Hand tools are essential for do-it-yourself and industrial applications ranging from household repairs to engineering works. These manually operated tools provide versatility and precision for tasks ranging from drilling, cutting, grinding, assembling and others. The global hand tools market is estimated to be valued at US$ 23.08 Billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Rising Adoption of Cordless Power Tools
One of the key trends spurring the growth of the hand tools market is rising adoption of cordless power tools. Cordless power tools provide greater mobility and flexibility compared to corded power tools as they are independent of power cables. Major players in the hand tools market have expanded their offerings of lithium-ion battery powered drills, drivers, sanders, saws and other cordless tools. Lithium-ion batteries provide longer runtime and have high energy density compared to traditional nicad or nimh batteries. Rising consumer preference for cordless tools due to their convenience and performance has accelerated the demand and driven market growth over the past few years.
Segment Analysis
The global hand tools market is dominated by the cutting tools segment. Within cutting tools, hacksaws accounts for a major share owing to its wide range of applications across different end-use industries such as construction, industrial maintenance, and do-it-yourself (DIY) activities. Hacksaws offer precise and mess-free cutting of various materials like wood, plastic, pipe, and metal.
Key Takeaways
The global hand tools market is expected to witness high growth over the forecast period owing to rapid industrialization and infrastructural development activities worldwide.
Regional analysis: The Asia Pacific region currently dominates the global hand tools market and is expected to maintain its lead over the forecast period. Strong presence of manufacturing industries alongside rapid industrialization and infrastructural projects mainly in China, India and Southeast Asian countries are major factors driving demand for hand tools in the region.
Key players: Key players operating in the hand tools market are Kennametal Inc., Apex Tools Group, Akar Tools Ltd., Channellock, Inc., JK Files (India) Limited, Stanley Black Decker, Sears, Wera Tools, Snap-On, Irwin Industrial Tools, and Klein Tools.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
