An increase in construction activities due to rapid urbanization in developing countries along with industrial growth in developed countries is expected to drive the growth of the hand tools market. Moreover, the growing automotive industry and automation in hand tools are expected to provide lucrative growth opportunities.
NEWARK, Del, Oct. 26, 2023 (GLOBE NEWSWIRE) — The hand tools market size is anticipated to expand its roots at an average CAGR of 5.8% between 2023 and 2033. The market is projected to have a market share of US$ 27.9 billion by 2033, while it is likely to be valued at US$ 15.9 billion in 2023
- Advanced features-loaded hand tools such as wrenches, screwdrivers, and pliers are in fashion. Furthermore, adding repair kits in most vehicles consumes a big chunk of the market.
- New technology with better grips, durable body, and long shelf life is flourishing the demand for hand tools across the globe. The restoration of automotive manufacturing and repairing and the new complex appliances are garnering market growth.
- Emerging economies of China and India with large manufacturing capacities of cars, trucks, and bikes are also investing in the hand tools sector. The growing number of vehicles on the road will help the market thrive.
- New concepts like glass-covered toolboxes, small repairing points, and highway support units are pushing the authorities to invest in hand toolboxes or kits. Alongside this, the new features like small parts of the kit in different sizes and packaging are also flourishing the market growth.
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Key Points
- The United States market leads the hand tools market in terms of market share in North America. The United States region holds a market share of 20.6% in 2023. The growth in this region is attributed to the expanding manufacturing and repairing sector in the region
- Germany’s hand tools market is another significant market in the Europe region. The market holds a market share of 6.9% in 2023. The growth is attributed to the increasing number of cafés, new and advanced flavors, and rising production facilities.
- India’s hand tools market thrives at a leading CAGR of 7.2% during the forecast period. The market’s growth is attributed to the proliferation of sales, export, and repair of vehicles and appliances. The big facilities are adopting the latest hand tools.
- The wrench segment leads the product type segment as it holds a leading market share of 30.9% in 2023. The growth is attributed to high consumption.
“Hand tools are essential instruments for various manual tasks. They enable individuals to perform precise, controlled work and are a cornerstone of craftsmanship and DIY projects. These versatile tools come in a wide array of types and sizes, each serving a specific purpose, making them indispensable for many trades and hobbies.” says FMI’s analyst.”- opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
The key vendors work on rigidity, advanced design, and custom availability. The players also work on enhanced supply chains and high affordability. Companies collaborate to expand their supply chain. Key competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Top 10 Key Players in the Hand Tools Market
- Stanley Black and Decker
- Robert Bosch GmbH
- MISUMI Group Inc
- Milwaukee Tool Corporation
- Snap-On Inc
- Klein Tools
- Fluke Corporation
- KNIPEX Group
- Weidmuller Interface GmbH and Co. KG
- Emil Lux GmbH & Co. KG
Recent Market Developments:
- Weidmuller Interface GmbH and Co. KG have set up their hand tool portfolio with the categories like cutting, stripping the insulation, crimping, etc.
- Indian brand, MISUMI Group Inc. has introduced its long range of hand tools like wrenches, hex wrenches, screwdrivers, hammers, tools sets, cutter knives, and monkey wrenches. The company has also launched its 20% off on the first order scheme.
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Key Segments Covered
By Product Type:
-
Wrenches
- Socket Wrenches
- Spanner
- Adjustable Wench
- Torque Wrench
- Pipe Wrench
- Insulated Wrench
- Others
-
Pliers
- Combination and Multi-Pliers
- Wire Strippers
- Gripping Pliers
- Pincers
- Side Cutters
- Crimping Pliers
- Circlip Pliers
- Insulated Pliers
- Others
-
Screwdrivers
- Standard
- Stubby
- Torque
- Electronic
- Multi Screwdriver
- Insulated Screwdriver
- Others
- Voltage Tester
-
Measuring Tools
- Tape Measures
- Folding Rulers
- Levels
- Marking Knife
- Others
-
Hammers
- Locksmiths
- Soft Face
- Blacksmith/Forge
- Carpenters/Roofing
- Sledge
- Club
- Others
-
Cutters
- Cable Cutters
- Bolt Cutters
- Insulated Cutters
- Edge Cutting Tools
- Others
-
Taps and Dies
- Bottom Tap
- Plug Tap
- Taper Tap
- Spiral Flute Tap
- Straight Flute Tap
- Dies
-
Hand Saws
- Hacksaw
- Pruning Saw
- Coping Saw
-
Punches
- Centre Punch
- Drive Punch
- Pin Punch
- Letter Punch
- Others
-
Others
- Knives and Blades
- Hand Drills
- Wood Carving Tools
- Vice
- Allen Key
- Chisels
- Files
- Trowels
- Crowbars
- Clamps
- Handheld Weight Gauge
- Threading Hand Taps
- Ratchet
- Anvil
- Scissors
- Pry Bars
- Hand Planners
- Others
By Sales Channel:
- Online
- Offline
- Authorized Dealers
- Multi-Brand Outlet
- Independent Dealers
By End-User:
- DIY
- Commercial
- Construction End-User
- Electrical Service Provider
- Garage and Workshop
- Woodworking
- Metal Fabrication
- Sanitary End-User
- Others
- Industrial
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Originally published at https://www.einpresswire.com/article/664319910/custom-designs-better-grips-and-the-extension-of-repairing-and-manufacturing-units-have-transformed-the-hand-tools-market-fmi-taps-an-average-cagr
