GITNUX MARKETDATA REPORT 2024

Hand Tools Industry Statistics

Hand tools industry statistics show steady growth in revenue and market demand over the past few years, driven by increased construction and renovation activities globally.

Highlights: Hand Tools Industry Statistics

  • The global hand tools market is projected to reach $30.38 billion by 2028 from $22.15 billion in 2020, at a CAGR of 3.8%.
  • The general purpose tools segment is expected to dominate the market in terms of product, reaching a value of about $24.62 billion by 2028.
  • The commercial sector is predicted to demonstrate the fastest growth, in terms of adoption of hand tools in the future.
  • The demand for professional hand tools is expected to grow by 3.5% annually from 2021 to 2026.
  • The French hand tools market was valued at nearly $3.36 billion in 2017.
  • The US hand tools market is predicted to grow at a CAGR of 1.9% from 2015 to 2025.
  • Europe was the second largest region accounting for 23% of the global hand tool market.
  • Asia Pacific was the largest region in the global hand tools and cutlery market, accounting for 37% of the market in 2019.
  • The global hand tool market size by woodworking tools was valued at $3.32 million in 2018 and is expected to grow to $4.05 million by 2023.
  • By the end of 2026, over 260,000 tons of utility knives are expected to be sold globally.
  • In 2019, the hand tools market revenue in the U.S. reached approximately $8.58 billion.
  • In 2019, the hand tools manufacturing revenue in Turkey was approximately $71 million.
  • UK hand tool exports in the fourth quarter of 2018 had a value of around £70 million.
  • The U.S imports about $5.71 billion worth of hand tools annually.
  • Hand wrenches alone are expected to have a sales volume of over 50,000 tons by the end of 2028.
  • In 2021, Stanley Black & Decker held the largest share in the hand tools market with 9.1% of the market.
  • The market segment "Hand Tools" is expected to show a revenue growth of 4.1% in 2023.
  • Consumer hand tools market revenue will increase from $144 billion in 2022 to $152 billion in 2023 at a CAGR of 5.9%.
  • The industrial segment holds the highest growth prospect with an expected CAGR of 4.6% from 2019 to 2025.

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In this blog post, we will dive into the fascinating world of hand tools industry statistics. Hand tools are essential for a wide range of industries and applications, playing a crucial role in construction, manufacturing, automotive maintenance, and more. By examining the latest trends, market analysis, and key insights, we will explore the current landscape of the hand tools industry and the factors shaping its growth and development. Join us as we uncover the data behind this indispensable sector and gain a deeper understanding of its significance in the global economy.

The Latest Hand Tools Industry Statistics Explained

The global hand tools market is projected to reach $30.38 billion by 2028 from $22.15 billion in 2020, at a CAGR of 3.8%.

This statistic indicates the projected growth of the global hand tools market from 2020 to 2028. The market is expected to increase in value from $22.15 billion in 2020 to $30.38 billion by 2028, representing a compound annual growth rate (CAGR) of 3.8%. This suggests that the hand tools market is expected to expand steadily at an average annual rate of 3.8% over the specified period. The growth in the market value signifies increasing demand for hand tools across various industries and regions, with factors like technological advancements, infrastructure development, and DIY trends likely contributing to this growth trend.

The general purpose tools segment is expected to dominate the market in terms of product, reaching a value of about $24.62 billion by 2028.

The statistic suggests that the general purpose tools segment within the market is projected to have the highest market share and value relative to other product segments by the year 2028, estimated at approximately $24.62 billion. This indicates that these tools are likely to be in high demand and preferred by customers in the foreseeable future. The dominance of this segment can be attributed to various factors such as versatility, usability across multiple industries, and possibly advancements in technology that enhance their performance and efficiency. Businesses operating within this segment may benefit from this forecasted growth by focusing on innovation, quality improvement, and targeted marketing strategies to capitalize on the increasing market opportunities within the general purpose tools segment.

The commercial sector is predicted to demonstrate the fastest growth, in terms of adoption of hand tools in the future.

This statistic suggests that the commercial sector, encompassing industries such as construction, manufacturing, and maintenance services, is expected to experience the most rapid increase in the utilization of hand tools in the coming years. This prediction implies that businesses operating within the commercial sector are likely to invest more in hand tools to enhance their operations, productivity, and efficiency. The anticipated growth in hand tool adoption within the commercial sector may be driven by factors such as increasing demand for construction and renovation projects, expansion of manufacturing activities, and the need for regular maintenance and repairs across various industries. As a result, manufacturers and suppliers of hand tools may benefit from targeting their marketing and product development efforts towards catering to the needs of commercial businesses seeking to improve their toolkits and capabilities.

The demand for professional hand tools is expected to grow by 3.5% annually from 2021 to 2026.

