The proliferation of do-it-yourself (DIY) culture owing to the rising labor costs in developed countries such as the UK, U.S., and Germany is anticipated to play a pivotal role in increasing the demand for hand tools. A study by Future Market Insights (FMI) has predicted the global hand tools market to reach ~US$ 25.6 Bn by the end of 2031, growing at a CAGR of 5.9% over the forecast years (2022-2032).
Hand tools are tools and equipment that do not use electricity. These tools are used in everyday gardening, agriculture, and farming. Because the tools are operated by hand, their use is limited to specific tasks and skills. Furthermore, major factors driving the growth of the hand tools market include an increase in demand from the automotive maintenance and repair sector, as well as advancements in hand tool production technology.
Manufacturers have recognised the significance of tool design manipulations, innovations, and the addition of new features on a regular basis. Today’s tools must be robust, provide reliable performance, and be designed in such a way that they meet the needs of the job for which they are chosen.
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Customizations such as extended tips to get into hard-to-reach areas or specially designed joints to make the tools even more user friendly are in high demand. The global sales of hand tools are anticipated to grow at a CAGR of 5.9% during the period of 2022 and 2032.
“The hand tools market has been exhibiting consistent growth, despite temporary lull witnessed amid COVID-19. Factors such as the rapidly growing urbanization in developing economies and the adoption of technologically sound and innovative hand tools have been encouraging market players to focus on innovations. Moreover, increase in practice of DIY activities is expected to create positive prospects for hand tools market growth over the forecast period,” said a lead analyst at FMI.
According to FMI, the market for hand tools is growing primarily due to the versatile features of hand tools such as the reduced size of the tool kit, maintenance & weight, and the increasing preference for multiple tools for multiple applications across various industries. Increasing customer preference towards DIY activities to surge the hand tools market globally.
Furthermore, the high cost of auto parts maintenance and repair services has created a desire among customers to perform do-it-yourself activities on their vehicles for short-term maintenance and repair. This has given manufacturers a tremendous opportunity to manufacture hand tools and introduce new and innovative products to the market.
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Because of the large number of small and medium-sized manufacturers in the market, the hand tools market is extremely competitive. Leading manufacturers are increasingly focusing on positioning innovative technologies to design hand tools that will improve the operational efficiency of commercial and industrial facilities. There is a strong emphasis on innovation. Businesses in the hand tool market seek strategic collaborations with regional end-users and distributors in order to meet the growing consumer demand.
Some of the leading players operating in the market are Stanley Black & Decker, Inc., Snap-on Incorporated, IDEAL INDUSTRIES, INC., Apex Tool Group, KLEIN TOOLS INC., Emerson Electric Co., Akar Tools Limited, Channellock, Inc., JK Files (India) Limited, Kennametal Inc., Wera Tools.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 7-years.
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