Hand Tools Market Is Likely to Experience a Tremendous Growth by 2029

Hand Tools Market is expected to expand at a compounded annual growth rate (CAGR) of 2.8% during the forecast period. Hand tools are handheld tools that are powered by manual force rather than battery or electricity like in the case of power tools. Being the most conventional form of tools, they are used for striking, cutting, measuring, fastening, and other general purposes. They are utilized for industrial, commercial, and residential activities; the most commonly used hand tools among end-users include wrenches, drivers, pliers, and hammers. 

They are extensively sold by large distributors whereas the DIY retail chains, and e-retailing are gaining momentum in recent years. The growth in Li-ion battery tools is estimated to be a major threat to the hand tools market as they provide enhanced convenience and ergonomics. However, the development of precision hand tools, the demand-supply gap for power tools in the heavy-duty segment, and low-cost labor in the growing economies of Asia-Pacific and Latin America are driving the momentum for hand tools.

Further, due to the onset of the COVID-19 pandemic, the hand tools market suffered a hefty downfall. The imposition of lockdown in nearly all of the countries resulted in a decline in the demand for hand tools, as most of the commercial and industrial activities stopped. However, in the last quarter of 2020, most of the countries have eased up on lockdown guidelines and the commercial and industrial activities have resumed, which will result in the hand tools industry gaining gradual momentum.  

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 Hand Tools Market Segmentation

By Tool Type

·        General Purpose Tools

·        Hammers

·        Clamps and Vises

·        Pliers

·        Ratchets and Sockets

·        Riveters

·        Screwdrivers and Nut Drivers

·        Wrecking Bars

·        Wrenches

·        Cutting Tools

·        Chisel and Files

·        Cable and Wire Cutting Tools

·        Knives and Blades

·        Saws

 Layout and Measuring Tools

·        Plumb Bob

·        Try Square

·        Taps and Dies

By End-User

·        Commercial

·        Industrial

·        Residential

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Regional Analysis

North America

·        United States

·        Canada

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan

·                  South Korea

·                  Rest of APAC

Rest of the World

Company Profiles

·        Apex Tool Group, LLC

·        Channellock, Inc.

·        Emerson Electric Co.

·        Estwing Manufacturing Co., Inc. 

·        Gray Tools Canada, Inc.

·        Ideal Industries, Inc.

·        JCBL Group

·        JK Files (India),Ltd. 

·        Kennametal, Inc.

·        Klein Tools, Inc.

·        KNIPEX

·        Leatherman Tool Group, Inc.

·        Phoenix Contact USA

·        Robert Bosch GmbH

·        Snap-on,Inc.

·        Stanley Black & Decker, Inc.

·        Techtronic Industries Co. Ltd.

·        The Würth Group

·        WeraWerkzeuge GmbH

·        Wiha Tools USA

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