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 between 2022 and 2032. The demand in China is expected to increase by 6.0% CAGR from 2022 to 2032 on a value basis.
Manufacturers have understood the importance of tool design manipulations, innovations and the 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.
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 between 2022 and 2032.
“The hand tools market has been exhibiting consistent growth, despite a 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, an increase in the 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.
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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.
Furthermore, the 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 with tremendous potential to manufacture hand tools and launch new & innovative products in the market.
Competitive Landscape
Over the past few years, increasing acquisition and expansion activities have been witnessed to improve the supply chain of hand tools. Several key manufacturers of hand tools supplies are focusing on developing new technology-driven Hand Tools. The emergence of various manufacturers has also been witnessed in this space.
For Instance,
- In January 2020, the company announced an agreement to acquire Consolidated Aerospace Manufacturing, LLC, a leading manufacturer of speciality fasteners and components for the aerospace and defence market. The acquisition is expected to further diversify the company’s presence in the market.
- In September 2020, Snap-on Incorporated announced the acquisition of AutoCrib, Inc. The company is a leader in designing, manufacturing and marketing tools and asset controls. This acquisition extends Snap-on Incorporated’s existing tool control offering to users from various sectors.
The latest study conducted by Future Market Insights covers all the strategies and success factors of key manufacturers of the market.
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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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