This statistic indicates the projected rate of growth in the demand for professional hand tools over a period of five years, from 2021 to 2026. The 3.5% annual growth rate suggests that the demand for professional hand tools is expected to increase steadily each year within this time frame. This information is important for businesses operating in the hand tool industry as it signals potential market expansion and opportunities for growth. It also serves as a valuable reference point for decision-making regarding production levels, marketing strategies, and overall business planning to capitalize on the anticipated rise in demand for professional hand tools.

The French hand tools market was valued at nearly $3.36 billion in 2017.

The statistic “The French hand tools market was valued at nearly $3.36 billion in 2017” indicates the total worth of hand tools sold in France during the specified year. This figure provides insight into the size and economic significance of the hand tools industry in France. The market value serves as a key indicator of the demand for hand tools in the country, reflecting the level of activity and investment in sectors such as construction, manufacturing, and DIY. Tracking changes in market value over time can help businesses and policymakers understand trends, make informed decisions, and assess the overall health of the hand tools market within the French economy.

The US hand tools market is predicted to grow at a CAGR of 1.9% from 2015 to 2025.

This statistic indicates that the United States hand tools market is expected to experience a Compound Annual Growth Rate (CAGR) of 1.9% over the period from 2015 to 2025. This projection suggests a steady and moderate growth rate in the hand tools sector within the US economy over the specified time frame. Factors such as technological advancements, increased demand for DIY activities, and growth in construction and maintenance industries could contribute to the predicted growth. This information is valuable for businesses, investors, and policymakers looking to understand and plan for anticipated trends in the hand tools market in the United States over the next decade.

Europe was the second largest region accounting for 23% of the global hand tool market.

This statistic indicates that Europe held the second highest market share in the global hand tool market, representing 23% of the total market. This suggests that Europe is a significant player in the hand tool industry, following behind the leading region in terms of market size. The 23% market share implies that a substantial portion of hand tool sales and consumption occurs in Europe compared to other regions around the world. This information is crucial for businesses and policymakers to understand the competitive landscape and potential opportunities within the hand tool market in Europe.

Asia Pacific was the largest region in the global hand tools and cutlery market, accounting for 37% of the market in 2019.

This statistic indicates that in 2019, Asia Pacific held the highest market share in the global hand tools and cutlery market at 37%. This suggests that a significant portion of the demand for hand tools and cutlery products worldwide originated from countries within the Asia Pacific region. The dominance of Asia Pacific in this market could be attributed to factors such as a high population density, rapid industrialization and economic growth, as well as a strong manufacturing base. Companies operating in this market may need to consider the preferences and trends in the Asia Pacific region to effectively compete and succeed in the hand tools and cutlery market on a global scale.

The global hand tool market size by woodworking tools was valued at $3.32 million in 2018 and is expected to grow to $4.05 million by 2023.

The statistic indicates that the global hand tool market size specifically pertaining to woodworking tools was valued at $3.32 million in 2018. It is projected that this market will experience growth over the next five years, reaching a value of $4.05 million by 2023. This expected increase in market size suggests a positive trend in the demand for woodworking tools on a global scale, potentially driven by factors such as an increasing interest in DIY projects, growth in the construction industry, and technological advancements in hand tool designs. This data provides valuable insights for businesses operating in the woodworking tools sector, aiding in strategic planning and decision-making processes.

By the end of 2026, over 260,000 tons of utility knives are expected to be sold globally.

The statistic ‘By the end of 2026, over 260,000 tons of utility knives are expected to be sold globally’ indicates a projected high demand for utility knives on a global scale. This figure represents the anticipated total weight of utility knives that will be purchased and used across various regions by the conclusion of 2026. The statistic implies a significant market for utility knives, reflecting their widespread use in industries such as construction, manufacturing, and household applications. Factors such as increasing urbanization, construction projects, and DIY trends may contribute to the strong demand for utility knives. This projection suggests that utility knives continue to be essential tools in various sectors, driving substantial sales volumes worldwide.

In 2019, the hand tools market revenue in the U.S. reached approximately $8.58 billion.

The statistic indicates that in 2019, the total revenue generated in the hand tools market in the United States amounted to around $8.58 billion. This figure reflects the financial value of all sales activities within the hand tools industry during that year, including sales of various hand tools such as wrenches, hammers, pliers, screwdrivers, and other related items. The revenue generated gives an indication of the market size and economic significance of the hand tools industry in the U.S. in 2019. This data can be used to assess the growth and performance of the market, track trends in consumer demand for hand tools, and make informed business decisions within the industry.

In 2019, the hand tools manufacturing revenue in Turkey was approximately $71 million.

The statistic stating that in 2019, the hand tools manufacturing revenue in Turkey was approximately $71 million signifies the total amount of revenue generated by the hand tools manufacturing industry within the country during that specific year. This figure is a reflection of the economic activity and output of businesses involved in producing hand tools such as wrenches, hammers, screwdrivers, and other manual tools in Turkey. It indicates the value of goods produced and sold by manufacturers in this sector, illustrating the importance and scale of the hand tools industry in contributing to the overall economy of Turkey in terms of revenue generation.

UK hand tool exports in the fourth quarter of 2018 had a value of around £70 million.

