Hand Tools Market: Growth Potential, Revenue Insights, and Key Trends by 2024

The Hand Tools Market sector is undergoing significant transformation, with substantial growth and technological advancements expected by 2032. According to a new in-depth market research report, the sector is poised for expansion, driven by various factors such as market size, share, and emerging trends.

This comprehensive report provides key insights into the Hand Tools Market, exploring critical market segmentation and definitions. It highlights the essential components driving growth, offering a clear picture of the industry’s trajectory. Utilizing SWOT and PESTEL analyses, the report evaluates the market’s strengths, weaknesses, opportunities, and threats, while also considering political, economic, social, technological, environmental, and legal factors that impact the market landscape.

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Market Summary:

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.

Recent industry developments are;

• 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.

Browse Detailed TOC, Tables and Figures with Charts which is spread across 100+ Pages that provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.

Major Players:

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 Segmentation:

By Product Type

• Spanners
• Vices/Clamps
• Pliers/Pincers
• Household Tools
• Grease Guns
• Wrenches
• Hammers/Sledge Hammers
• Chisel/Gauges
• Metal Working Tools
• Screwdrivers
• Others

By Application

• Industrial
• Professional
• Home Use (Do it Yourself)

By Sales Channel

• Retail
• Online

Reasons to purchase this report:

This report offers a detailed analysis of the competitive landscape, emerging growth areas, market conditions, and key trends within the Hand Tools Market. It helps businesses identify expansion opportunities while addressing potential risks and challenges. By assessing product portfolios and business segments, the report provides valuable insights that guide stakeholders in formulating informed investment and market strategies.

The in-depth understanding of industry dynamics presented in the report supports the creation of effective strategies for success in the Hand Tools Market, greatly enhancing decision-making. Overall, this report is an essential resource for those looking to stay updated in this rapidly evolving industry.

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Drivers & Restraints:

• Drivers:
  • Increasing DIY culture and home improvement projects driving the demand for a wide variety of hand tools among consumers and professionals.
  • Technological advancements in tool design and ergonomics enhancing user experience, safety, and efficiency, further boosting market growth.
• Restraints:
  • Competition from power tools offering enhanced performance and ease of use may limit the growth of the hand tools market.
  • Market saturation in developed regions, along with price sensitivity among consumers, could hinder sales growth.

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…!

Hand Tools Market Regional Segmentation:

• 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

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