Hand Tools Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Germany, UK, France - Size and Forecast 2024-2028

Hand Tools Market Size 2024-2028

The hand tools market size is forecast to increase by USD 2.66 billion at a CAGR of 4.45% between 2023 and 2028. The market's growth is influenced by several factors, notably the significant demand for hand tools in emerging economies, the growing popularity of do-it-yourself (DIY) projects, and the increasing preference for eco-friendly and sustainable hand tools. As developing countries continue to invest in infrastructure and construction projects, the need for reliable products rises accordingly. Additionally, the DIY culture has gained traction globally, driving consumer interest in acquiring home improvement tasks. Moreover, with increasing environmental awareness, there's a growing demand for manufacturing using sustainable materials and processes, reflecting evolving consumer preferences and market trends. Our report examines historical data from 2018 - 2022, besides analyzing the current and forecasted market scenario.

Moreover, the market in North America is propelled by the expanding construction sector, advancements in commercial and industrial domains, and the substantial customer base of international hand tool companies within the country. Akar Auto Industries Ltd. provides a range of hand tools, including spanners, wrenches, and ring spanners. Additionally, Apex Tool Group LLC offers hand tools under various brands like Campbell, Sata, Crescent, and Erem, featuring lever tools, basic mechanical kits, and spanners.

Market Forecasting and Size

Market  Forecast 2024-2028

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Market Segmentation 

In the market, manufacturers focus on tool design manipulations to ensure robustness and reliable performance. Innovations like extended tips and customizations cater to diverse needs. The emphasis on lightweight tools enhances usability for the labor force. Moreover, the rise of E-commerce sites facilitates convenient access to these tools. As demand evolves, the industry continues to prioritize innovation and efficiency to meet the needs of various sectors.

By Application 

The general-purpose segment is estimated to witness significant growth during the forecast period. The general-purpose segment comprises hammers, mallets, screwdrivers, wrenches, and pliers. The main applications of screwdrivers in this segment are turning different types of screws, including slotted-head screws and cross-shaped screws.

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The general-purpose segment was the largest segment and was valued at USD 5.25 billion in 2018. Moreover, Toughbuilt Industries Inc. has announced the addition of more than 20 new stock-keeping units (SKUs) to its handheld wrenches line, which includes adjustable wrenches, construction wrenches, and pipes. In addition, the new wrenches will be available for purchase at major US home improvement retailers as well as through ToughBuilts, which is expanding strategic networks of North American and global trade partners and buying groups, which serve over 18,900 storefronts and online portals globally. Furthermore, a major factor driving the demand for the general-purpose segment among residential users is the growing number of DIY home improvement activities across the globe. Hence, such factors are fuelling the growth of this segment, which in turn drives the market during the forecast period. 

By End-user

Based on the end-user, the market has been segmented into industrial and household. The industrial segment will account for the largest share of this segment. In the industrial segment, hand tools are used for multiple applications, such as automobile fitting and repairs and construction activities. In addition, these equipment are used for various activities, including the setting up of factories, product assembling, and maintenance repair and overhaul (MRO) activities performed in industries such as mining, construction, manufacturing, transportation, and automobiles. Furthermore, this rise in the industry value added describes an increase in the manufacturing process, led by the growth of the net manufacturing output globally. Hence,  such factors are fuelling the growth of this segment, which in turn drives the market during the forecast period.

By Region

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North America is estimated to contribute 32% to the growth by 2028.  Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market in North America is expected to grow at a steady pace, with the US being one of the major revenue-generating countries. Factors such as the rapid growth of industrial sectors, such as construction, aerospace, and defense, will drive the demand for this equipment in North America. Moreover, the startup culture in North America, especially in the US, is also fueling the demand for this equipment, owing to an increase in the number of manufacturing setups in the region. In addition, these manufacturing setups require different types of equipment based on various requirements, further fueling the growth of the global market in North America during the forecast period.

Market Dynamics

In the market, tool design manipulations are aimed at enhancing robustness and ensuring reliable performance. Innovations like extended tips cater to diverse needs across building activities and the automotive hand tools sector. The DIY industry benefits from the availability of lightweight and cordless tools, reflecting the influence of the Internet of Things (IoT) and automation. Sustainability is a growing concern, prompting the integration of digital platforms, E-commerce sites, and mobile apps for efficient distribution. However, challenges persist due to rising material costs, urging manufacturers to balance innovation with cost-effectiveness. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.

