Hand Tools Market: Growth, Trends by 2024

The global hand tools market size was USD 22.29 billion in 2020 and is projected to grow from USD 22.97 billion in 2021 to USD 30.48 billion in 2028 at a CAGR of 4.1% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with hand tools witnessing a positive impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth rate of 4.1% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden fall in CAGR is attributable to this market’s growth and demand, returning to pre-pandemic levels once the pandemic is over.

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Hand Tools Market Share, Size & COVID-19 Impact Analysis, By Product Type (Spanners, Vices/Clamps, Pliers/Pincers, Household tools, Grease Guns, Wrenches, Screwdrivers, Hammers/Sledge Hammers, Chisel/Gauges, Metal Working Tools, and Others), By Application (Industrial, Professional, and Home Use (Do it Yourself)), By Sales Channel (Retail and Online), and Regional Forecast Between, 2021-2028

Top Companies of hand tools market:

• 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)

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Hand Tools Market Drivers and restrains:

• Drivers:
  • Growing DIY Trends: Increasing popularity of do-it-yourself (DIY) projects among homeowners and hobbyists drives demand for a wide range of hand tools for home improvement and repair tasks.
  • Expansion of Construction and Renovation Activities: The growth in construction and renovation activities fuels the need for hand tools in both residential and commercial projects.
  • Technological Innovations: Advancements in tool design and materials, such as ergonomic handles and durable materials, enhance performance and appeal to users, stimulating market growth.
  • Industrial and Professional Use: Growing industrial activities and the demand for high-quality hand tools in professional settings contribute to the increasing adoption of hand tools for various applications.
  • Increase in Tool Availability: The expansion of retail channels and online platforms provides greater accessibility to a diverse range of hand tools, boosting market reach and consumer choices.
• Restraints:
  • Market Saturation: High market saturation with numerous brands and products can lead to intense competition, affecting profit margins and making it challenging for new entrants to gain market share.
  • Fluctuating Raw Material Costs: Variability in the costs of raw materials, such as metals and plastics, can impact production costs and prices of hand tools, affecting profitability.
  • Economic Downturns: Economic recessions or slowdowns can reduce consumer spending on non-essential items, including hand tools, leading to decreased demand and market challenges.
  • Product Substitution: The availability of alternative products or power tools may reduce demand for traditional hand tools, as consumers may opt for more advanced or automated solutions.
  • Quality and Durability Concerns: Issues related to the quality and durability of hand tools can affect consumer satisfaction and brand reputation, impacting sales and market growth.

Reasons to buy this report:

This report provides a detailed analysis of the current market status, trends, growth segments, and competitive dynamics in the hand tools market. It enables businesses to identify opportunities for growth and development while also highlighting potential challenges and risks. By evaluating business segments and product portfolios, the report enables stakeholders to make more informed market strategies and investments.

A thorough understanding of the industry dynamics outlined in the report can significantly improve decision-making and facilitate the development of effective success strategies in the hand tools market. Overall, this report is an excellent resource for those seeking in-depth information about this rapidly changing industry.

Regional Atributes:

• North America (By Product Type, Application, Sales Channel, and Country)
  • U.S. (By Application)
  • Canada (By Application)
  • Mexico (By Application)
• Europe (By Product Type, Application, Sales Channel, and Country)
  • U.K. (By Application)
  • Germany (By Application)
  • France (By Application)
  • Italy (By Application)
  • Spain (By Application)
  • Russia (By Application)
  • BENELUX (By Application)
  • Nordics (By Application)
  • Rest of Europe
• Asia Pacific (By Product Type, Application, Sales Channel, and Country)
  • China (By Application)
  • India (By Application)
  • Japan (By Application)
  • South Korea (By Application)
  • ASEAN Countries (By Application)
  • Australia (By Application)
  • Rest of Asia Pacific
• Middle East & Africa (By Product Type, Application, Sales Channel, and Country)
  • GCC (By Application)
  • South Africa (By Application)
  • Rest of Middle East & Africa
• South America (By Product Type, Application, Sales Channel, and Country)
  • Brazil (By Application)
  • Argentina (By Application)
  • Colombia (By Application)
  • Rest of South America

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

Industry developments of hand tools market:

• Techtronic Industries Co. Ltd., a U.S.-based hand tools manufacturer, has finalized a plan to set up a new manufacturing facility in West Bend. The facility will help the manufacturer increase its capacity to develop an enhanced hand-operated tool.
• Great Star USA, which operates as a major player in the market of hand-operated tools catering to professional home use (do it yourself) and industrial applications, has announced the acquisition of SK Professional Tools. With the acquisition, the company is eying on strengthening U.S.-based manufacturing and widening its distribution and sales channel.

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