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Over 60% of Hand Tools Sales to Concentrate in Industrial Applications: New Study
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The hand tools market is projected to grow significantly, with industrial applications accounting for over 60% of sales by 2031, driven by DIY culture and automotive industry needs.
The proliferation of do-it-yourself (DIY) culture owing to the rising labor costs in developed countries such as the UK, U.S., and Germany is anticipated to play a pivotal role in increasing the demand for hand tools. A study by Future Market Insights (FMI) has predicted the global hand tools market to reach ~US$ 25.6 Bn by the end of 2031, growing at a CAGR of 3.9% over the forecast years (2021-2031).
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Customers have been increasingly adopting self-help approaches to modify and repair their homes. Furthermore, the primary factor driving the growth of the hand tool market is the increasing use of hand tools in the automotive industry for repair & maintenance purposes. Moreover, the increase in the use of hand tools in industrial applications is another driver of overall hand tools market growth. As per FMI, the industrial segment will account for over 60% of hand tools sales through the course of the report’s forecast period.
Key Takeaways of Hand Tools Market Study
“The hand tools market has been exhibiting consistent growth, despite temporary lull witnessed amid COVID-19. Factors such as the rapidly growing urbanization in developing economies and the adoption of technologically sound and innovative hand tools have been encouraging market players to focus on innovations. Moreover, increase in practice of DIY activities is expected to create positive prospects for hand tools market growth over the forecast period,” said a lead analyst at FMI.
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According to FMI, the market for hand tools is growing primarily due to the versatile features of hand tools such as the reduced size of the tool kit, maintenance & weight, and the increasing preference for multiple tools for multiple applications across various industries. Increasing customer preference towards DIY activities to surge the hand tools market globally.
Furthermore, high cost of maintenance and repair services for auto parts has created an urge among customers to execute do-it-yourself activities on their vehicles for short-term maintenance & repair. This has provided the manufacturers tremendous potential to manufacture hand tools and launch new & innovative products in the market.
Who is winning?
The hand tools market is a very competitive owing to presence of large number of small and medium sized manufacturers in the market. Leading manufacturers are gradually concentrating on positioning innovative technologies to design hand tools to improve the operating efficiency of commercial and industrial facilities. There is a fair amount of emphasis on innovation. Businesses functional in the hand tools market seek strategic collaborations with regional end-users and distributors to meet the needs of a growing consumer base.
Some of the leading players operating in the market are
Hand Tools Market by Category
Product Type
Application
Sales Channel
Region
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About the Report:
Future Market Insights, in its new report, offers an unbiased analysis of the global hand tools market, analyzing historical demand from 2016-2020 and forecast statistics for 2021–2031. The study reveals growth projections on the hand tools market on the basis of application (industrial and household & DIY), product type (general purpose tools, metal cutting tools, layout & measuring tools, and tapes & dies), and sales channel (online sales, retail sales, and distributor sales) across six key regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Report: https://www.futuremarketinsights.com/reports/Hand-Tools-Market
Press Release Source: https://www.futuremarketinsights.com/press-release/Hand-Tools-Market
The article discusses the growth of the hand tools market, focusing on industrial applications and DIY culture.
The market is expected to reach approximately $25.6 billion by 2031, growing at a CAGR of 3.9%.
The U.S. and UK are highlighted as key markets, with significant growth expected in Europe and East Asia.
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