Hand Tools Market Size to grow by USD 2.66 billion between 2024-2028
According to a research report “ Hand Tools Market” by 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)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2.66 billion, at a CAGR of over 4.45% during the forecast period. The hand tools market in developing economies, such as India, Brazil, South Africa, and Indonesia, has experienced robust growth over the past decade. This expansion can be attributed to the burgeoning industries, particularly automobiles and construction, especially residential construction. The increasing economic activities and rising disposable incomes of people in these markets are fueling the growth of heavy industries, including automobiles and housing. Hand tools are indispensable in the manufacturing processes of automobiles and infrastructure development, serving various functions, such as the assembly of small parts and equipment. The expansion of these industries in developing markets is consequently propelling the demand for hand tools.
Browse market data tables, figures, and in-depth TOC on “Hand Tools Market” by 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) Global Forecast to 2028. Download Free Sample
By Application, the General-purpose segment is projected to dominate the market size in 2024
The industrial end-user segment is poised for substantial expansion in the hand tools market during the forecast period. In the industrial sector, hand tools play a pivotal role in various applications, including automobile fitting and repairs, and construction activities. Notably, hand tools are indispensable for numerous industrial activities, such as factory setup, product assembly, and maintenance, repair, and overhaul (MRO) operations. The burgeoning industrial sector, driven by increased industry value added, is a primary growth driver for the hand tools market. Key industries, including mining, construction, manufacturing, transportation, and automobiles, contribute significantly to this growth.
By End-user, Industrial segment is expected to hold the largest market size for the year 2024
The general purpose hand tool segment is projected to experience robust growth during the forecast period, driven by the versatility and wide application scope of these tools. General purpose hand tools encompass essential instruments such as hammers, mallets, screwdrivers, wrenches, and pliers. These tools cater to various applications, including hammering and shaping with hammers, turning screws with screwdrivers, applying torque to turn objects with wrenches, and gripping, twisting, and cutting with pliers. Mallets offer a soft striking surface for precise application of force. Toughbuilt Industries Inc. has recently expanded its handheld wrenches product line by introducing over 20 new stock keeping units (SKUs), including adjustable wrenches, construction wrenches, and pipe wrenches.
North America is forecasted to hold the largest market size by region in 2024
The North American hand tools market is projected to experience a consistent expansion trajectory throughout the forecast period. The United States represents a significant contributor to the revenue generation in this region. Key growth drivers include the burgeoning construction sector, commercial and industrial advancements, and the substantial customer base of international hand tool providers in the US. However, the US economy's saturation may pose a challenge to the growth of the global hand tools market in North America during the forecast period.
The Hand Tools Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The hand tools market is experiencing significant growth, driven by various factors including the rising material costs, which have led to an increased focus on efficiency and reliability. Mobile apps and e-commerce sites have revolutionized the way we buy hand tools, providing easy access to a wide range of options from the comfort of our homes. Digital platforms also enable customizations and extended tips for sustainable and automated solutions, catering to both household and industrial needs. The DIY industry and automotive hand tools segment are major contributors to the market's growth. Cordless tools and lightweight designs have gained popularity due to their convenience and portability. Saws, hammers, wrenches, pliers, and screwdrivers continue to be in high demand for DIY projects and building activities. Infrastructure development and the labor force's need for reliable performance and robustness also drive the market. Tool design manipulations aim to enhance functionality and improve user experience, making hand tools a vital component of various industries.
Market Research Overview
The Hand Tools Market is experiencing significant growth in today's DIY culture, with online sales channels becoming increasingly popular. Rising material costs have led to a greater emphasis on cost effectiveness and efficiency in the DIY industry. Mobile apps and e-commerce sites have made it easier than ever to purchase hand tools from the comfort of one's own home. Sustainability is also a key factor in the hand tools market, with consumers seeking out lightweight, cordless tools that reduce the need for heavy batteries and cords. Automation and digital platforms are transforming the industry, with multi-function tools and clear view toolboxes offering increased efficiency and reliability. The hand tools market caters to both household and industrial applications, with automotive hand tools, saws, hammers, wrenches, pliers, and screwdrivers being among the most popular. Materials such as wood and metal are common in DIY projects, and the market offers a wide range of pricing and quality options to suit various budgets and needs. Service providers offering aftermarket repair and customizations are also gaining popularity, as consumers seek to extend the life of their tools and get the most value for their money. The hand tools market is a significant employer, with technical jobs and production units playing a vital role in the industry. Renovation activities, building activities, and infrastructure development are major drivers of demand for hand tools, with the labor force and consumer disposable income being key factors. Tool design manipulations, such as extended tips and customizations, are becoming increasingly important in the hand tools market, as consumers seek reliable performance and robustness from their tools. The future of the hand tools market looks bright, with continued innovation and automation set to transform the industry.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
