Hand Tools Market to Reach USD 30.48 Billion by 2028

Pune, India, July 25, 2022 (GLOBE NEWSWIRE) — The world hand tool market the size was $22.29 billion in 2020. The market should go from USD 22.97 billion in 2021 at $30.48 billion in 2028presenting a CAGR of 4.1% during the forecast period. The growing development of easy-to-use durable products and the increasing adoption of the tools by several industries is expected to boost the progress of the industry. Fortune Business Insight™ provides this information in its report entitled “hand tools market, 2021-2028.

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Hand tools are instruments that operate without electricity and are extremely easy to use without the need for significant force. The growing demand for easy-to-use tools is expected to boost the tool production business, thus fueling the progress of the industry. Additionally, the growing adoption of the product by aerospace, automotive, metallurgy, manufacturing, and other industries could boost the growth of the industry. Moreover, the growing demand for the product for manufacturing activities is expected to boost its sales. Moreover, the profitability of the tools should attract consumers to the product. These factors could drive the growth of the market in the coming years.

Leading Players of the Hand Tools Market Report are:

  • Stanley Black & Decker, Inc. (Connecticut, USA)
  • Knipex (Wuppertal, Germany)
  • Klein Tools, Inc. (Illinois, USA
  • Wera (Wuppertal, Germany)
  • Mittalbhai Projects Pvt. ltd. (Magadh Hand Tools) (Rajasthan, India)
  • Zhejiang SALI Abrasive Technology Co., Ltd (Zhejiang, China)
  • DEWALT (Maryland, USA)
  • Pangu Industrial Co., Ltd. (Shadong, China)
  • Snap-on Incorporated (Wisconsin, USA)
  • 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 restrictions on construction and real estate projects. The sudden increase in the number of COVID patients and the imposition of containment lead to manufacturing restrictions. Additionally, transportation restrictions can lead to raw material shortages and lack of production, leading to supply chain disruptions. However, the adoption of automated production machinery, reduced capacities and part-time shifts can allow manufacturers to recoup costs. These factors can propel the development of the market during the pandemic.

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Report Scope and Segmentation:

Report attribute Details
Market size value in 2020 $22.29 billion
Revenue forecast in 2028 $30.48 billion
Rate of growth CAGR of nearly 4.1% 2021-2028
Year of reference 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 and Africa, Latin America and Rest of the World
Countries covered United States, Canada, Mexico, United 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. (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 Regions, Market Share Analysis of business and analysis of the impact of COVID-19.

segments

Product type, application, sales channel and region are studied

By Product Type, the market is segmented into keys, vices/pliers, pliers/pliers, household tools, grease guns, wrenches, hammers/hammers, chisels/gauges, metalworking tools, screwdrivers and others. Depending on the application, it is categorized into industrial, professional, and home (do it yourself) use. According to the sales channel, it is divided into online and retail. Regionally, it is clubbed in North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.

Report cover

The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.

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Drivers and Restrictions

Functionality and secure operation of goods to propel market development

Tool manufacturers focus on developing high-performance, multi-functional tools to reduce lead times and increase operational efficiency. The increasing adoption of the product by several industries encourages manufacturers to produce efficient and durable tools. Moreover, the growing development of multifunctional tools is likely to promote the development of the market. Additionally, manufacturers aim to bring innovations to attract industry growth and drive the adoption of hand tools. These factors can boost the growth of the hand tools market.

However, the emergence of artificial intelligence (AI) powered power tools may restrain the market growth.

Regional outlook

Strong Demand for Professional and Industrial Tools to Drive Growth in Asia Pacific

Asia-Pacific is expected to dominate the hand tools market share due to high demand for hand tools from industrial and professional sectors. The Asia-Pacific market was worth USD 7.12 billion in 2020 and is expected to gain significant market share in the coming years. Additionally, the emergence of local manufacturers and a healthy competitive landscape are expected to drive product adoption. Moreover, the presence of reputable and established brands is expected to boost the growth of the industry.

In North America, the developed and established nature of the market is expected to fuel the development of the market. In addition, the increasing adoption of tools operated by untrained people for minor work at home is expected to boost the development of the industry.

In Europe, the increasing participation of German manufacturers in the market and their research and development division could help the growth of the industry. The increase in tool purchases in the renovation and decoration activities in France, the United Kingdom and Germany is expected to stimulate the development of the industry.

Competitive landscape

Companies design acquisition strategies to expand their market reach

Leading companies operating in the market design acquisition strategies to expand their reach in the market. For example, Great Star USA, a major player in the market, acquired SK Professional Tools. Through this acquisition, the company aims to expand and strengthen its sales and distribution in the United States. Moreover, companies are integrating advanced production machinery to increase their production, reduce resource consumption and achieve their organizational goals. Furthermore, companies are adopting mergers, partnerships, acquisitions, new product launches, and research and development to strengthen their position in the market.

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Contents

  • Introduction
    • Definition, by segment
    • Methodology/Research Approach
    • Types of data products
  • Summary
  • Market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19 on the 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)
    • Insight
      • Key management
      • Headquarters, etc.
    • Offers/Business Segments
    • Key details (Key details are subject to data availability in the public domain and/or on paid databases)
      • Employee size
      • Past and current income
      • Geographic share
      • Industry share
    • RECENT DEVELOPMENTS
  • Key Interview Responses
  • Annex / Appendix

TOC Continued…!

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 hold a product launch event.

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