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Hand Tools Market Report Scope & Overview:

The Hand Tools Market size was estimated at USD 23.2 billion in 2022 and is expected to reach USD 32.2 billion by 2030 at a CAGR of 4.2% during the forecast period of 2023-2030.

It is projected that the market will be driven by the cost-effective product development of precision tools with cutting-edge technology across various geographies. Global market expansion is predicted to be aided by the rise of industrial production clusters and the expansion of heat treatment units inside these facilities. The production of hand tools with consideration for nation-specific product standardization can improve the performance of manufacturers across several regions. High precision and dimensional accuracy are achieved in the production of hand tools utilizing CNC-operated machines, Special Purpose Machines (SPM), and VMC machines. Additionally, the market would experience respectable development thanks to the significant rise of MSMEs that produce tools in emerging economies like India.

Hand Tools Market Revenue Analysis

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MARKET DYNAMICS

DRIVERS

  • Hand tools are widely used in the automobile industry for maintenance and repair. The demand is influenced by rising car ownership and a sizable fleet of vehicles.

  • The need for hand tools is constant since they are necessary for maintenance tasks in many different industries, including manufacturing, petrochemicals, and aviation.

  • Consumers now have easier access to hand tools because of the development of e-commerce platforms, which has helped the industry grow.

RESTRAIN 

  • Sales of legitimate goods may be impacted by the proliferation of counterfeit hand tools in the market, which can damage customer confidence and safety.

  • The requirement for manual work may decline as a result of technological improvements and automation, which may influence the need for hand tools in some applications.

  • The manufacturing techniques and materials used to make hand tools may be impacted by more stringent environmental rules, which might result in higher production costs.

OPPORTUNITY 

  • Manufacturers may capitalize on the trend of providing individualized and configurable hand tools to accommodate customer preferences.

  • Opportunities for growing the hand tool industry's client base result from emerging regions' rising economies and urbanization.

  • Manufacturers have a chance to create and sell environmentally friendly items since there is a need for sustainable and eco-friendly tools.

CHALLENGES

  • In the hand-tool industry, user safety must always come first, and any product recalls or safety concerns can have serious repercussions for producers.

  • Manufacturers may find it difficult to comply with safety and quality rules, particularly in global marketplaces.

  • The industry offers a large variety of items, which causes fragmentation and makes it difficult for customers to select the ideal tool.

IMPACT OF RUSSIA-UKRAINE WAR

A variety of hand tools are produced in large quantities in Russia and Ukraine. By halting transportation, restricting exports, and delaying manufacturing, the war may sabotage the supply chain. Export- and Import Restrictions may be implemented as a result of the war in Russia, Ukraine, and other nations that apply Sanctions. Dieses may have an effect on the trade in hand tools on a worldwide scale, making es challenging for manufacturers to get essential parts. Within the hand tool business, the effects of the dispute might differ by market sector. For example, industries that depend substantially on exports to Russia or Ukraine may encounter more severe interruptions than those with fewer ties to the area. There may be a change in demand from new construction tools to repair and maintenance tools during uncertain economic times. Maintaining and extending the life of current machinery and buildings may be prioritized by customers and enterprises.

IMPACT OF ONGOING RECESSION

During a recession, consumer and business spending tends to decrease. Dieses can lead to a decline in demand for new hand tools, particularly those used in non-essential projects and activities. Tighter budgets become a common concern during recessions. Homeowners and businesses may prioritize cost-cutting measures, potentially postponing investments in new tools or opting for more affordable options. While the demand for new tools may decline, the market for repair and maintenance tools can remain relatively stable. People and businesses may prioritize maintaining and repairing existing equipment to extend its lifespan. During a recession, some companies may prioritize technology investments that improve the efficiency and cost-effectiveness of hand tools, making them more appealing to consumers and professionals. Government stimulus packages and infrastructure spending can mitigate the negative effects of a recession. Investment in public infrastructure projects that require hand tools can help sustain demand in the market.

KEY MARKET SEGMENTATION

By Product Type

  • Spanners

  • Vices/Clamps

  • Pliers/Pincers

  • Household Tools

  • Grease Guns

  • Wrenches

  • Hammers/Sledge Hammers

  • Chisel/Gauges

  • Metal Working Tools

  • Screwdrivers

  • Others

By Application

  • Industrial

  • Professional

  • Home Use

By Sales Channel

  • Retail

  • Online

Hand Tools Market Segmentation Analysis

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REGIONAL COVERAGE

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

REGIONAL ANALYSES

Due to the quick rate of product acceptance, the top hand tool manufacturers in North America are combining their operations. The US is the principal hand-tool-production hub for several multinational firms, including Stanley Black & Decker, Techtronic Industries Co., Ltd., and others. Market expansion is being fueled by many market participants, establishing their regional facilities and supplying a range of goods.

