Hand tools are manually-operated tools that are used for domestic, industrial, and commercial applications. Common types of hand tools include hammers, saws, pliers, wrenches, levels, screwdrivers, and shovels.They are used for household activities such as gardening, automotive repair work, woodworking, metalworking, and plumbing 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 Dynamics:
The increasing renovation and infrastructure development activities across both residential and commercial sectors are fueling the demand for hand tools, thereby driving the growth of the market. According to statistics published by the United States Census Bureau, construction spending in the United States increased by 1.3% in November 2022 as compared to October 2022.Further, rapid urbanization and growing population are resulting in increased investment in infrastructure development projects worldwide. This is anticipated to create significant opportunities for market players operating in the hand tools market during the forecast period.

SWOT Analysis
Strength: The hand tools market has gained significant traction across industrial sectors given their practicality and affordability. The reliability and versatility of hand tools will continue to drive their demand in applications such as woodworking and metal fabrication. Furthermore, hand tools remain a viable alternative to power tools for small do-it-yourself jobs at homes owing to low investment costs.
Weakness: Greater technological advancements in power tools have enhanced their capabilities, automating tasks that were previously performed manually using hand tools. This has diverted consumers towards cordless power tools for commercial and industrial applications. Additionally, emerging markets are focusing their investments on automation, hampering the growth potential of the hand tools market.
Opportunity: The resurgence of DIY culture and interest in home improvement projects present lucrative opportunities for hand tools manufacturers. Moreover, growth of end-use industries such as construction and automotive would aid the demand for metalcutting tools. Developing regions are expected to offer sustained opportunities owing to rising urbanization and infrastructure development activities.
Threats: Volatility in raw material prices poses a major threat as it can compress profit margins for market players. Intensifying competition due to the presence of numerous global and regional vendors likewise poses threats to existing participants. Protectionist trade policies enacted by major economies also present challenges from a supply and demand perspective.

Key Takeaways

The global hand tools market is expected to witness high growth over the forecast period of 2023 to 2030 propelled by the burgeoning DIY activities and home remodeling projects. Moreover, robust expansion of the automotive, electronics, and construction industries will significantly boost the demand for hand tools.

Regional analysis: North America currently dominates the global hand tools market facilitated by developed industrial infrastructure. However, Asia Pacific is anticipated to showcase the fastest growth on account of flourishing manufacturing sector and surging investments in infrastructure development across China, India, and Southeast Asia.

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. Intensifying competition among these market players have compelled them to focus on new product launches and mergers & acquisitions to gain competitive edge.

*Note:

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