hand tools more often than DIY users and are likelier to buy value-added types because of their need for sustainability.
However since this tools are manually operated their operations are restricted, which could hamper growth prospects for the market. Nonetheless, their application in maintenance of machineries and automotive will guarantee steady sales through the forecast period. Against this backdrop, FMI identifies the expansion of automotive and construction sectors as scopes for growth of the Hand Tools Market.
The contribution of innovation also is quite high on the market. Some of the leading companies such as Bosch has introduced innovative hand tools to make labor easier. For instance, Bosch’s 2-in-1 Hex and Square Drive Socket-Ready Impact Driver is designed to handle both sockets and standard hex bits. This has emerged as a perfect tool to building decks or any furniture that requires switching from bolt and lags to screws.
Advent of novel designs is expected to improve commercial potential of hand tools. This will help the market exhibit sustainable growth through the forecast period.
What is the Impact of Research and Development on Hand Tools Market Sales?
Some of the major companies are investing in research and development (R&D) to gain a competitive edge. Product development and product positioning strategies are adopted by vendors to build a market position in the hand tools market. Manufacturers are partnering with some of the leading end users to provide customized hand tool solutions.
Moreover, they are focusing on establishing sales and service facilities in emerging countries besides aiming at long term partnerships with regional distributors. Their efforts are paving the way for the expansion of the market.
How is Growth Impacted by Improvement in Ergonomic of Hand Tools?
Leading players in the hand tools market are concentrating on improving ergonomic of hand tools to improve their operational efficiency and make them easier to handle. Professionals who use hand tools prefer tools with advanced ergonomic that are light and have a damped grip to strengthen the grip of the tool.
Driven by ongoing trends, Irwin Vise-grip released its long noise locking pliers with wire cutter feature, which reduces 20% of hand span, improves consumer control and helps in reducing hand strain.
How Big is the Opportunity in the U.S.?
In the U.S., the demand for hand tools Market is growing substantially due to rising consumer preference for lightweight and durable hand tools for DIY activities. Moreover, rapid growth of the automobile industry has been fuelling the demand for hand tools. This is because an increasing number of vehicle owners are showing inclination for taking care of temporary maintenance and repair of their vehicles themselves.
This provides tremendous potential for manufacturers of hand tools to introduce new and innovative products in the market, in order to compete with the innovation and ease of power tools. Also the expansion of the construction sector will offer lucrative growth prospects for the market. As per the U.S. Census Bureau, construction spending by the country stood at 1,459.4 Bn in November 2020, despite slip in activities amid COVID-19.
The robust construction and automotive sectors will continue impacting hand tools Market sales with the U.S.
Which is the Most Lucrative Sector within Germany’s Hand Tools Market?
The growth of the aerospace industry has created a significant opportunity for hand tools sales in Germany. As reported by the Germany Trade and Invest (GTAI) agency, German aerospace industry generated a turnover of more than 44.5 billion dollars in 2018 and is one of the top performing industries in the country. The aerospace industry also accounts for increasing demand for hand tools. This will subsequently drive growth in Germany.
What is Driving Hand Tool Sales in China?
China is a major manufacturing hub of hand tools globally. China's rapid industrial development has prompted manufacturers of hand tools to install their manufacturing units in the country. Low labor and material costs in China will help manufacturers produce hand tools at lower prices and achieve high manufacturing productivities.
China's hand tool market is composed of small manufacturers, who generally meet Asian demand for hand tools. Moreover, the expanding automotive, electronics and aerospace industries in China are creating opportunities for the growth of hand tools in China.
What are Projections for Japan Hand Tools Market?
Japan's industrial production increased in 2019, which is expected to give impetus to the market for hand tools during the forecast period. High-tech vehicle manufacturing requires the use of world-class equipment, such as drivers, wrenches and other automotive hand tool kits. These tools also are used for repair and maintenance and assembly operations
Automotive industry accounts for the lion’s share of Japan’s manufacturing sector. Besides this, domestic automotive brands of Japan, including Nissan, Toyota, Suzuki, Honda, and Mitsubishi are also considered some of the global leaders. The presence of some of the leading automakers has been crucial for the expansion of the automotive production in Japan, which is subsequently driving hand tools sales.