The statistic indicates that the value of hand tool exports from the UK during the fourth quarter of 2018 totaled approximately £70 million. This figure specifically reflects the amount generated from selling hand tools manufactured in the UK to other countries during that time period. The value of £70 million provides insight into the economic contribution of the UK’s hand tool industry to the global market and represents the revenue generated from international trade in hand tools during the specified quarter. This statistic is important for assessing the performance of the UK hand tool industry in terms of exports and its overall contribution to the country’s economy.

The U.S imports about $5.71 billion worth of hand tools annually.

The statistic ‘The U.S. imports about $5.71 billion worth of hand tools annually’ indicates the total value of hand tools that are brought into the United States from other countries each year. This figure highlights the significant reliance of the U.S. market on imported hand tools to meet consumer and industrial demands. The value of $5.71 billion underscores the economic importance of the hand tool industry, both domestically and internationally, as well as the scale of trade activities in this sector. Analyzing trends in hand tool imports can provide insights into market dynamics, economic competitiveness, and consumer preferences within the U.S. economy.

Hand wrenches alone are expected to have a sales volume of over 50,000 tons by the end of 2028.

The statistic indicates that hand wrenches are projected to have a substantial sales volume exceeding 50,000 tons by the conclusion of 2028. This forecast suggests a high level of demand for hand wrenches in the market, likely driven by factors such as increased construction activity, infrastructure development, or maintenance work. The figure of 50,000 tons provides a meaningful metric to understand the scale of sales expected for hand wrenches, highlighting the significance of this product category within the broader industrial tools and equipment sector. The anticipated strong sales volume underscores the importance of hand wrenches as essential tools for various mechanical tasks and reinforces their role in supporting a wide range of industries and applications.

In 2021, Stanley Black & Decker held the largest share in the hand tools market with 9.1% of the market.

This statistic indicates that in 2021, Stanley Black & Decker held the largest portion of the market share within the hand tools industry, accounting for 9.1% of the total market. This means that out of all the hand tool suppliers and manufacturers in the market, Stanley Black & Decker had the highest percentage of sales. This statistic suggests that Stanley Black & Decker is a dominant player in the hand tools market, potentially indicating factors such as brand reputation, product quality, or effective marketing strategies that have enabled them to capture a significant portion of market demand compared to their competitors.

The market segment “Hand Tools” is expected to show a revenue growth of 4.1% in 2023.

This statistic indicates that the market segment for hand tools is projected to experience a revenue increase of 4.1% in the year 2023. This growth rate suggests that there is likely to be a positive trend in consumer demand for hand tools in the upcoming year, leading to higher sales and revenue for companies operating in this market segment. The forecasted growth rate of 4.1% implies that the hand tools market is expected to expand and potentially outperform previous performance levels, which may present opportunities for businesses to capitalize on this anticipated growth through strategic marketing and product development initiatives.

Consumer hand tools market revenue will increase from $144 billion in 2022 to $152 billion in 2023 at a CAGR of 5.9%.

This statistic indicates that the revenue generated in the consumer hand tools market is projected to grow from $144 billion in 2022 to $152 billion in 2023, with a compound annual growth rate (CAGR) of 5.9%. The CAGR of 5.9% represents the average annual growth rate over the period, indicating a steady and consistent increase in market revenue. This growth trend suggests a positive outlook for the consumer hand tools industry, potentially driven by factors such as increasing consumer demand, technological advancements, or market expansion. The forecasted revenue increase from 2022 to 2023 highlights the potential for continued growth and prosperity within the consumer hand tools sector.

The industrial segment holds the highest growth prospect with an expected CAGR of 4.6% from 2019 to 2025.

This statistic indicates that the industrial segment is projected to experience the most substantial growth potential among various industries, with an expected compound annual growth rate (CAGR) of 4.6% from the year 2019 to 2025. A CAGR of 4.6% implies that the industrial sector is expected to grow steadily at an average rate of 4.6% annually over the specified timeframe. This forecast suggests that the industrial segment is likely to outperform other sectors and expand significantly, making it an attractive area for investment or strategic focus due to its promising growth prospects in the upcoming years.

Conclusion

The hand tools industry statistics provide valuable insights into market trends, consumer preferences, and overall industry performance. By examining key metrics such as revenue, growth projections, and market share, it is evident that the hand tools industry continues to thrive and evolve in response to changing technological advancements and consumer demands. Stay informed with these statistics to make informed decisions and stay competitive in this dynamic industry.

References

0. – https://www.www.ibisworld.com

1. – https://www.www.grandviewresearch.com

2. – https://www.www.statista.com

3. – https://www.www.technavio.com

4. – https://www.www.psintelligence.com

5. – https://www.www.economicpolicyjournal.com

6. – https://www.www.researchandmarkets.com

7. – https://www.www.ledgerinsights.com

8. – https://www.www.globenewswire.com

9. – https://www.www.marketsandmarkets.com

10. – https://www.www.thebusinessresearchcompany.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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