Hand Tools Market - Global Outlook & Forecast 2022-2027

Hand Tools Market - Global Outlook & Forecast 2022-2027

In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Hand Tools Market Report

The hand tools market size was valued at USD 22.07 billion in 2021 and is expected to reach USD 28.74 billion by 2027, growing at a CAGR of 4.14% during the forecast period

Rapid industrialization and increasing applications in the household and commercial sectors are primarily driving the hand tools and accessories market. DIY (Do It Yourself) has seen enormous growth globally over the past decade. While the trend was earlier popular only in Western countries, it is now being rapidly adopted in APAC and Latin America. Some heavy tools such as demolition hammers are also used for repair and maintenance works in commercial and residential spaces. The DIY culture can be one of the major drivers for the household hand tools market in the coming years with a higher scope for penetration in growing economies.

The following factors are likely to contribute to the growth of the hand tools market-

• Rising Wood Construction
• Rising Home Renovation and DIY Activities
• Increasing Solar & Wind Energy Installations
• Rising Construction Opportunities in Developing Nations
• Mass Township Projects
• Low Cost & Unskilled Labor in Developing Economies

KEY HIGHLIGHTS

• The increasing demand for aircraft alongside expansion efforts in the aviation industry is expected to support the growth of aerospace fasteners and manual fastening tools during the forecast period.
• The DIY tool kits are gaining popularity in countries like India and China owing to the limited availability of skilled labor, which can be seen more in urban areas. This has driven the growth in the utilization of hand tools like chisels, hammers, and screwdrivers for domestic household activities, home improvement, repairs, woodwork, and gardening work.
• Mass township projects all over the world are also driving the demand for hand tools in the forecast period. For instance, Saudi Arabia announced the homeownership strategy which estimates 70% of the residents will have homes by 2030.

HAND TOOLS MARKET SEGMENTS

Hand tools market is segmented on the basis of-

• Tool Type
• End-User
• Geography

HAND TOOLS MARKET SEGMENTATION

• Increasing requirements for screwdrivers in the consumer electronics industry is driving the market growth. A large number of small and medium manufacturers sell the product at a cheaper rate, so the bargaining power of buyers is very high. The demand for manual screwdrivers may be challenged by power-driven hand tools thus driving growth in the power tools market.
• New entrants in the market are focusing on the pocket and utility knives segments owing to their wide scope of applications. With high safety and comfortable handling, they are finding adoption in the DIY segment as well. Compact, efficient, and weightless pocketknives are in demand. Thus, vendors can use this opportunity to innovate for better product penetration.
• The industrial end-user segment was the largest segment in the global hand tools market in 2021 and this trend is likely to continue throughout the forecast period. This is majorly due to the construction industry. For instance, housing projects with 20 million affordable homes for the urban poor is expected to boost revenue in the construction sector of India thus driving the demand for mechanical hand tools market

Market segmentation by Tool Type

• General Purpose Tools
• Wrenches
• Screwdrivers & Nut Drivers
• Pliers
• Hammers
• Riveters
• Clamps & Vises
• Wrecking Bars
• Ratchets & Sockets
• Cutting Tools
• Saws
• Chisel & Files
• Knives & Blades
• Cable & Wire Cutting Tools
• Layout & Measuring Tools
• Taps & Dies

Market Segmentation by End-User

• Industrial
• Construction
• Automotive
• Aerospace
• Electronics
• Energy
• Shipbuilding
• Others
• Commercial
• Residential

HAND TOOLS MARKET GEOGRAPHY

• APAC: APAC region consists of powerful developing nations with a majority working population. Tokyo Olympics will finally happen in the forecast period after being postponed because of a pandemic. The new infrastructure projects and upgrades are going to drive market growth. Even small nations like Singapore and Malaysia are also ramping up their infrastructural development. Singapore is known for its high-class construction facilities and Budget 2020 has announced plans for infrastructure projects.
• North America: The North American automotive sector manufactures the highest number of electric cars in the world due to the rising demand for eco-friendly products. The north American automotive sensors market is on the rise which will also propel the demand for the assembly of precision parts. This can further drive the market for precision hand tools like pliers, cutters, and wrenches.

Market Segmentation by Geography

• APAC
• China
• India
• Japan
• South Korea
• Australia
• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Turkey

VENDOR LANDSCAPE

• The key players in the hand tools market are Stanley Black & Decker, Techtronic Industries Company, Snap-on, Apex Tool Group (ATG), and Emerson.
• Brands like Stanley Black & Decker are recognized for their industry-leading fastening solutions. The company acquired Consolidated Aerospace Manufacturing LLC (CAM), enabling better support for aerospace consumers.
• With the growth in DIY culture and the demand for more user-friendly tools, vendors are customizing their tools for home improvement activities.

Key Vendors

• Stanley Black & Decker
• Techtronic Industries Company
• Snap-on
• Apex Tool Group (ATG)
• Emerson

Other Prominent Vendors

• Robert Bosch GmbH
• Akar Tools Ltd
• Wera Tools
• Klein Tools
• JCBL India
• Channellock
• JK Files India
• Kennametal
• IDEAL Industries
• Gray Tools Canada
• Leatherman
• Ningbo Great Wall Precision Industrial Co., Ltd
• PILANA
• Wurth
• Tajima
• KNIPEX
• PHOENIX CONTACT
• Wiha Tools Ltd
• Ajay Group
• Mac Tools
• Stiletto Tools
• Vaughan Manufacturing
• Estwing
• Kobalt
• Daniels Manufacturing Company
• Lowell Corporation
• Bojo
• Honiton

KEY QUESTIONS ANSWERED:

1. What is the estimated valuation for the global hand tools market by 2027?

2. Which tool holds the maximum market share of the Hand tools market?

3. What are the key trends in the hand tools market?

4. Who are the top players in the global hand tools industry?

5. What are the different types of mechanical hand tools market discussed in the report?