DUBAI, United Arab Emirates, March 08, 2022 (GLOBE NEWSWIRE) -- Future Market Insights (FMI) has forecast the global hand tools market to grow at a year-on-year growth of 5.6% in 2022 reaching a value of about US$ 15.06 Bn by 2022 end.
| Global Hand Tools Market Analysis (2021) | US$14.26 Bn | |
| Global Hand Tools Market Analysis Estimated Year Value (2022) | US$15.06 Bn | |
| Global Hand Tools Market Analysis Projected Year Value (2032) | US$ 26.70 Mn | |
| Value CAGR (2022-2032) | 5.9% | |
| Collective Value Share: Top 3 Countries (2022) | 30.7% | |
Manufacturers have understood the importance of tool design manipulations, innovations and addition of new features from time to time. Today, the tools have to be robust, provide reliable performance and are designed in a way that they cater to the requirements of the job for which they are selected for.
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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.
FMI has identified East Asia and South Asia Pacific as the leading shareholders in the market as a result of huge labour force and man power work on field which use hand tools for their work. Also, Europe has high share in the Global Hand Tools market. Overall Asia Pacific are projected to hold a collective revenue share of 35% in the global market, by the end of 2032.
The hand tools market is driving by the surge in focus on do-it-yourself (DIY) activities worldwide. The market for hand tools is expected to grow at 5.9% CAGR between 2022 and 2032.
The global sales of hand tools are set to be valued at over US$ 15.06 Bn in 2022, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). A new report estimates the market to expand at over 5.9% CAGR from 2022-2032.
According to Future Market Insights, increasing usage of hand tools in commercial end-use sector is the key influencing factor fuelling the demand hammer, cutter, hand saws and other hand tools. Demand is forecast to rise as application in repair and maintenance work consistently grows.
Expansion of sales network will significantly boost the market. To entice the new players in the reselling sector, manufacturers are offering franchise stores with attractive benefits to the proprietor. Low initial establishment investment, complete guidance and training to run their outlets, detailed operation manuals and processes, sales and marketing, technical and operational support, and marketing & branding support such as website ad, newspaper ad, and so on are all examples of manufacturer support for proprietors.
In terms of product type, sales of wrenches are expected to account for maximum demand. Multi-purpose wrenches have long sought applications from professional builders and craftsmen in construction industry. Versatile adjustable wrenches, torque wrenches and pipe wrenches are commonly preferred types.
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Key Takeaways from Hand Tools Market Study
- By end-use, hand tools for commercial purpose are projected to hold over 37% volume share of the global market in 2022.
- Sales of wrenches are expected to account for 34% of the market share on value basis by the end of forecast period.
- Application of hand tools will remain maximum for DIY usage and usage in the regional level.
- East Asia and South Asia Pacific will remain a primary markets, accounting for over 35% of the demand by 2022 combined.
“Surge in demand in DIY, commercial and industrial sectors will encourage market players to pursue innovations. Focus on product launches is therefore expected to remain high as competition grows in the hand tools market,” says a Future Market Insights analyst.
Who is winning?
The hand tools market is fragmented on account of the presence of numerous players. However, as per FMI, key players account for around more than 40 to 50% of the market share. These players are likely to invest in new technology developments and expansion of their distribution networks in order to maintain their market presence.
Some of the key players in this industry include but are not limited to Stanley Black and Decker, Robert Bosch GmbH, Snap-On Inc, MISUMI Group Inc, Milwaukee Tool Corporation, and others
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Find More Valuable Insights
The research report analyzes demand for Hand Tools. The global Hand Tools market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of product types, application, installation, end use, material type, by refrigerants, working pressure and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.
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