Hand Tools Market to Reach USD 30.48 Billion by 2028 | At 4.1% CAGR
According to Fortune Business Insights, the global hand tools market size is projected to reach to USD 30.48 billion in 2028 at a CAGR of 4.1% during forecast period 2021-2028; Functionality and Secure Operation of Goods to Propel Market Development
Pune, India, July 25, 2022 (GLOBE NEWSWIRE) -- The global hand tools market size was USD 22.29 billion in 2020. The market is expected to grow from USD 22.97 billion in 2021 to USD 30.48 billion in 2028, exhibiting a CAGR of 4.1% during the forecast period. The rising development of easy-to-operate durable products and increasing adoption of the tools from several industries are expected to bolster industry progress. Fortune Business Insights™ provides this information in its report titled “Hand Tools Market, 2021-2028.”
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Hand tools are instruments that operate without electricity and are extremely easy to operate without the need for heavy force. The rising demand for tools with easy operation is expected to boost tools’ production activities, thereby fueling industry progress. Furthermore, the rising adoption of the product from aerospace, automotive, metalworking, manufacturing, and other industries may spike industry growth. Moreover, the rising demand for the product for manufacturing activities is expected to boost its sales. In addition, the tools’ cost-effectiveness is expected to attract consumers toward the product. These factors may foster market growth in the coming years.
Players Profiled in the Hand Tools Market Report are:
- Stanley Black & Decker, Inc. (Connecticut, U.S.)
- Knipex (Wuppertal, Germany)
- Klein Tools, Inc. (Illinois, U.S.
- Wera (Wuppertal, Germany)
- Mittalbhai Projects Pvt. Ltd. (Magadh Hand Tools) (Rajasthan, India)
- Zhejiang SALI Abrasive Technology Co., Ltd (Zhejiang, China)
- DEWALT (Maryland, U.S.)
- Pangu Industrial Co., Ltd. (Shadong, China)
- Snap-on Incorporated (Wisconsin, U.S.)
- C&A Hardware Tools Co., Ltd. (Zhejiang, China)
COVID-19 Pandemic
Restrictions on Real Estate and Construction Projects to Fuel Market Growth
This market is expected to be negatively affected during the COVID-19 pandemic due to construction and real estate projects restrictions. The sudden spike in COVID patients and imposition of lockdown lead to manufacturing restraints. Furthermore, transport restrictions may lead to raw material shortages and lack of production, thereby leading to supply chain disruptions. However, the adoption of automated production machinery reduced capacities and part-time shifts may enable manufacturers to recover their costs. These factors may propel market development during the pandemic.
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Report Scope & Segmentation:
| Report Attribute | Details |
| Market size value in 2020 | USD 22.29 billion |
| Revenue forecast in 2028 | USD 30.48 billion |
| Growth Rate | CAGR of almost 4.1% 2021-2028 |
| Base Year | 2020 |
| Historical Year | 2017 - 2019 |
| Forecast Year | 2021-2028 |
| Segments Covered | By Product Type, By Sales Channel, By Application, By Region |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Stanley Black & Decker, Inc., Knipex, Klein Tools, Inc. , Wera, Mittalbhai Projects Pvt. Ltd. (Magadh Hand Tools), Zhejiang SALI Abrasive Technology Co., Ltd , DEWALT, Pangu Industrial Co., Ltd. , Snap-on Incorporated, C&A Hardware Tools Co., Ltd. |
| Hand Tools Market Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Segments
Product Type, Application, Sales Channel, and Region are Studied
By product type, the market is segmented into spanners, vices/clamps, pliers/pincers, household tools, grease guns, wrenches, hammers/sledge hammers, chisel/gauges, metal working tools, screwdrivers, and others. Based on application, it is classified into industrial, professional, and home use (do it yourself). As per sales channel, it is bifurcated into online and retail. Regionally, it is clubbed into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Drivers and Restraints
Functionality and Secure Operation of Goods to Propel Market Development
Tool manufacturers focus on developing high-performance and multi-functional tools to reduce time requirements and increase operational efficiency. The product's rising adoption from several industries provokes manufacturers to produce efficient and durable tools. Furthermore, the rising development of multifunctional tools is likely to foster market development. Moreover, manufacturers aim at bringing innovations to attract industry growth and boost hand tools’ adoption. These factors may drive the hand tools market growth.
However, the emergence of artificial intelligence (AI) powered electrical tools may restrain the market growth.
Regional Insights
Heavy Demand for Tools from Professional and Industrial Sectors to Foster Growth in Asia Pacific
Asia Pacific is expected to dominate the hand tools market share due to strong demand for hand tools from industrial and professional sectors. The market in Asia Pacific stood at USD 7.12 billion in 2020 and is expected to gain a significant market share in the coming years. Further, the emergence of local manufacturers and a healthy competitive landscape is expected to boost the product adoption. In addition, the presence of reputed and established brands is expected to boost industry growth.
In North America, the developed and established nature of the market is expected to fuel the market development. Furthermore, the rising adoption of operated tools by untrained individuals for minor works at home is expected to boost industry development.
In Europe, the rising participation of German manufacturers in the market and their research & development division may foster industry growth. Rising procurement of tools in refurbishment and decoration activities in France, the U.K., and Germany is expected to boost industry development.
Competitive Landscape
Companies Devise Acquisition Strategies to Expand Market Reach
Prominent companies operating in the market devise acquisition strategies to expand their market reach. For example, Great Star USA, a major market player, acquired SK Professional Tools. Through this acquisition, the company aims to widen and strengthen its sales and distribution in the U.S. Furthermore, companies incorporate advanced production machinery to boost their production, reduce resource consumption, and achieve organizational goals. In addition, companies adopt mergers, partnerships, acquisitions, novel product launches, and research & development to boost their market position.
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Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Product Types
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19 on Hand Tools Market
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Hand Tools Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
Industry Development
- November 2021: William Tools Co., Ltd. launched five new products to expand its product portfolio. Its products were launched at a virtual launch conference, as the company was unable to conduct a product launch event.
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