Hand tools are simple machines intended for construction or general work purposes. They include saws, axes, hammers, pliers, wrenches, screwdrivers and others. These tools provide affordable and versatile solutions for household and professional construction activities due to their compact size and portability. Growth in home improvement and DIY projects during pandemic has increased demand for hand tools.
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 popularity of home improvement and DIY (Do it yourself) projects has significantly boosted demand for hand tools over the past few years. During the peak of pandemic, people spent more time at home leading to an increased focus on small household repairs and upgrades. This surge in home-centric activities propelled sales of tools for plumbing, woodworking, gardening and other tasks. Social media further inspired more projects with videos and tutorials driving interest in hands-on hobbies. Growing prominence of DIY culture and importance of self-reliance is expected to continue driving market growth over the forecast period.
SWOT Analysis
Strength: Hand tools market has wide variety of tools available to serve various functions. It allows precision fitting and assembly work.
Weakness: Hand tools require manual labor and are time consuming compared to power tools. Prone to damages with wear and tear over time.
Opportunity: Rising construction activities globally is increasing demand for hand tools. Adoption of ergonomic designs of tools can improve user experience.
Threats: Growth of cordless power tools reduces dependency on hand tools. Low entry barriers can lead to intense competition among manufacturers.
Key Takeaways
The global hand tools market is expected to witness high growth over the forecast period of 2023 to 2030. It was valued at US$ 23.8 Bn in 2023 and is anticipated to rise at a CAGR of 5.9% during the forecast period.
Regional analysis: North America dominates the global hand tools market currently. U.S accounts for major share in regional market due to large construction industry and automotive aftermarket. Asia Pacific exhibits fastest growthrate aided by boominginfrastructural activities in China and India.
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. These companies are focused on new product launches and mergers & acquisitions to expand their market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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