Pliers, Hammers, Screwdrivers, Pipe Wrenches
Hand tools are tools and equipment that are not powered by electricity, and today they are still frequently used in horticulture, agriculture, auto mechanics and industry. General hand tools are expected to grow at the fastest rate during the forecast period.
Hand tools are tools and equipment that are not powered by electricity, and today they are still frequently used in horticulture, agriculture, auto mechanics and industry. Among these, the increasing demand from the automotive repair industry and the rising use of hand tools in industry are the major factors driving the growth of the hand tools market.
However, low profitability due to intense competition and lack of skilled professionals are some of the major challenges restraining the growth of the global hand tools market. Moreover, the popularity of power tools and growth in multifunctional applications are expected to hamper the growth of this market during the forecast period. However, the recovery in the construction industry is also expected to drive the demand for hand tools.
The global hand tools market was valued at USD 22.2 billion in 2019 and is expected to reach USD 30,381 million by 2027, growing at a CAGR of 4.1% from 2020 to 2027.
The advanced industrial growth in developed countries such as the United States and Germany has attracted the attention of hand tool and accessory manufacturers worldwide. In particular, the automotive, aerospace and other product manufacturing and assembly industries are the main target areas for hand tools. Today's hand tool brands and manufacturers are also progressively increasing their requirements for product quality.
In developed countries such as the United States, Canada and the United Kingdom, DIY culture is also on the rise. At the same time, due to the increase in labor costs, many families also tend to buy home hand tools or tool sets and choose the self-help approach to home repair. More and more tool retail brands are also targeting this with simple and convenient home equipment as their main products.
Increasing demand for convenient furniture and hand tools with simple assembly and disassembly features has also been a driver for the growth of the hand tools market in recent years.
Multifunctional tools that can meet a variety of needs are expected to be the new craze in the coming years. Manufacturers are also increasingly focusing on developing portable, durable utility tools to meet the greatest needs of consumers around the world.
General hand tools such as screwdrivers, chisels, pliers, drills, and various gardening equipment account for more than 30.0% of the market share. The demand for these hand tools has been increasing in the global market. General hand tools are expected to grow at the fastest rate during the forecast period. Moreover, the growing popularity of home gardening as a hobby is expected to drive the demand for the product.
Trend 1: Create an international channel
Hand tool products are characterized by low unit price and high brand recognition. In the future, hand tool brands and manufacturers can combine the application of Internet and smart phones to create more diversified and international sales channels for the hand tool industry.
Trend 2: Meet consumer needs
From "manufacturing" to "consumer demand" core thinking. Manufacturers wishing to expand the hand tool market must not only understand OEM production techniques, but also develop new products with unique characteristics. Consumer orientation will be the goal of future hand tool design and marketing.
Trend 3: High value towards the professional market
Today, when hand tool manufacturing technology and capabilities have become quite sophisticated, there is a growing demand for developing high quality products. Manufacturers must move into specialized markets. Great business opportunities have emerged in response to the specialized needs of the market, including medical equipment, aerospace, landscaping, vehicles, and specialized tools for construction. These fields have higher requirements for precise and versatile lightweight tools, and the demand for customization will continue to grow. These higher industry requirements provide opportunities for higher unit prices and profits.
We hope this article has helped you understand the current global hand tool market, and its future trends. If you have any questions, please feel free to contact us.