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. 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.
Extended tips to reach confined spaces or specifically crafted joints to make the instruments even more user-friendly are popular custom features. Between 2022 and 2032, hand tool sales are projected to increase globally at a CAGR of 5.9%.
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Due to their large populations of workers who use hand tools in the field, FMI has recognised East Asia and South Asia Pacific as the two largest market participants. Also, Europe holds a substantial market share for hand tools globally. By the end of 2032, it is predicted that Asia Pacific would hold a collective revenue share of 35% of the worldwide market.
The market for hand tools is being driven by the increased global attention being paid to do-it-yourself (DIY) projects. Between 2022 and 2032, the market for hand tools is anticipated to expand at a 5.9% CAGR.
The global sales of hand tools are set to be valued at over US$ 15.06 Bn in 2022, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). A new report estimates the market to expand at over 5.9% CAGR from 2022-2032.
According to Future Market Insights, increasing usage of hand tools in commercial end-use sector is the key influencing factor fuelling the demand hammer, cutter, hand saws and other hand tools. Demand is forecast to rise as application in repair and maintenance work consistently grows.
Expansion of sales network will significantly boost the market. To entice the new players in the reselling sector, manufacturers are offering franchise stores with attractive benefits to the proprietor. Low initial establishment investment, complete guidance and training to run their outlets, detailed operation manuals and processes, sales and marketing, technical and operational support, and marketing & branding support such as website ad, newspaper ad, and so on are all examples of manufacturer support for proprietors.
In terms of product type, sales of wrenches are expected to account for maximum demand. Multi-purpose wrenches have long sought applications from professional builders and craftsmen in construction industry. Versatile adjustable wrenches, torque wrenches and pipe wrenches are commonly preferred types.
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Key Takeaways from Hand Tools Market Study
- By end-use, hand tools for commercial purpose are projected to hold over 37% volume share of the global market in 2022.
- Sales of wrenches are expected to account for 34% of the market share on value basis by the end of forecast period.
- Application of hand tools will remain maximum for DIY usage and usage in the regional level.
- East Asia and South Asia Pacific will remain a primary markets, accounting for over 35% of the demand by 2022 combined.
“Surge in demand in DIY, commercial and industrial sectors will encourage market players to pursue innovations. Focus on product launches is therefore expected to remain high as competition grows in the hand tools market,” says a Future Market Insights analyst.
Who is winning?
The hand tools market is fragmented on account of the presence of numerous players. However, as per FMI, key players account for around more than 40 to 50% of the market share. These players are likely to invest in new technology developments and expansion of their distribution networks in order to maintain their market presence.
Some of the key players in this industry include but are not limited to Stanley Black and Decker, Robert Bosch GmbH, Snap-On Inc, MISUMI Group Inc, Milwaukee Tool Corporation, and others
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Find More Valuable Insights
The research report analyzes demand for Hand Tools. The global Hand Tools market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of product types, application, installation, end use, material type, by refrigerants, working pressure and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.
About Future Market Insights – Industrial Automation
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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
By Region, the Global Hand Tools Market is segmented as:
- North America
- Latin America
- Europe
- South Asia Pacific
- East Asia
- Middle East and Africa
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