The Global 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) - Global Forecast to 2027”, is expected to be valued at US$ 21,929.0 million by 2027, exhibiting a CAGR of 3.9% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Hand tools are those tools that are not driven by any motor and involve manual effort to work. Some examples of hand tools are rakes, screwdrivers, pliers, spanners, wrenches, chisels, garden forks, secateurs, etc. General-purpose tools include simple tools or fastening tools like screwdrivers, pliers, wrenches, spanners, etc. Metal cutting tools include hacksaws, axe, chisels, etc. Layout and measuring tools comprise tapes, laser measurers, etc. Taps and dies are tools used to create threads. They can be used as forming tools as well as cutting tools. A tap is used to form or cut the female portion, for example, a nut, whereas a die is used to form or cut the male portion of the mating pair, for example, a bolt.
The global hand tools market is estimated to account for US$ 21,929.0Mn in terms of value by the end of 2027.
Growing demand for hand tools in automotive repair & maintenance sector is expected to boost the global hand tools market growth over the forecast period
Rapid growth of the global automobile market has led to a higher requirement of hand tools in maintenance and repair of automobiles. Moreover, growth of automobile market is not hindered by a particular region since the automobile industry is booming across the globe. According to Coherent Market Insights’ analysis, the automotive maintenance and repair sector accounts for 23% of the world’s total hand tools. Furthermore, increasing labor costs are influencing consumers to opt for DIY hand tools for domestic and household repairs. Therefore, these factors are expected to support growth of the global hand tools market in the near future.
Rising consumer expenditure and disposable income can present lucrative growth opportunities
Over the years, the disposable income of consumers has increased significantly, especially in emerging economies. Moreover, consumer expenditure has increased significantly, resulting in increased demand for hand tools for DIY activities. According to Coherent Market Insights’ analysis, in 2015, the per capita disposable income of consumers has witnessed a compound growth of 1.5%, globally, thereby increasing their spending abilities.
Rising inclination towards power tools over hand tools is expected to hamper the global hand tools market growth over the forecast period
Many end users and end-use industries are increasingly preferring power tools over hand tools. Power tools are more efficient, sophisticated, and easier to operate. Moreover, tools such as power drills can complete a task in a short period of time, which in turn, is expected to hinder the global hand tools market growth over the forecast period.
Key companies in the market are focused on the adoption of ergonomic tools, in order to achieve precision and comfort during operation. For instance, in 2014, Klein Tools introduced a new series of ergonomically efficient tools, including single-handled and double handled tools such as 1 1/4" screwdrivers and 3" pliers and cable cutters. Moreover, IRWIN VISE-GRIP Fast Release locking pliers have a trigger-less and one-handed release making them twice as easy to open as conventional pliers. Anti-pinch, non-slip Pro-Touch Grips provide control, comfort, and less hand fatigue.
Many employees involved in construction activities are preferring laser measuring tools to achieve accuracy and ease in measuring objects. On 8 April 2015, Stanley Tools introduced ‘TLM99s Laser Distance Measurer’ with Bluetooth support and floor plan application. Furthermore, Bosch DIY Tools launched ‘GLM 100 C Laser Measurer’ that can be connected to smartphones to extend its functionality. GLM 100 C laser measurer is widely used by professionals at construction job sites.
Major companies involved in the global 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.