Over 60% of Hand Tools Sales to Concentrate in Industrial Applications: New Study

Future Market Insights (FMI) has forecast the global hand tools market to grow at a year-on-year growth of 5.6% in 2022 reaching a value of about US$ 15.06 Bn by 2022 end.

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Manufacturers have understood the importance of tool design manipulations, innovations and addition of new features from time to time. Today, the tools have to be robust, provide reliable performance and are designed in a way that they cater to the requirements of the job for which they are selected for.

Customizations such as extended tips to get into hard-to-reach areas or specially designed joints to make the tools even more user friendly are in high demand. The global sales of hand tools are anticipated to grow at a CAGR of 5.9% during the period of 2022 and 2032.

The hand tools market has been exhibiting consistent growth, despite temporary lull witnessed amid COVID-19. Factors such as the rapidly growing urbanization in developing economies and the adoption of technologically sound and innovative hand tools have been encouraging market players to focus on innovations. Moreover, increase in practice of DIY activities is expected to create positive prospects for hand tools market growth over the forecast period,” said a lead analyst at FMI.

According to FMI, the market for hand tools is growing primarily due to the versatile features of hand tools such as the reduced size of the tool kit, maintenance & weight, and the increasing preference for multiple tools for multiple applications across various industries. Increasing customer preference towards DIY activities to surge the hand tools market globally.

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Furthermore, high cost of maintenance and repair services for auto parts has created an urge among customers to execute do-it-yourself activities on their vehicles for short-term maintenance & repair. This has provided the manufacturers tremendous potential to manufacture hand tools and launch new & innovative products in the market.

Key Segment:

By Sales Channel, the Global Hand Tools Market is segmented as:

  • Online
  • Offline
    • Authorized Dealers
    • Multi-Brand Outlet
    • Independent Dealers

By End-User, the Global Hand Tools Market is segmented as:

  • DIY
  • Commercial
    • Construction End-User
    • Electrical Service Provider
    • Garage and Workshop
    • Woodworking
    • Metal Fabrication
    • Sanitary End-User
    • Others
  • Industrial

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Who is winning?

The hand tools market is a very competitive owing to presence of large number of small and medium sized manufacturers in the market. Leading manufacturers are gradually concentrating on positioning innovative technologies to design hand tools to improve the operating efficiency of commercial and industrial facilities. There is a fair amount of emphasis on innovation. Businesses functional in the hand tools market seek strategic collaborations with regional end-users and distributors to meet the needs of a growing consumer base.

Some of the leading players operating in the market are Stanley Black & Decker, Inc., Snap-on Incorporated, IDEAL INDUSTRIES, INC., Apex Tool Group, KLEIN TOOLS INC., Emerson Electric Co., Akar Tools Limited, Channellock, Inc., JK Files (India) Limited, Kennametal Inc., Wera Tools

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