The global hand tools market is projected to generate $ 31,884.1 million revenue in 2030, advancing at a CAGR of 4.3% % during 2021–2030. The increasing consumer spending and the surging adoption of these products in several industries, including aerospace, construction, and automotive, are the major forces aiding the market expansion. Furthermore, the growing woodworking and home repair sectors are also supporting the industry growth.
On the basis of end user, the market is categorized into industrial, commercial, and residential. Among these, the industrial category accounted for the largest market share in 2021. This is due to the growing building & construction, manufacturing, automotive, and aerospace industries. On the other hand, the residential category is expected to grow at the highest CAGR, of 4.8%, during the forecast period. This can be ascribed to the growing DIY trend and the increasing need for repair and maintenance services.
Furthermore, based on type, the market is categorized into general-purpose tools, cutting tools, layout & measuring tools, and taps & dies. Of these, the general-purpose tools category held the majority of revenue share in the market in 2021, due to their wide adaptability and easy-to-use features.
This category is further classified into wrenches, pliers, clamps & vises, wrecking bars, hammers, screwdrivers & nut drivers, riveters, and ratchets & sockets. Among these, the demand for hammers is projected to record the fastest growth in the coming years, as they are increasingly being used in building and renovation projects. Moreover, the increasing number of manufacturing plants and the growing popularity of home repairs are also fueling the demand for hammers in the market.
Globally, the APAC market accounts for the largest revenue share, and it has the strongest growth potential in recent years. The regional market is growing mainly due to the surging construction, automotive, and aerospace industries, and the rising number of satellite launches in the region for communication and space exploration purposes. Furthermore, the increasing government investment and the surging participation of private players are boosting the hand tools market growth in the region.
Major players in the market have been frequently involved in facility expansions and product launches to gain a significant position. For instance:
In April 2022, Milwaukee Electric Tool Corporation announced the expansion of its mechanic's hand tools line to feature two new sets and four new hose picks.
In August 2021, Milwaukee Electric Tool Corporation announced the expansion of a new manufacturing facility in Clinton, Mississippi.
Major players operating in the hand tools market 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, KNIPEX-Werk C. Gustav Putsch KG, and Emil Lux GmbH & Co. KG.