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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 rate hinges on various factors, including the substantial demand for hand tools in developing economies, the increasing trend of do-it-yourself (DIY) activities, and the rising preference for environmentally friendly and sustainable hand tools. Our report examines historical data from 2018 - 2022, besides analyzing the current and forecasted market scenario.
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 Forecast 2024-2028
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The Market is propelled by factors such as innovative tool design, customizations, and robust global sales. Growing demands from the automobile industry, increased infrastructure and building activities, and the flourishing heavy engineering sector contribute significantly. Factors like rising consumer disposable income, active renovation activities in Europe, a thriving professional market, and a surge in technical jobs drive market trends. Challenges include the need for extensive research and development spending, catering to the MSME industries, addressing aftermarket repair needs, and adapting to the dynamic landscape of DIY activities. 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.
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 where power tools 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.
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 by Klein Tools 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.
The prices of raw materials used in the manufacturing of hand tools 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 of hand tools. Hence, such factors will hinder market growth during the forecast period.
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 is 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.
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 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.
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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.
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.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is witnessing substantial growth driven by diverse factors. The increasing demand for hand tools from developing economies, coupled with the rising popularity of do-it-yourself (DIY) activities, contributes to the market's robust growth. Customizations in tool design, advancements in anti-vibration technology, and the incorporation of RFID and IoT in manufacturing processes represent notable technological breakthroughs. The construction industry, heavy engineering sector, and automotive industry play pivotal roles, with rising infrastructure spending, urbanization, and growth in non-residential projects fueling market expansion. Noteworthy market players like Snap-on Industrial focus on product launches and invest in research and development to stay at the forefront of innovation.
The utilization of Visual Tool Control (VTC) systems enhances technical jobs, offering interactive consultant functions and catering to the needs of MSME industries. Additionally, the market experiences a boost from activities such as renovation projects in Europe, the development of machinery and equipment manufacturing sectors in Latin America and Asia-Pacific, and the increasing consumer disposable income globally. The market thrives on catering to various sectors, including construction, metals, wood, and aftermarket repair, providing essential tools like cable cutters, breakers, jackhammers, and miter saws to address the evolving needs of industrial structures, hotels, schools, and hospitals.
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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