Asia-Pacific is expected to grow at a CAGR of 5.1% during the projected period and holds the largest share of the global hand-tool market. Significant infrastructure development and urbanization in the area are driving up demand for hand tools and building activities. Infrastructure developments including residential and commercial buildings, transit networks, and industrial facilities are what are driving the need for hand tools in the area. The need for hand tools for assembly, maintenance, and repair work is growing across numerous sectors as a result of this development. Additionally, the advent of DIY culture and growing levels of disposable income in Asia-Pacific are credited with the growth of the hand-tool industry. The need for hand tools in the region is driven by DIY enthusiasts and those working on little tasks.

Key Players

The major key players are Akar Tools Limited, Apex Tool Group, Channel lock Inc., JCBL India, Emerson Electric Co., Klein Tools Inc., Snap-On Incorporated, Stanley Black and Decker, Techtronic Industries Co. Ltd., Wera Tools and others.

Akar Tools Limited-Company Financial Analysis

RECENT DEVELOPMENT

Klein Tools: In March 2021, The Fallen Lineman Tribute Knife, a limited-edition knife honoring the lives of deceased electrical line workers, was introduced by Klein Tools, Inc.

Klein Tools: In February 2021, The Klein-Kurve Wire Stripper/Cutter, a robust stamped wire stripper with six stripping holes and shear blades for cutting, as well as a comfortable grip and improved lock, was introduced by Klein Tools, Inc.

Hand Tools Market Report Scope:

Report Attributes Details
Market Size in 2022  US$ 23.2 Bn
Market Size by 2030  US$ 32.2 Bn
CAGR   CAGR of 4.2%  From 2023 to 2030
Base Year  2022
Forecast Period   2023-2030
Historical Data  2019-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Product Type (Spanners, Vices/Clamps, Pliers/Pincers, Household Tools, Grease Guns, Wrenches, Hammers/Sledge Hammers, Chisel/Gauges, Metal Working Tools, Screwdrivers, Others)
• By Application (Industrial, Professional, Home Use)
• By Sales Channel (Retail, Online)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Company Profiles Akar Tools Limited, Apex Tool Group, Channel lock Inc., JCBL India, Emerson Electric Co., Klein Tools Inc., Snap-On Incorporated, Stanley Black and Decker, Techtronic Industries Co. Ltd., Wera Tools
Key Drivers • Hand tools are widely used in the automobile industry for maintenance and repair. The demand is influenced by rising car ownership and a sizable fleet of vehicles.
• The need for hand tools is constant since they are necessary for maintenance tasks in many different industries, including manufacturing, petrochemicals, and aviation.
• Consumers now have easier access to hand tools because of the development of e-commerce platforms, which has helped the industry grow.
Market Opportunity • Manufacturers may capitalize on the trend of providing individualized and configurable hand tools to accommodate customer preferences.
• Opportunities for growing the hand tool industry's client base result from emerging regions' rising economies and urbanization.
• Manufacturers have a chance to create and sell environmentally friendly items since there is a need for sustainable and eco-friendly tools.

 

Frequently Asked Questions

The Hand Tools Market is expected to grow at 4.2% CAGR from 2023 to 2030.

 According to our analysis, the Hand Tools Market is anticipated to reach USD 32.2 billion By 2030.

 The adoption of the product will be slowed down by the use of electrically driven tools with integrated Al- and Lot-technology.

 The leading participants the Akar Tools Limited, Apex Tool Group, Channel Lock Inc., JCBL India, Emerson Electric Co., Klein Tools Inc., and Snap-On Incorporated.