How is Hand Tools Market Projections in South Korea?
South Korea’s Industrial sector contributes 40% to the total GDP. This could be a growth opportunity for the hand tool market in the country. Consequently, hand-held devices such as wrenches, automotive tool kits, and others are in high demand for use in various industrial applications. Moreover, in South Korea, the electronic industry is one of the leading industries, which is anticipated to boost the use of hand tools market.
Which product type to hold highest CAGR?
Metal cutting tools are estimated to witness highest CAGR during the forecast period owing to the growing demand from various industrial sectors such as aerospace, defense, automotive, and other industries. The increasing investments in construction and infrastructure development activities have been fuelling the demand for metal cutting tools.
What Comprises Key Application for Hand Tools Market?
Industrial applications will continue accounting for lion’s share of hand tools sales. Besides their use during production across diverse manufacturing industries, hand tools are often indispensable for maintenance and repair activities. FMI has projected the market to continue gaining from expansion of construction, automotive, and electronics sectors. According to the report, the industrial is expected to account for over 60% of the market through the forecast period.
Which is the More Preferred Type of Hand Tools and Sales channel?
General purpose hand tools are highly sought-after and are expected to remain dominant through the course of the forecast period. While retail channels remain more preferred for distribution of hand tools, online channels are catching up at an impressive pace.
With an increasing number of market players identifying true potential of sales via online channels, they are likely to spend more on improving their online visibility. FMI however has forecast retail sales channels to remain at the top through the forecast period.
The hand tools market is a significantly competitive market dominated by global players offering competitively priced products. Leading manufacturers are gradually concentrating on positioning innovative technologies to design hand tools to improve the operating efficiency of commercial and industrial facilities. The market therefore witnessed a flurry of new launches over the last few years.
- Toughbuilt™ launched 11 new hand tools at Lowe’s stores across the U.S. in December 2020. The product range included knives, shears, and other tools
- In 2018, DeWalt launched its first line of hand tools. Among over 100 products included in the line, the most innovative tools were a 1.25-in. and 25-ft. short tape, 15-oz. framing hammer, a power tool case with tote, numerous heavy-duty adjustable wrenches, and a folding retractable utility knife
Some of the leading companies operating in the market are:
- Stanley Black & Decker, Inc.
- Snap-on Incorporated
- IDEAL INDUSTRIES, INC.
- Apex Tool Group, LLC.
- KLEIN TOOLS INC
- Emerson Electric Co.
- Akar Tools Limited
- Channellock, Inc.
- JK Files (India) Limited
- Kennametal Inc.
- Wera Tools
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.
Scope of the Report
Historical Data Available for
USD Million for value and Units for Volume
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa
Key Segments Covered
By Application, By Product Type, By Sales Channels
Key Companies Profiled
Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
Key Questions Answered in the Report
Which is the most lucrative market for oil & gas seals?
North America currently leads the global hand tools market. Within North America, the U.S. has emerged as a lucrative market
Which are the most commonly used hand tools?
Hand tools that are commonly used globally are cutlery, saw, wrench, hammer, screwdrivers, plier, chisels, and others.
Which is the key application of hand tools?
Hand tools are widely used in industrial applications. Their usage in automotive, construction sites is increasing day-by-day.
Which are some of the leading companies providing oil & gas seals?
Some of the leading companies manufacturing hand tools are Stanley Black & Decker, Inc., Snap-on Incorporated, IDEAL INDUSTRIES, INC., Apex Tool Group, LLC., KLEIN TOOLS INC, Emerson Electric Co., etc.
Which is the more preferred sales channel for hand tools?
While retail channel continues to dominate the hand tools market, online sales is expected to surge at a higher pace in the coming years.
Enquiry before Buying
Is this research conducted by Future Market Insights?
Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst
What research methodology is followed by FMI?
FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology
Who are the respondents for primary research?
FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.
What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Hand Tools Market by Category
- General Purpose Tools
- Metal Cutting Tools
- Layout & Measuring Tools
- Taps & Dies
- Household and DIY
- Online Sales
- Retail Sales
- Distributor Sales
- North America
- Latin America
- Western Europe
- Eastern Europe