Hand tools such as hammers, wrenches, saws, screwdrivers are essential household items useful for everyday tasks ranging from home and auto repairs to woodworking and construction activities. The growing do-it-yourself (DIY) trend and increasing home improvement projects have augmented the demand for hand tools in both residential and industrial applications. The global Hand Tools Market is estimated to be valued at US$ 23.08 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 growing popularity of DIY activities and home improvement projects have been a key driver boosting the hand tools market over the past few years. DIY culture has grown considerably with more people preferring to do small repairs, maintenance work, and projects by themselves rather than hiring professionals. This has created robust demand for basic hand tools suitable for household repairs as well as woodworking, gardening, and construction activities. Furthermore, lifestyle trends such as increased time spent at home during the pandemic have encouraged people to invest more on home renovation and improvement projects requiring use of hand tools. The proliferation of DIY videos and tutorials online has also popularized various DIY activities among users, thereby benefitting market players.
SWOT Analysis
Strength: Hand tools market has strong distribution channel and wide availability making it easily accessible. High product quality and durability of tools makes it reliable.
Weakness: Growing popularity of power tools provides for a threat to traditional hand tools. Continuous innovation in technology leads to fast product cycles making some tools obsolete quickly.
Opportunity: Growth in infrastructure and construction sectors increases demand for hand tools. Emerging markets in Asia Pacific provide untapped growth potential.
Threats: Global supply chain disruptions and rising prices of raw materials increases production costs. Intensifying competition from both domestic and international players.
Key Takeaways
The global hand tools market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region dominates the global market for hand tools and is expected to witness the fastest growth during the forecast period. Countries like China, India and Japan have a large manufacturing sector which drives the demand for hand tools in the region. Europe and North America are other major markets driven by growth in infrastructure, automotive and construction industries.
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 leaders focus on expanding their product portfolio and presence in high growth regions through strategic mergers and acquisitions. Innovation and continuous product development helps them maintain an edge over smaller players.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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