 Yes, you may request customization based on your company's needs.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges 

4. Impact Analysis

4.1 Impact of the Ukraine- Russia War

4.2 Impact of Ongoing Recession

4.2.1 Introduction

4.2.2 Impact on major economies

4.2.2.1 US

4.2.2.2 Canada

4.2.2.3 Germany

4.2.2.4 France

4.2.2.5 United Kingdom

4.2.2.6 China

4.2.2.7 Japan

4.2.2.8 South Korea

4.2.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Hand Tools Market, By Product Type

8.1 Spanners

8.2 Vices/Clamps

8.3 Pliers/Pincers

8.4 Household Tools

8.5 Grease Guns

8.6 Wrenches

8.7 Hammers/Sledge Hammers

8.8 Chisel/Gauges

8.9 Metal Working Tools

8.10 Screwdrivers

8.11 Others

9. Hand Tools Market, By Application

9.1 Industrial

9.2 Professional

9.3 Home Use

10. Hand Tools Market, By Sales Channel

10.1 Retail

10.2 Online

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 North America Hand Tools Market by Country

11.2.2North America Hand Tools Market By Product Type

11.2.3 North America Hand Tools Market By Application

11.2.4 North America Hand Tools Market By Sales Channel

11.2.5 USA

11.2.5.1 USA Hand Tools Market By Product Type

11.2.5.2 USA Hand Tools Market By Application

11.2.5.3 USA Hand Tools Market By Sales Channel

11.2.6 Canada

11.2.6.1 Canada Hand Tools Market By Product Type

11.2.6.2 Canada Hand Tools Market By Application

11.2.6.3 Canada Hand Tools Market By Sales Channel 

11.2.7 Mexico

11.2.7.1 Mexico Hand Tools Market By Product Type

11.2.7.2 Mexico Hand Tools Market By Application 

11.2.7.3 Mexico Hand Tools Market By Sales Channel

11.3 Europe

11.3.1 Eastern Europe

11.3.1.1 Eastern Europe Hand Tools Market by Country

11.3.1.2 Eastern Europe Hand Tools Market By Product Type

11.3.1.3 Eastern Europe Hand Tools Market By Application

11.3.1.4 Eastern Europe Hand Tools Market By Sales Channel 

11.3.1.5 Poland

11.3.1.5.1 Poland Hand Tools Market By Product Type

11.3.1.5.2 Poland Hand Tools Market By Application

11.3.1.5.3 Poland Hand Tools Market By Sales Channel

11.3.1.6 Romania

11.3.1.6.1 Romania Hand Tools Market By Product Type

11.3.1.6.2 Romania Hand Tools Market By Application

11.3.1.6.4 Romania Hand Tools Market By Sales Channel 

11.3.1.7 Turkey

11.3.1.7.1 Turkey Hand Tools Market By Product Type

11.3.1.7.2 Turkey Hand Tools Market By Application

11.3.1.7.3 Turkey Hand Tools Market By Sales Channel 

11.3.1.8 Rest of Eastern Europe

11.3.1.8.1 Rest of Eastern Europe Hand Tools Market By Product Type

11.3.1.8.2 Rest of Eastern Europe Hand Tools Market By Application

11.3.1.8.3 Rest of Eastern Europe Hand Tools Market By Sales Channel 

11.3.2 Western Europe  

11.3.2.1 Western Europe Hand Tools Market By Product Type

11.3.2.2 Western Europe Hand Tools Market By Application

11.3.2.3 Western Europe Hand Tools Market By Sales Channel  

11.3.2.4 Germany

11.3.2.4.1 Germany Hand Tools Market By Product Type

11.3.2.4.2 Germany Hand Tools Market By Application

11.3.2.4.3 Germany Hand Tools Market By Sales Channel 

11.3.2.5 France  

11.3.2.5.1 France Hand Tools Market By Product Type

11.3.2.5.2 France Hand Tools Market By Application

11.3.2.5.3 France Hand Tools Market By Sales Channel 

11.3.2.6 UK

11.3.2.6.1 UK Hand Tools Market By Product Type

11.3.2.6.2 UK Hand Tools Market By Application

11.3.2.6.3 UK Hand Tools Market By Sales Channel 

11.3.2.7 Italy

11.3.2.7.1 Italy Hand Tools Market By Product Type

11.3.2.7.2 Italy Hand Tools Market By Application

11.3.2.7.3 Italy Hand Tools Market By Sales Channel 

11.3.2.8 Spain

11.3.2.8.1 Spain Hand Tools Market By Product Type

11.3.2.8.2 Spain Hand Tools Market By Application

11.3.2.8.3 Spain Hand Tools Market By Sales Channel 

11.3.2.9 Netherlands

11.3.2.9.1 Netherlands Hand Tools Market By Product Type

