Hand tools play an essential role in facilitating day-to-day tasks like repairs, maintenance and construction. Tools like hammers, wrenches, pliers, screwdrivers and tape measures help complete both small household fixes and larger projects. With the growing popularity of do-it-yourself (DIY) culture, demand for affordable hand tools has surged in recent years.
The global Hand Tools Market is estimated to be valued at US$ 23.8 Bn 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:
The increased adoption of DIY culture has been a major driver accelerating growth of the hand tools market. Over the past few years, as people aim to save money by taking up smaller repair tasks and hobby projects independently, demand for user-friendly hand tools has grown considerably. Various home improvement and lifestyle shows promoting DIY activities have further fueled this trend. Growing availability of instructional videos and manuals online has made it easier for beginners to learn repair skills. Rising popularity ofDIY culture has seen manufacturers focusing on developing affordable, high-quality tools catering to hobbyists and occasional users undertaking simple tasks around the home or in gardens, thereby supporting growth of the market.
The global hand tools market is segmented on the basis of type into general purpose tools, metal cutting tools, layout and measuring tools, and taps and dies. The general purpose tools segment currently dominates the market owing to wide applications in industries like automotive, construction, and shipbuilding where hand tools are heavily used for applications like fitting, assembly, and general maintenance activities.
The global hand tools market is expected to witness high growth over the forecast period 2023 to 2030. The global Hand Tools Market is estimated to be valued at US$ 23.8 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis shows that Asia Pacific currently dominates the market with China and India being the fastest growing hand tools markets. The regional demand is fueled by growth in end use industries like automotive, construction and shipbuilding in the region.
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. The market is characterized by presence of several global and regional vendors. The established vendors focus on new product development strategies to gain higher share in the growing market.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it