Key Market Insights
Hand tools are those that are powered manually rather than with electricity. They have been used for centuries in construction and industry, and their designs have become increasingly efficient. Hand tools offer plenty of advantages-they’re affordable, require little maintenance, and are incredibly versatile; they can be used in various contexts to tackle just about any job.
The term “hand tool” covers an incredibly broad range of products, from drills and saws to hammers and wrenches. Each has its own specific purpose and use case; while all hand tools share certain similarities in design or function, they also come in various shapes and sizes depending on the work that needs to be done. Additionally, hand tools can often be customized or altered slightly to better suit the task.
Read More: “Exploring the Growing Market of Hand Tools”
The market size for hand tools was USD 21290.9 million in 2020. It is expected to grow to USD 31819.9 million by 2030. The forecast period 2020-2020 saw a 4.5% CAGR.
Market Dynamics and Drivers
The global hand tool market is forecast to grow due to rising industrial expansion
Large manufacturing industries and plants have increased dramatically in recent years. These are places where hand tools are primarily used for maintenance. The demand for professionals in hand tools is growing among the industry workforce, which has led to a rise in hand tools used by workers and laborers. Coherent Market Insights analysis shows that end-use industries dominate 40% of global hand tool markets. The remaining 60% is occupied by professionals like plumbers, carpenters, mechanics, and auto maintenance technicians. These factors will soon drive the global market for hand tools growth.
The global hand tool market is expected to grow due to an increase in renovation and new construction activities over the forecast period
Although small hand tools are mostly used for interior finishing, many hand tools and hand tool kits are employed in ceiling tiles, flooring, and interior, mechanical, and plumbing fixtures. Hand tools are also in high demand due to the recent boom in old construction renovations. These factors will drive global hand tool market growth during the forecast period.
Some of the prominent players profiled in the hand tool include Xinapse Systems, Siemens Healthineers, Toshiba Medical Systems Corporation, Mirada Medical, Sciencesoft USA Corporation, Mim Software, Wera Tools, Stanley Black Decker, Snap-On, Klein Tools, Kennametal, JK Files (India) Limited, Channellock, Apex Tools Group, Akar Tools Ltd. The improvement of hand tools is less rigorous in developing countries than hand tools in developed countries, which is a crucial reason for the growth of hand tool major companies. It is highly expected that hand-tool developing countries will estimate an overabundance of hand-tool opportunities in the upcoming years.
Market Dynamics – Restraint
The global hand tool market will likely slow down due to the growing preference for power tools over manual tools during the forecast period.
Many end users over hand tools prefer power tools because they are easier to use and save time. In 2015, 57% of the global tools market share went to power tools. Hand tools only 43%. Accordingly, power tools currently outnumber hand tools by 14%. Coherent Market Insights estimates that the global power tools market is worth US$ 38.8 Bn and US$ 40.6 Bn, respectively, in 2013, and global hand tools markets are worth US$ 13.9 Bn and US$ 14.3 Bn, respectively, in 2013. These factors will likely limit the growth of the global market for hand tools shortly.
The global hand tool market is expected to slow down due to rising prices for raw materials.
The rising prices of raw materials like iron and aluminum used in manufacturing hand tools have led to high-end products being priced. Coherent Market Insights analysis shows that iron ore prices saw a 34% increase in April 2015 compared to May 2014. The source says that aluminum prices saw a 0.4% increase in 2015 compared to last year. These factors are expected to limit the growth of the global hand tool market shortly.
Suggested Reading: Global Hand and Power Tools Market
Key Hand Tools Market Trend
One of the key trends driving market growth in hand tools is the introduction of ergonomically designed tools. Many vendors are working to improve the ergonomics of their tools to prevent injuries that are so common in commercial and industrial settings while using hand tools. Hand tools that are ergonomically designed improve comfort and minimize the limitations of hand tools. OSHA and ANSI have established regulations to specify the features and design of hand tools to reduce accidents in commercial and industrial settings. These regulations improve the ergonomics of hand tools. These handtool design innovations will drive the market’s growth over the forecast period.
Key Industry Developments
March 2021: Great Star USA is a dominant player in the market for hand-operated tools that cater to professional home (do it yourself) and industrial applications. It has announced the acquisition by SK Professional Tools. The acquisition will allow the company to strengthen U.S.-based manufacturing and expand its sales and distribution channels.
November 2021: William Tools Co., Ltd. introduced five new products to increase its range. The company could not conduct a product launch event, so the products were launched via a virtual conference.
