July 22, 2024

The Hand Tools Market is driven by increasing demand from construction industry

 

Hand tools are manually operated tools used for tasks like cutting, holding, gripping, scraping, hammering, etc. Popular types of hand tools include wrenches, pliers, screwdrivers, hammers, hacksaws, saws, clamps, spanners and chisels.They are used across various industries for activities like assembling, disassembling, material handling and general repair works. The construction industry is a major end user of hand tools where they are used for carpentry works, plumbing, masonry and other construction activities. The rising housing construction and infrastructure development worldwide has increased the demand for hand tools from construction contractors and workers.

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:
One of the key trends in the hand tools market is growing popularity of hybrid hand tools. Hybrid hand tools combine features of different conventional hand tools to provide enhanced functionality. For example, hybrid pliers combine the functions of regular pliers with screwdrivers, wire cutters and scrapers into a single tool. This reduces the number of tools required for a task. Manufacturers are also focusing on developing ergonomically designed hand tools to reduce stress on hands and improve grip and control. Lightweight materials like aluminum, composite plastics are gaining preference over traditional metals to reduce weight and user fatigue during prolonged use. Cordless power tools are also complementing conventional hand tools for tasks requiring high torque or repetitive motions.

Porter’s Analysis

Threat of new entrants: The threat for new players to enter in the hand tools market is moderate as it requires investments in manufacturing and distribution which creates entry barriers.

Bargaining power of buyers: The bargaining power of buyers is high since hand tools from different brands are close substitutes and buyers can easily switch between brands.

Bargaining power of suppliers: The bargaining power of suppliers is low since there are numerous suppliers of raw materials used in manufacturing of hand tools.

Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes available for basic hand tools.

Competitive rivalry: The competitive rivalry in the hand tools market is high due to presence of numerous global and regional players offering similar products.

Key Takeaways

The global hand tools market is expected to witness high growth. 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.

The Asia Pacific region is expected to dominate the global hand tools market during the forecast period. Rapid industrialization and growth of construction industry in countries such as China and India is driving the demand for hand tools in this region.

Key players related content comprised Key players related content comprised 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. Stanley Black & Decker dominates the global hand tools market with strong brand presence across regions. The company offers extensive product portfolio catering to DIY and professional consumers.

*Note:

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