Key Market Driver - Huge demand from developing economies

The market in developing economies like India, Brazil, South Africa, and Indonesia has experienced significant growth in the past decade. The increase in automobile demand and construction (especially residential construction) is propelled by the rising consumer disposable income of people and increasing economic activities in developing markets like India. This surge drives the growth of heavy industries, crucial for manufacturing automobiles and infrastructure development, especially in construction. These tools play a vital role in fixing small parts and equipment, particularly in remote locations that may lack a reliable electricity source.

Moreover, rapid industrialization in economies such as Brazil, Russia, India, China, and South Africa (BRICS) is generating substantial demand for this equipment. Growing research and development spending in the manufacturing sector in developing countries is further boosting the consumption of this equipment. Regions like South America and MEA are also witnessing increased manufacturing activities, particularly in the consumer durables sector. Hence, such factors will drive market growth during the forecast period.

Significant Market Trends - Introduction of ergonomically designes

There have been many innovations in the design and features of hand tools. In addition, companies are focusing on designing hand tools that enhance the operational efficiency of commercial and industrial facilities. Furthermore, they are also focusing on manufacturing equipment that is ergonomically designed. In addition, professionals using this equipment, such as electricians, are also looking for ergonomically designed hand tools.

For instance, electricians look for tools that are light in weight, ergonomically designed and have a cushioned grip that can fit easily in their hands so that they can put their maximum muscle power into their work rather than holding or handling the tool. In addition, the multibit screwdriver toolset offered is equipped with a cushion grip handle, which allows for greater torque and comfort. Hence, such factors will drive market growth during the forecast period.

Major Market Challenge - Fluctuating raw material prices

The prices of raw materials used in the manufacturing are highly volatile due to the high reliance of hand tool manufacturers on crude oil prices and natural forest products. In addition, substrates, including iron, steel, aluminum, plastic, and carbon fibers, are mainly used for the production of these equipment.

Moreover, the fluctuations in the prices of raw materials and the increasing competition from local manufacturers, especially in emerging economies, are posing a strong challenge to the companies in the global market and impacting the final prices of these equipment. In addition, crude oil derivatives, such as petrol and diesel, are used during the manufacturing and transportation of raw materials and final products. Thus, the fluctuations in the prices of crude oil also have a significant impact on the final prices. Hence, such factors will hinder market growth during the forecast period.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Channellock Inc: The company offers hand tools such as pliers, snips, professional drivers, pry bars, and ratcheting wrenches.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

Cementex Products 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 

Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments

• Application Outlook 
  • General-purpose
  • Metal cutting
  • Taps and dies and others
• End-user Outlook 
  • Industrial
  • Household
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

In the market, demand stems from a myriad of sectors, including the heavy engineering industry, construction industry, and automotive industry, where renovation activities and production units require reliable tools. Professionals seek quality, durability, and cost effectiveness in products, with multi function tools and clear view toolboxes gaining popularity. With the rise of online sales channels and e-commerce sites, consumers have access to a diverse range of saws, catering to various needs and preferences. Small sized players compete by offering competitive pricing and efficient aftermarket repair services, ensuring customer satisfaction and loyalty. Employment opportunities arise in the power tools industry, particularly for small-sized players offering multi-function tools. The product price plays a crucial role in attracting customers, as these tools are often seen as investments for both professional and DIY enthusiasts.

Further, in the dynamic market, various factors influence consumer behavior and industry trends. With the manufacturing industry driving demand for specialized tools, technical jobs require efficient solutions to maximize productivity. Multi-function tools cater to diverse needs, saving time and money for both professionals and DIY enthusiasts. Product launches introduce innovative solutions, appealing to the professional market seeking reliability and performance. Small-sized players focus on cost-effectiveness to compete in the market, offering competitive product prices and services. E commerce sites provide convenient access to a wide range of tools, meeting the needs of different sectors, including service providers and homeowners renovating vacant houses or working with wood.

Market Scope
Report Coverage	Details
Page number	167
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 4.45%
Market Growth 2024-2028	USD 2.66 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	4.15
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 32%
Key countries	US, China, Germany, UK, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
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
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2028
• Precise estimation of the market growth and trends and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Market growth and forecasting across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough market growth analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive market report analysis of factors that will challenge the growth of market  companies

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