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According to the latest market research study published by P&S Intelligence, the size of the hand-tool market was over $21,854 million in 2021, and it will reach above $31,884 million by 2030 — advancing at a growth rate of more than 4% in the near future.
The strongest factor credited for this growth is the booming construction, automotive, aerospace, shipbuilding, and manufacturing industries. Moreover, the increased use of hand tools by DIYers is adding to the demand for hammers, drills, and other tools. Today’s advanced tools are also providing users with greater ergonomics, digital capabilities, safety, and ease of use.
Although practically every industry uses hand tools, the main end users of these products are the construction, automotive, and aerospace sectors as follows…
- The aerospace sector is projected to grow at the highest CAGR, of 4.6%, during 2021–2030, in the industrial market. This is owing to the increasing demand for air travel, technological advances, and rising number of space exploration projects. Demand means there’s a requirement for inspection, maintenance, and repair of aircraft structures, which, in turn, boost the industrial hand-tool market growth in this category.
- In 2021, the construction category accounted for the largest share of the industrial market. With the expanding population and rapid urbanization, growth in residential and commercial facilities means greater construction — driving the need for hand tools. Also, the rise in maintenance and construction activities has been a major driver for increasing the use of industrial hand tools, globally.
- The automotive industry is projected to grow significantly in the coming years, as the use of industrial hand tools in automotive repairs, modifications, and servicing is irreplaceable. Moreover, the affordability and ease of use are also propelling the use of these tools in DIY projects, garage modifications, and other personal projects.
Whereas, the residential category is expected to grow at the highest rate in the coming years in the market. This can be attributed to the increasing need for house repair, decor, and furniture repairs. As a result of trying to cut spending, owing to the rising living costs, there has been a surge in the preference of people to fix goods rather than replace them with new ones.
Additionally, how-to blogs are assisting consumers in repairing goods themselves, which, in turn, boosts the industry forward.
North American demand
North America accounted for 24% of the hand-tool market share in 2021. This accounts for increased use of tools for household repairs and home improvements, along with a large DIYer base.
There’s also been a surging demand for vehicles, which is only increasing, and will significantly add to the market expansion. For instance:
- The U.S. auto sales increased by around 70%, from approximately 10 million in 2009 to 18 million in 2018. Furthermore, the projected sales of cars will reach around 18 million by 2025.
- Car production in North America surpassed 15 million vehicles in 2020, accounting for almost 18% of worldwide production.
A few of the top global manufacturers of hand tools include:
- Klein Tools Inc.
- Milwaukee Electric Tool Corporation
- Stanley Black & Decker Inc.
- Robert Bosch GmbH
- Misumi Group Inc.
- Apex Tool Group LLC
- KS Tools Werkzeuge-Maschinen GmbH
- Snap-on Tools Company LLC
Filed Under: Tools for fastening