Report

Global industrial hand tools market is projected to witness a CAGR of 4.44% during the forecast period 2024-2031, growing from USD 25.60 billion in 2023 to USD 36.23 billion in 2031. Innovation in hand tools has grown in significance in recent years as producers have worked to make their products more effective, ergonomic, and efficient. Innovation in hand tools has many advantages. Hand tools are becoming more productive through the use of new materials and technologies, allowing users to finish tasks more quickly and with less efforts. Tools with ergonomic features are more comfortable to use and less likely to cause injuries. Innovation in hand tools is propelling sustainability within the business. Producers are looking at ways to make hand tools that are longer-lasting and composed of environmentally friendly materials to cut down on waste and encourage a more sustainable way of living. The manufacturers focus on introducing industrial hand tool kits with a long range of hand tools.
For instance, in February 2024, Wiha Werkzeuge GmbH launched a new premium tool kit. Wiha announced the release of the Model 92100 rolling toolbox, which has a new 194-piece premium tool set. A level, tape measure, hammer, voltage detector, sockets, wrenches, cutters, pliers, cutters, L-Keys, and bits are included.
Rapid Expansion of Automative and E-Commerce Sector to Fuel Market Growth
The industrial hand tools market finds strong demand coming from the automotive industry. The growing vehicle production and added vehicle ownership, especially in the concentrated manufacturing hubs of China, Japan, and Germany, need more sophisticated hand tools for manufacturing and maintenance activities. The current evolution, such as the one from internal combustion engines to electric vehicles, further amplifies this demand as manufacturers seek tools equipped with precision and customization.
The rapid growth of e-commerce platforms is changing the overall market distribution of industrial hand tools. The intensified competitive power of the market, along with the help of differentiation products, makes the manufacturers have an easier way to expand their target market to obtain the potential consumers in all aspects. With the increased polar nature of competitive power in the market, the use of these platforms by the consumers to shop is growing immensely popular.
For instance, in May 2024, Stanley Black & Decker, Inc.'s DEWALT tools announced TOUGHSERIES based construction jack. This jack is a heavy-duty, hands-free lifting tool designed for wide range of applications. The TOUGHSERIESTM Construction Jack has a lift height of 8-3/4 inches and a lift capacity of up to 340 pound, enabling users to finish difficult lifting, leveling, and installation jobs in addition to a range of other applications.
Globalization, Urbanization, and Technological Advancements to Fuel Market Growth
The rising degree of interdependence naturally means that trade and investment can easily occur across borders. Businesses can acquire materials and labor in varying regions to maximize production and minimize costs. This has been evident in most manufacturing sectors of business in search of a competitive edge. The fast pace of urbanization in developing countries accelerates the demand for industrial goods and services.
With increased migration into the cities, the associated infrastructure developments, housing, and serviced needs raise the demand for a host of industrial products. Improvement in technology related to automation, artificial intelligence, and manufacturing processes increases productivity and raises efficiency. The industries can adopt advanced machinery and smart manufacturing techniques to bring down the cost of production while raising the quality of the product. The tools that are technologically advanced and integrated to IoT are likely to fuel market growth.
For instance, in April 2024, Kyoto Tool Company Limited launched innovative nepros-ID series of IoT-ready tools from Japan's industrial tool maker is set to revolutionize tool management in the aerospace, maintenance, and repair (MRO) sectors. It minimizes tool loss and boosts operational effectiveness and guarantees adherence to industry rules. Its exceptional capabilities, which include unrivaled tool finding and identification, durability, long-range reading, and bulk scanning characteristics, outperform conventional approaches such as barcodes.
Advanced Logistics and Enhanced Supply Chain Management to Fuel Segmental Growth
Distributors provide value-added services of technical support, training, and after-sales service, which are very critical for businesses whose operations depend on the performance of industrial hand tools. Most sales directly or through distributor networks efficiently reach end-users. This helps in building a trusted relationship and ensures customers get the right tool to help in doing their job. Advancements in logistics and supply chain management have made the process easier, which reduces lead times and costs associated with delivering industrial hand tools to customers. It improves the overall customer experience and encourages repeat purchases, thus fueling growth in this segment. However, the e-commerce segment is also thriving at a decent rate due to the higher 5G deployment and easy shipping options. Retail and distributor companies introduce the international product line in different regions. Companies acquire and collaborate with other precision tool manufacturers to enhance their supply chain and distribution networks.
On November 1, 2023, Snap-on Incorporated purchased Mountz, Inc. for USD 40 million in cash. Mountz Inc., a San Jose, California-based company, develop, produce, and market high-precision torque tools, encompassing devices for measurement, calibration, and documentation. Snap-on Inc.'s torque capabilities to clients in a range of industries, such as aircraft, transportation, and advanced manufacturing are enhanced and expanded by the acquisition of Mountz Inc.
Asia-Pacific Dominates the Global Industrial Hand Tools Market Share
Asia-Pacific dominates share of the global industrial hand tools market. Countries such as China and India have huge industrial growth, and thus, demand arises for the industrial hand tools segment. The rapid growth of the manufacturing sectors, particularly in automotive, electronics, and construction industries, needs a huge amount of hand tools for production and maintenance purposes. In this region, there is rapid urbanization underway with growing construction activities. To this end, infrastructural projects, including residential and commercial buildings, transportation systems, and industrial plants, create huge needs for hand tools. Most of the countries in Asia-Pacific have developed an interest in doing do-it-yourself (DIY) projects and increasing self-reliance, thereby raising demand for hand tools with increased disposable incomes. This trend is very clear among consumers who like doing personal projects rather than hiring professionals. Furthermore, seminars and exhibitions are held in the region to attract marketers and core companies.
For instance, in December 2023, The International Hardware Fair India, was held at Pragati Maidan, New Delhi. The Pragati Maidan Conference and Exhibition had over two hundred foreign exhibitors showcasing their merchandise. Through the government's Atmanirbhar Bharat program, which focuses on small and medium-sized businesses, the nation hopes to increase sales.
Future Market Scenario (2024 - 2031F)
- The rising automotive sector and e-commerce expansion are expected to fuel market growth during the forecast period.
- Technological innovations and higher usage of metal cutting tools are projected to propel the market expansion.
- Focus on higher safety and ergonomics, integration with IoT are anticipated through anticipated growth.
Key Players Landscape and Outlook
Companies focus on research and development to create sophisticated hand tools that use cutting-edge features including ergonomic forms and clever functions. For instance, in response to the increased demand for efficiency and safety in industrial settings, manufacturers are progressively creating instruments that minimize user fatigue and improve precision. A lot of major companies are expanding the variety of products they sell to include more specialized instruments for particular uses. It involves launching specialist instruments for developing industries such as renewable energy and electric cars, which are needed for certain features and standards.
For instance, in February 2023, Lowe's Companies, Inc and Klein Tools, Inc. announced their partnership, bringing a significant presence for the iconic tool brand to the electrical and tool departments at Lowe's. As a result, Lowe's will offer the widest selection of Klein Tools products anywhere in the home improvement retail channel.