Increasing Usage of Hand Tools across Several Sectors Is Driving the Growth of the Global Hand Tools Market

Hand Tools
Hand Tools

Hand Tools Market, By Application (Industrial, Household, and DIY) By Product Type (General Purpose Tools, Metal Cutting Tools, Layout and Measuring Tools, and Taps and Dies), By Sales Channel (Online Sales, Company Direct Sales, Distributor Sales) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027.

The Hand Tools Market was valued at US$ 16,123.3 Mn in 2019 and is anticipated to grow at a CAGR of 3.9% from 2020 to 2027 to reach US$ 21,929.0 Mn.

Market Overview:

Hand tools are used in various applications, including construction, automotive, woodworking, and maintenance activities. These tools are essential for professionals and individuals alike, contributing to the growth and efficiency of various sectors.

Competitive Landscape:

Major players operating in the global Hand Tools Market include Klein Tools, Irwin Industrial Tools, Snap-On, Wera Tools, Sears, Stanley Black Decker, JK Files (India) Limited, Channellock, Inc., Akar Tools Ltd., Apex Tools Group, and Kennametal Inc.

Key Market Drivers:

The construction industry is expanding globally, fueled by rapid urbanization, infrastructure development, and increasing investments in residential and commercial projects. Hand tools play a vital role in construction activities, such as carpentry, masonry, plumbing, and electrical work, driving the demand for these tools. This is expected to augment the growth of the global hand tools for market. For instance, in March 2021, Klein Tools, Inc. introduced a limited series knife to honor the lives of deceased electrical line workers, called the Fallen Lineman Tribute Knife.

The automotive industry's growth, coupled with the rising number of vehicles on the road, creates a significant demand for hand tools. These tools are essential for vehicle repair and maintenance tasks, including engine repairs, tire changes, and general upkeep. This is estimated to enhance the growth of the global Hand Tools Market.

The popularity of DIY projects among individuals has surged in recent years. Homeowners and hobbyists engage in various DIY activities, such as woodworking, gardening, and small repairs, driving the demand for hand tools. The accessibility of online tutorials and the availability of affordable hand tools have further propelled this trend.

Hand tools find extensive usage in industrial manufacturing processes, including metalworking, assembly, and quality control. The growth of the manufacturing sector, especially in emerging economies, stimulates the demand for hand tools for various applications, such as cutting, fastening, and measuring.

Covid-19 Impact Analysis:

During the initial stages of the COVID-19 pandemic, the global Hand Tools Market faced disruptions in production, supply chain, and distribution channels due to lockdowns and restrictions. Many construction projects were put on hold, leading to a decline in demand for hand tools. As countries gradually eased restrictions, the construction industry witnessed a resurgence, leading to increased demand for hand tools. Government initiatives for infrastructure development and economic stimulus packages have further supported the recovery of the construction sector.

Key Takeaways:

· North America is expected to dominate the growth of the global hand tools for market, owing to the presence of well-established construction and automotive industries. The growing trend of DIY activities and the rebound of the construction sector have contributed to market growth. For instance, in February 2021, Klein Tools, Inc. launched a stamped wire stripper called, the Klein-Kurve Wire Stripper/Cutter.

· The Asia Pacific is estimated to witness significant growth, owing to the rapid urbanization, industrialization, and infrastructure development in countries such as China and India. The expanding automotive sector and growing DIY culture also drive market growth in this region. For instance, according to EasyLeadz, there are more than 1,75,000 construction companies in India.

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