Rockville, MD , Oct. 23, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global Hand Tools and Accessories Market is estimated to reach a valuation of US$ 21.0 billion in 2024 and is expected to grow at a CAGR of 4.1% during the forecast period of 2024 to 2034.
Diversity is a trait of the market for hand tools and accessories as it has manual tools, powered hand tools as well as a wide range of accessories. Material science and ergonomics have improved the functionality as well as user comfort of hand tools which caused this sector to witness transformation. The need for hand tools is being fuelled by fast industrialization and infrastructure growth, particularly in developing countries. Construction and automobile sectors are increasingly embracing high quality durable tools used for production and maintenance purposes.
Innovations in hand tool technology, such as improved materials and ergonomic designs, are driving consumer preference towards more efficient and durable tools. The integration of smart technologies in some tools is also opening new market segments and applications. Consumers are on the lookout for high-end tools for domestic purposes motivated by desire for personalization and economic viability.
Growth in the hand tools and accessories market is likely to persist as a result of advancements in industries, technology and change in consumer behaviours. The organizations that harness such trends through investment into product development will find themselves within reach of forthcoming market opportunities in this rapidly changing business environment.
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Key Takeaways from the Market Study:
- The global hand tools and accessories market is projected to grow at 4.1% CAGR and reach US$ 31.4 billion by 2034
- The market created an opportunity of US$ 10.4 billion between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 36.9% in 2034
- Predominating market players include Stanley Black & Decker, Inc, Snap-on Incorporated, Robert Bosch GmbH, Hilti Corporation, Makita Corporation, Klein Tools, Inc and Techtronic Industries Co. Ltd. (TTI)
- Cutting tools under product type of segment are estimated to grow at a CAGR of 4.6% creating an absolute $ opportunity of US$ 4.3 billion between 2024 and 2034
- Automotive type of application is expected to reach around US$ 4.2 billion by the of 2024
“Innovations in tool technology enhance performance and efficiency”, says a Fact.MR analyst.
Leading Players Driving Innovation in the Hand Tools and Accessories Market:
Key Players in the hand tools and accessories market are Apex Tool Group, CHANNELLOCK, Inc., Emerson Electric Co., Fiskars Group, Fortive Corporation, Hilti Corporation, Husqvarna Group, Illinois Tool Works Inc., Klein Tools, Inc., Makita Corporation, Robert Bosch GmbH, SATA Tools, Snap-on Incorporated, Stanley Black & Decker, Inc., Techtronic Industries Co. Ltd. (TTI), Other Prominent Players.
Development by Market Players in Hand tools and accessories Market:
- Hilti Corporation: In January 2024, Hilti put forth new sustainability goals, including a promise to become carbon neutral within its operations by 2025. To minimize environmental effects, the company also launched a new series of environmentally friendly manual tools made from recycled materials in July 2024.
- Makita Corporation: In March 2024, Makita announced the extension of its worldwide distribution grid, which would make it easier for one to use its tools in developing areas. On October 2024, the firm released new batteries technology, especially for fast charging and long life span power tools.
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Hand Tools and Accessories Industry News:
- Stanley Black & Decker, Inc.: On March 24, the company announced plans to expand its sustainability efforts and pledged to reduce carbon emissions by thirty percent across all of its global activities by the year 2030. The group unveiled new environmentally friendly hand tool packaging on August 24 in an effort to reduce pollution and improve their recyclable nature.
- Robert Bosch GmbH: As part of its efforts to reduce energy usage and CO2 emissions from the company's production facilities, Bosch made a significant statement in February 2024 about its large investment in sustainable manufacturing techniques. Then, in June 2024, the business unveiled a brand-new line of ergonomic hand tools designed to make it easier for consumers to utilize them for extended periods of time without growing weary or exhausted.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global hand tools and accessories market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of by product type (cutting tools, striking tools, gripping tools, measuring and marking tools, drilling and fastening tools), by end user (professional/industrial, DIY/consumer), by application (construction, woodworking, automotive, gardening and landscaping, general household use), by distribution channel across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, Middle East & Africa).
Segmentation of Hand Tools and Accessories Market Research
- By Product Type :
- Cutting Tools
- Saws
- Chisels
- Utility Knives
- Striking Tools
- Hammers
- Mallets
- Gripping Tools
- Pliers
- Wrenches
- Vise Grips
- Measuring and Marking Tools
- Drilling and Fastening Tools
- Screwdrivers
- Nut Drivers
- Cutting Tools
- By End User :
- Professional/Industrial
- DIY/Consumer
- By Application :
- Construction
- Woodworking
- Automotive
- Gardening and landscaping
- General household use
- By Distribution Channel :
- Online Retailers
- Hardware Stores
- Home Improvement Centers
- Direct Sales
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