May 18, 2024

The Global Hand Tools Market driven by increasing demand from Construction industry

The global hand tools market consists of a wide range of power and non-power tools that are used for domestic and industrial purposes. Some common hand tools include hammers, saws, wrenches, screwdrivers, pliers, and knifes. These tools offer advantages like portability, easy handling, precision work, and cost-effectiveness over heavy machinery. The growing construction industry is one of the major demand drivers for hand tools. The repair and maintenance activities in various industries also fuel the sales of hand tools. With advancements in material and ergonomic designs, hand tools are becoming more durable and user-friendly.

The global Hand Tools Market is estimated to be valued at US$ 23.08 Bn in 2024 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: One of the key trends in the hand tools market is the growing demand for cordless power tools. Manufacturers are focusing on developing innovative lithium-ion battery powered tools that offer enhanced runtime and ergonomics. The convenience of being battery-powered is increasing their adoption over conventional corded power tools. Another emerging trend is the introduction of multifunctional hand tools that can perform multiple tasks through attachment of different heads and accessories. This is helping traders reduce inventory costs and offer convenience to consumers.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market is highly fragmented with presence of both global and regional players. However, established brands have strong brand recognition and distribution network which acts as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternative substitute options. Buyers can easily switch to alternatives based on pricing and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are numerous raw material suppliers but established players undertake long term agreements to maintain consistency in supply.
Threat of new substitutes: The threat of new substitutes is low as hand tools have wide applications across industries. However, power tools are considered substitutes for tasks requiring heavy duty operations.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players. Players compete on pricing, innovation, quality and expansion of product portfolio.

Key Takeaways

The global Hand Tools market is expected to witness high growth.

Regional analysis: North America is the largest market for hand tools globally followed by Europe and Asia Pacific. The U.S. is the dominating country in North America owing to robust industrial sector. Germany and UK are major markets in Europe. China is the promising market in Asia Pacific due to rapid infrastructural development and industrialization.

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. Players are focused on new product launches, mergers, acquisitions and geographical expansion to strengthen their market presence.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it