Global Hand Tools Market Report and Forecast 2024-2032

Global Hand Tools Market Outlook

The global hand tools market size reached approximately USD 24.65 billion in 2023. The market is projected to grow at a CAGR of 5.4% between 2024 and 2032, reaching a value of around USD 39.39 billion by 2032.

Key Takeaways

• Wrenches and screwdrivers are among the most in-demand hand tools in the market.

• Asia Pacific is emerging as a leading market for hand tools, driven by rapid industrialisation and infrastructural developments.

• There is a notable trend towards the integration of technologies such as IoT and smart connectivity in hand tools.

Hand tools are tools that are implemented for manual operations, such as sawing, forging, chopping, and filling, among others. They are generally used on the material to shape it in the desired form by using mechanical strength. They are also cost-effective and efficient for various applications in the industrial sector.

The development of advanced and innovative hand tools while enhancing their durability is expected to invigorate the hand tools market growth. The integration of wrenches and screwdrivers in one tool for use in a project that requires switching from bolts to screws conveniently is also bolstering the market growth. The manufacturing of pilers using laser-treated cutting-edge technology while featuring a rust-preventive coating to increase durability is anticipated to augment the growth of the hand tools sector. In addition, the sustainability of hand tools is increasing their demand in various industrial sectors, consequently invigorating market growth. The production of hand tools with new topics to enhance durability and convenience is also anticipated to boost the hand tools market development in the forecast period.

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Key Trends and Developments

Usage of hand tools in the automobile sector; increased customisation and multipurpose tools; and ergonomic and lightweight designs are the major trends impacting the hand tools market expansion

April, 2024

Milwaukee Tool announced several new additions to their lineup, including the M18 Fuel Dual-Battery Backpack Blower and the M18 Brushless Single Acting 60in3 10,000psi Hydraulic Pump.

February, 2024

Klein Tools Inc. collaborated with Lowe’s, a home improvement store chain, to contribute almost USD 30,000 in HVAC and electrical tools and equipment to three community and technical colleges in the United States.

December, 2023

The Vietnam Hardware & Hand Tools Expo commenced in HCM City, featuring 350 exhibitors from 15 different countries and territories. The event showcases over 1,000 products along with several notable brands.

Usage of hand tools in the automobile sector

The rising use of hand tools in the automotive sector for the maintenance and repair of automobiles is aiding the market growth.

Increased demand for customisation and multipurpose tools

The demand for customised and multipurpose tools is rising, driven by both professional sectors and DIY enthusiasts.

Sustainability and environmentally friendly materials

Companies are looking to reduce their environmental footprint by adopting greener practices throughout their production processes.

Ergonomic and lightweight designs

Manufacturers are increasingly focusing on ergonomic designs that minimise user fatigue and enhance comfort, especially for professional users.

Integration of smart technology

These include features like Bluetooth connectivity, which allows tools to be tracked via mobile devices, and IoT capabilities, which help in monitoring and maintenance.

Hand Tools Market Trends

Hand tools such as wrenches are extensively used to take out components from used and junk vehicles for reusing and recycling purposes. As automobile maintenance requires the use of tools in tight spaces, hand tools are increasingly used owing to their portability and convenience. Moreover, the development of hand tools that specifically adhere to automotive repair and maintenance by the leading companies is anticipated to fuel the growth of hand tools in the forecast period.

Market players in the hand tools market are launching high-end tools that meet the demanding needs of industrial sectors. Milwaukee Tool introduced several innovative products to their range in April 2024, enhancing their lineup with tools designed to increase efficiency and convenience for users. For instance, the M18 Fuel Dual-Battery Backpack Blower represents a significant advancement in Milwaukee's cordless product offerings, combining the power of two batteries to deliver high airflow and speed.

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Market Segmentation

“Hand Tools Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Wrench

• Plier

• Screw Drivers

• Hammers

• Cable Cutter

• Others

Market Breakup by End User

• DIY

• Professional

• Industrial

• Others

Market Breakup by Distribution Channel

• Retail

• Online

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Wrenches account for a major hand tools market share owing to their widespread usage in multiple end-use sectors

Wrenches hold a substantial market share as they are essential tools in various sectors, including automotive, construction, and manufacturing, due to their versatility and necessity in tightening and loosening bolts and nuts. Their widespread application in professional, DIY, and industrial settings contributes to their dominant market share.

Screwdrivers are anticipated to gain significant growth in the coming years as they are fundamental to both household and professional toolkits. They are used across various industrial sectors for assembling and repairing products. The demand for screwdrivers is also driven by their essential role in electrical, woodworking, and automotive work.

DIY segment maintains its dominance in the market due to the rise in home improvement and repair activities

The trend of technological solutions such as voice assistance and smart homes is evolving consumer preferences. Moreover, the plethora of information available on the internet about almost everything is boosting the practice of the do-it-yourself (DIY) segment in the hand tools market through which consumers solve problems independently without an expert. Do-it-yourself involves construction, repair, and maintenance ranging from changing the tyres of vehicles to home renovation. This is increasing the demand for hand tools such as hammers and screwdrivers. The coronavirus pandemic has accelerated the trend of do-it-yourself owing to stay-at-home orders. In addition, the robust growth of the DIY home improvement sector is propelling the market growth. This, in turn, is escalating the use of home improvement tools, equipment, and appliances, therefore augmenting the market growth for hand tools.

The professional segment is expected to grow at a rapid rate in the hand tools market in the forecast period. The high demand in this segment is driven by the continuous need for maintenance, installation, and repair services, which require reliable and durable tools.

Competitive Landscape

The hand tools market players are introducing novel products to stay ahead of the competition and meet the evolving regulatory landscape

Akar Tools Limited, established in 1989, manufactures and markets a wide range of precision-engineered products including hand tools, auto leaf springs, and forgings.

Apex Tool Group, LLC, headquartered in Maryland, the United States, is one of the largest manufacturers of professional hand and power tools in the world.

JCBL Group is a conglomerate based in India with diverse interests, including the manufacturing of hand tools.

Group Emerson Electric Co is a global technology and engineering company providing various solutions to industrial, commercial, and residential markets.

Other key players in the hand tools market report include Channellock, Inc., Klein Tools, Inc., among others.

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Hand Tools Market Analysis by Region

North America accounts for a significant market share owing to the rising use of hand tools in domestic and DIY uses. The rising labour cost in the region is increasing the trend of independent services, hence aiding market growth. In addition, increasing home ownership owing to inflating disposable income, especially among the young population, is increasing the demand for the mechanical hand tools market. The growing house age in the United States is surging home improvement and renovation activities, which is significantly contributing to the market growth.

Moreover, the Asia Pacific region is also witnessing rapid growth owing to the escalating construction and infrastructure activities. The initiation of infrastructure projects by various governments in the region is boosting the growth of the hand tools sector.

Key Highlights of the Report