11.3.2.9.2 Netherlands Hand Tools Market By Application

11.3.2.9.3 Netherlands Hand Tools Market By Sales Channel

11.3.2.10 Switzerland

11.3.2.10.1 Switzerland Hand Tools Market By Product Type

11.3.2.10.2 Switzerland Hand Tools Market By Application

11.3.2.10.3 Switzerland Hand Tools Market By Sales Channel 

11.3.2.11.1 Austria  

11.3.2.11.2 Austria Hand Tools Market By Product Type

11.3.2.11.3 Austria Hand Tools Market By Application 

11.3.2.11.4 Austria Hand Tools Market By Sales Channel 

11.3.2.12 Rest of Western Europe

11.3.2.12.1 Rest of Western Europe Hand Tools Market By Product Type

11.3.2.12.2 Rest of Western Europe Hand Tools Market By Application

11.3.2.12.3 Rest of Western Europe Hand Tools Market By Sales Channel 

11.4 Asia-Pacific

11.4.1 Asia-Pacific Hand Tools Market by Country

11.4.2 Asia-Pacific Hand Tools Market By Product Type

11.4.3 Asia-Pacific Hand Tools Market By Application

11.4.4 Asia-Pacific Hand Tools Market By Sales Channel 

11.4.5 China

11.4.5.1 China Hand Tools Market By Product Type

11.4.5.2 China Hand Tools Market By Application

11.4.5.3 China Hand Tools Market By Sales Channel 

11.4.6 India

11.4.6.1 India Hand Tools Market By Product Type

11.4.6.2 India Hand Tools Market By Application

11.4.6.3 India Hand Tools Market By Sales Channel 

11.4.7 Japan

11.4.7.1 Japan Hand Tools Market By Product Type

11.4.7.2 Japan Hand Tools Market By Application

11.4.7.3 Japan Hand Tools Market By Sales Channel 

11.4.8 South Korea

11.4.8.1 South Korea Hand Tools Market By Product Type

11.4.8.2 South Korea Hand Tools Market By Application

11.4.8.3 South Korea Hand Tools Market By Sales Channel 

11.4.9 Vietnam

11.4.9.1 Vietnam Hand Tools Market By Product Type

11.4.9.2 Vietnam Hand Tools Market By Application 

11.4.9.3 Vietnam Hand Tools Market By Sales Channel 

11.4.10 Singapore

11.4.10.1 Singapore Hand Tools Market By Product Type

11.4.10.2 Singapore Hand Tools Market By Application

11.4.10.3 Singapore Hand Tools Market By Sales Channel                                 

11.4.11 Australia

11.4.11.1 Australia Hand Tools Market By Product Type

11.4.11.2 Australia Hand Tools Market By Application

11.4.11.3 Australia Hand Tools Market By Sales Channel 

11.4.12 Rest of Asia-Pacific

11.4.12.1 Rest of Asia-Pacific Hand Tools Market By Product Type

11.4.12.2 Rest of Asia-Pacific Hand Tools Market By Application

11.4.12.3 Rest of Asia-Pacific Hand Tools Market By Sales Channel

11.5 Middle East & Africa

11.5.1 Middle East

11.5.1.1 Middle East Hand Tools Market by Country

11.5.1.2 Middle East Hand Tools Market By Product Type

11.5.1.3 Middle East Hand Tools Market By Application

11.5.1.4 Middle East Hand Tools Market By Sales Channel 

11.5.1.5 UAE

11.5.1.5.1 UAE Hand Tools Market By Product Type

11.5.1.5.2 UAE Hand Tools Market By Application

11.5.1.5.3 UAE Hand Tools Market By Sales Channel 

11.5.1.6 Egypt

11.5.1.6.1 Egypt Hand Tools Market By Product Type

11.5.1.6.2 Egypt Hand Tools Market By Application

11.5.1.6.3 Egypt Hand Tools Market By Sales Channel 

11.5.1.7 Saudi Arabia  

11.5.1.7.1 Saudi Arabia Hand Tools Market By Product Type

11.5.1.7.2 Saudi Arabia Hand Tools Market By Application

11.5.1.7.3 Saudi Arabia Hand Tools Market By Sales Channel 

11.5.1.8 Qatar

11.5.1.8.1 Qatar Hand Tools Market By Product Type

11.5.1.8.2 Qatar Hand Tools Market By Application

11.5.1.8.3 Qatar Hand Tools Market By Sales Channel 

11.5.1.9 Rest of Middle East

11.5.1.9.1 Rest of Middle East Hand Tools Market By Product Type

11.5.1.9.2 Rest of Middle East Hand Tools Market By Application

11.5.1.9.3 Rest of Middle East Hand Tools Market By Sales Channel 

11.5.2 Africa

11.5.2.1 Africa Hand Tools Market by Country

11.5.2.2 Africa Hand Tools Market By Product Type

