Hand Tool Market to Surpass $31,884 Million by 2030, According to P&S Intelligence

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NEW YORK, September 8, 2022 /PRNewswire/ — According to the latest market research published by P&S Intelligence, the size of the hand tool market was over $21,854 million in 2021, and it will reach more $31,884 million by 2030, growing at a growth rate of more than 4% in the near future. The most important factor attributed to this growth is the boom in the construction, automotive, shipbuilding and manufacturing industries. Additionally, the snowballing use of hand tools in the aerospace sector and by DIYers for a variety of applications, such as hammering, drilling, and sawing, is driving the growth of the industry.

Due to their versatility, general purpose tools are the most frequently used in the world. In addition, they are quite simple to use and do not require any special skills. Due to these factors, these tools held the largest market share of around 67% in 2021.

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The use of cutting tools will grow at the highest CAGR in the hand tool market, around 5%, in the coming years. Saws, knives and blades, chisels and files, and cable and wire cutting tools are used in a number of industries including automotive, construction, aerospace and electronics. In addition, their increasing use for carpentry, furniture and DIY will determine their supply in the future.

Construction had the largest share in 2021, among industrial end users. With the increase in population and rapid urbanization, the need for commercial and residential facilities is snowballing, which online is driving the demand for hand tools. Likewise, the increase in maintenance and construction activities has been a key driver for the use of hand tools around the world.

The aerospace sector will witness the highest growth rate in the industrial hand tools market, around 5%, in the near future. The aerospace industry is booming due to the growing need for air travel, technical advancements, increasing revenues, and an increasing number of space exploration projects. This will generate a strong demand for aircraft examination, maintenance and restoration.

Browse the in-depth report on Hand Tools Market demand growth, development and forecast to 2030

APAC is the global leader, based on the region, and this trend will continue in the years to come. This is due to its rapidly growing population, high rate of urbanization and increasing purchasing power of customers. The regional market will also grow owing to the huge demand for these tools from developing economies and tremendous growth in end-use sectors.

The offline distribution channel provides great flexibility in choosing various products and quality ratings. For this reason, the category holds the major revenue share in the hand tools market. Conversely, the online category will grow at a faster rate in the coming years, due to the increase in sales of hand tools via e-commerce sites.

Global Hand Tools Market Report Coverage

By type

  • General purpose tools
  • cutting tools
  • Layout and measurement tools
  • Taps and dies

Per end user

  • Industrial
  • Commercial
  • Residential

By distribution channel

Regional analysis

  • North America
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • UK
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • Latin America
  • Middle East and Africa
    • Saudi Arabia
    • South Africa

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About P&S Intelligence

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