New Delhi, Sept. 05, 2022 (GLOBE NEWSWIRE) -- Global hand tools market was valued at $11246.46 million in 2021 and is projected touch sale revenue of $14991.73 million by 2030, at a CAGR of 3.4% during the forecast period 2022–2030.
The demand for hand tools market is on the rise thanks to advancements in technology and the growing number of DIY enthusiasts. There are a variety of reasons behind this trend. Today, people increasingly realize how essential they are for everyday tasks like gardening. There are many reasons for this growing demand, but one of the most important is that hand tools are versatile and efficient. They're perfect for a variety of tasks, from basic repairs to more complicated projects.
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One reason behind the rapid growth in the hand tool market is that more people are starting to learn how to do repairs and renovations themselves. This means they need a variety of tools to help them out. In addition, there is an increase in DIY projects that use hand tools as part of the process. Finally, there is an increase in the number of jobs that require skilled hand labor. All of these factors are contributing to the demand for hand tools.
Carpentry is Responsible for Major Demand for Hand Tools
With a growing demand for new and innovative home renovations, carpenters are in high demand. Not to mention, people are always looking for ways to save time and money when completing DIY projects. In fact, carpentry is one of the most commonly performed repairs and renovations in the US. As per Astute Analytica, carpenters in North America and Europe hand tool market spend around $2,900 on purchasing new hand tools.
As per our findings, more than 88% of carpenters prefer buying hand tools from well-established players. In short, carpenters are often drawn to hand tools from well-known brands. More than 90% of the survey carpenters said they prefer these brands for quality, durability and reliability that is unmatched by any other brand. In fact, 73% of carpenters prefer buying products from Robert Bosch, Stanley and Decker, and Misumi Group.
One of the reasons for this is that these brands typically use high-quality materials in their products. This means that the tools will last longer and be more reliable than those made by other brands. Additionally, these brands usually have a wider range of products available, which makes it easier for carpenters to find the correct tool for the job.
Tools that are commonly used by carpenters include chisels, saws, hammers, and drills. Due to the high demand for these tools, manufacturers in the hand tool market have been able to develop more specialized models that cater to the needs of this niche market. For instance, there are models specifically designed for cutting wood in different dimensions. There are also models that are specifically designed for drilling holes into wood. Providing carpenters with the tools they need to complete their projects efficiently is one of the benefits of specialization.
Additionally, specialized hand tools can help carpenters perform certain tasks more quickly and accurately. This can save them time and money in the long run.
Astute Analytica Says, Plumbing Contractors Spend Over $5,000 on Buying New Hand Tools
In a recent survey of plumbing contractors on hand tool market, almost two-thirds (63%) reported spending $5000 or more each year on hand tools, and over one-third (37%) reported spending $6000 or more each year. Nearly a third (32%) of all plumbing orders are expected to be placed with hand tools by the end of 2022. This figure is forecasted to rise to nearly half (49%) by 2030. Increased use of automation introduces new requirements for fasteners (such as screws) in the global hand tool market that can now be handled with traditional hand tools. This includes everything from plumbers’ wrenches to pipe clamps. Many plumbing contractors rely on hand tools to do their jobs effectively. Wherein, it was found that around 73% of the spending is largely attributed to buying new pliers, screwdrivers, hammers, and saws.
Plumbers’ wrenches, pipe clamps, and other tools are essential for job. The cost of hand tools varies depending on the type and quality of the tool. Some high-quality tools can cost hundreds of dollars, while lower-quality tools can cost less than $30. Many of these tools are necessary for completing tasks such as installing fixtures and fittings, repairing leaks, and tightening connections.
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| Report Attribute | Details |
| Market Size Value in 2021 | US$ 11246.46 Million |
| Market Outlook for 2030 | US$ 14991.73 Million |
| Expected CAGR Growth | 3.4% |
| Historic Data | 2017-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Top Market Players | Stanley Black and Decker, Robert Bosch GmbH, MISUMI Group Inc, Milwaukee Tool Corporation, Snap-On Inc, Klein Tools, Fluke Corporation, KNIPEX Group, Weidmuller Interface GmbH and Co. KG, Emil Lux GmbH & Co. KG, Sathlwille Tools, Gedore GmbH, KS Tools Werkzeuge and Maschinen GmbH, Taparia Tools, Akar Tools Limited, Techtronic Industries Co. Ltd., Wera Tools, Apex Tool Group, Channellock, Inc., JCBL India, Emerson Electric Co., Other Prominent Players |
| Segments Covered | By Type, By Distribution Channel, By End-User, By Region |
| Geographies Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Customization Options | Get your customized report as per your preference. Ask for customization |
Offline Channel are Generating 65% of Market Revenue, But Buyers are Slowly Shifting to Online Channel
In the global hand tool market, people are increasingly turning to online channels to buy hand tools, according to a study conducted by Astute Analytica. The survey found that 31% people who bought tools in the past 12 months selected an online retailer as their source, up from 25 in 2020. The popularity of online retailers is likely due to their convenience and overall lower prices, the study noted. Builders who have implemented an online buying pilot found that online buyers saved an average of $231 on tools, compared with purchases made at brick-and-mortar stores. This growth is likely due to a number of factors, including the increased availability and popularity of online tools such as Amazon and eBay, as well as the growing trend of buying hand tools direct from manufacturers.
Online tool buyers in the global hand tool market also tend to be more engaged with the process, spending more time examining product features and comparing prices before making a purchase. This increased awareness likely translates into better customer service when tools run into problems, according to plumbers, carpenters, and construction contractors. Another reason why buyers are finding e-commerce may be more convenient than traditional shopping as many products available through these channels are available in bulk quantities. This means that consumers can purchase larger quantities of products without having to worry about shipping costs and transportation costs. Additionally, many brands offer free shipping on orders over $50, which makes it easy for buyers to stock up on hand tools without spending too much money overall.
Despite these advantages, some builders in the global hand tool market warn that not all online tools are created equal. Typically, those offered by large retailers such as Home Depot and Lowe’s are of higher quality than those sold by smaller players. Moreover, traditional retailers are still likely to remain the key players in the hand tool market. In fact, according to the report, traditional brick-and-mortar stores continue to account for 65% of all hand tool sales. This indicates that there is still an appetite among consumers for purchasing hand tools in a physical store rather than through online channels.
Key Players in Global Hand Tool Market
- Stanley Black and Decker
- Robert Bosch GmbH
- MISUMI Group Inc
- Milwaukee Tool Corporation
- Snap-On Inc
- Klein Tools
- Fluke Corporation
- KNIPEX Group
- Weidmuller Interface GmbH and Co. KG
- Emil Lux GmbH & Co. KG
- Sathlwille Tools
- Gedore GmbH
- KS Tools Werkzeuge and Maschinen GmbH
- Taparia Tools
- Akar Tools Limited
- Techtronic Industries Co. Ltd.
- Wera Tools
- Apex Tool Group
- Channellock, Inc.
- JCBL India
- Emerson Electric Co.
- Other Prominent Players
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