11.5.2.3 Africa Hand Tools Market By Application

11.5.2.4 Africa Hand Tools Market By Sales Channel 

11.5.2.5 Nigeria

11.5.2.5.1 Nigeria Hand Tools Market By Product Type

11.5.2.5.2 Nigeria Hand Tools Market By Application

11.5.2.5.3 Nigeria Hand Tools Market By Sales Channel 

11.5.2.6 South Africa

11.5.2.6.1 South Africa Hand Tools Market By Product Type

11.5.2.6.2 South Africa Hand Tools Market By Application

11.5.2.6.3 South Africa Hand Tools Market By Sales Channel 

11.5.2.7 Rest of Africa

11.5.2.7.1 Rest of Africa Hand Tools Market By Product Type

11.5.2.7.2 Rest of Africa Hand Tools Market By Application

11.5.2.7.3 Rest of Africa Hand Tools Market By Sales Channel

11.6 Latin America

11.6.1 Latin America Hand Tools Market by Country

11.6.2 Latin America Hand Tools Market By Product Type

11.6.3 Latin America Hand Tools Market By Application

11.6.4 Latin America Hand Tools Market By Sales Channel

11.6.5 Brazil

11.6.5.1 Brazil Hand Tools Market By Product Type

11.6.5.2 Brazil Hand Tools Market By Application

11.6.5.3 Brazil Hand Tools Market By Sales Channel

11.6.6 Argentina

11.6.6.1 Argentina Hand Tools Market By Product Type

11.6.6.2 Argentina Hand Tools Market By Application

11.6.6.3 Argentina Hand Tools Market By Sales Channel

11.6.7 Colombia

11.6.7.1 Colombia Hand Tools Market By Product Type

11.6.7.2 Colombia Hand Tools Market By Application

11.6.7.3 Colombia Hand Tools Market By Sales Channel

11.6.8 Rest of Latin America

11.6.8.1 Rest of Latin America Hand Tools Market By Product Type

11.6.8.2 Rest of Latin America Hand Tools Market By Application

11.6.8.3 Rest of Latin America Hand Tools Market By Sales Channel

12. Company profile

12.1 Akar Tools Limited

12.1.1 Company Overview

12.1.2 Financials

12.1.3 Product Type/Services/Offerings

12.1.4 SWOT Analysis

12.1.5 The SNS View

12.2   Apex Tool Group

12.2.1 Company Overview

12.2.2 Financials

12.2.3 Product Type/Services/Offerings

12.2.4 SWOT Analysis

12.2.5 The SNS View

12.3  Channel lock Inc.

12.3.1 Company Overview

12.3.2 Financials

12.3.3 Product Type/Services/Offerings

12.3.4 SWOT Analysis

12.3.5 The SNS View

12.4 JCBL India

12.4.1 Company Overview

12.4.2 Financials

12.4.3 Product Type/Services/Offerings

12.4.4 SWOT Analysis

12.4.5 The SNS View

12.5 Emerson Electric Co.

12.5.1 Company Overview

12.5.2 Financials

12.5.3 Product Type/Services/Offerings

12.5.4 SWOT Analysis

12.5.5 The SNS View

12.6  Klein Tools Inc.

12.6.1 Company Overview

12.6.2 Financials

12.6.3 Product Type/Services/Offerings

12.6.4 SWOT Analysis

12.6.5 The SNS View

12.7  Snap-On Incorporated

12.7.1 Company Overview

12.7.2 Financials

12.7.3 Product Type/Services/Offerings

12.7.4 SWOT Analysis

12.7.5 The SNS View

12.8  Stanley Black and Decker

12.8.1 Company Overview

12.8.2 Financials

12.8.3 Product Type/Services/Offerings

12.8.4 SWOT Analysis

12.8.5 The SNS View

12.9  Techtronic Industries Co. Ltd.

12.9.1 Company Overview

12.9.2 Financials

12.9.3 Product Type/Services/Offerings

12.9.4 SWOT Analysis

12.9.5 The SNS View

12.10  Wera Tools

12.10.1 Company Overview

12.10.2 Financials

12.10.3 Product Type/Services/Offerings

12.10.4 SWOT Analysis

12.10.5 The SNS View

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share Analysis

13.3 Recent Developments

13.3.1 Application News

13.3.2 Company News

13.3.3 Mergers & Acquisitions

14. Use Case and Best Practices

15. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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Secondary Research

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Primary Research

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Data Bank Validation

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