Global Tools Market Report and Forecast 2024-2032

Global Tools Market Size

The global tools market reached approximately USD 44.63 billion in 2023. The market is projected to grow at a CAGR of 5.5% between 2024 and 2032, reaching a value of around USD 71.94 billion by 2032.

Global Tools Market Outlook

• An analysis of Google Trend revealed that 44% of Americans in 2022 preferred to take on do-it-yourself projects instead of hiring a professional, resulting in an increased demand for tools.

• As per the International Energy Agency, the share of electric cars in overall vehicle sales surged to 18% in 2023, an increase from 4% in 2022.

• Internationally, industrial sectors, including manufacturing, mining, electricity, water supply, waste management, and other utilities, saw a 2.3% increase post-pandemic, showing a growing demand for tools.

Global Tools Market Growth

The expansion of the automotive sector, encompassing vehicle production and maintenance, necessitates a diverse array of tools for assembly, repair, and upkeep. The rise in electric vehicle production also demands specialised tools for assembly and maintenance. In the United States, electric vehicle sales are projected to increase by 20% year-on-year in 2024. Meanwhile, new electric vehicle registrations in China reached 8.1 million, witnessing a y-o-y increase of 35%. By 2024, China is poised to solidify its position as a leader in the electric vehicle revolution, both domestically and internationally. This growth is anticipated to contribute to the expansion of the tool demand within the automotive sector.

As per the Joint Center for Housing Studies of Harvard University, spending on DIY home improvement projects grew by 44% between 2019 and 2021 to record staggering USD 66 billion. The study also estimated that remodelling and repair spending skyrocketed to 23.8% in 2021 and 2022, compared to the estimated 12.5% growth. Hence, the rise of the DIY culture and the growing spending on home renovations and remodelling are fuelling the need for a diverse range of tools.

The increasing emphasis on ergonomically designed tools is improving user comfort and safety, leading to a higher demand for such tools in both professional and DIY applications. Furthermore, the proliferation of e-commerce platforms has simplified access to a wide variety of tools for consumers and businesses, contributing to the market growth.

Global Tools Industry Segmentation

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

Market Breakup by Product

• Power Tools

• Hand Tools

Market Breakup by Application

• Automotive

• Oil and Gas

• Rail

• Aerospace and Defence

• Construction

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Tools Market Share

Based on application, the market is segmented into automotive, oil and gas, rail, aerospace and defence, and construction, among others. The aerospace and defence sector is projected to grow at a CAGR of 6.2% during the forecast period of 2024-2032. Tools play a crucial role in the aerospace and defence sector, aiding in the design, production, upkeep, and functioning of different systems. These tools encompass a variety of specialised software and precision hardware, each fulfilling specific functions to guarantee safety, effectiveness, and optimal performance.

Leading Companies in the Global Tools Market

Major players are focusing on adopting sustainable production methods and advanced technologies to gain a competitive edge in the market.

• Emerson Electric Co.

• Stanley Black & Decker Inc.  

• Robert Bosch GmbH

• Snap-On Inc.  

• Hilti Corp.

• Apex Tool Group

• Makita Corporation

• Koki Holdings Co., Ltd.  

• Husqvarna AB

• Bully Tools, Inc.

• Others

Key Highlights of the Report