Hand Tool Sets Market By Type (Machine Tools, Electrician's Tools, Other) By Application (Home Use, Professional Use) - Growth, Future Prospects & Competitive Analysis, 2016 - 2028

The global hand tool sets market report explores the critical analysis of the hand tool sets industry using key parameters. The report consists of investment strategies, the need for investments in the hand tool sets industry and the multiple benefits for investors. Importantly, this report sets out major changes in the global technical regulations for the hand tool sets industry and how economic and non-economic barriers are helping the market grow. Moreover, the report analyses the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses include Porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

Key Highlights of the report

How are the major segments performing in the Hand Tool Sets Market?

• In 2021, the machine tools segment led the market in terms of type and is expected to continue over the projection period. A machine operator frequently uses a collection of tools known as a machine hand tool set. A machine tool is an automated tool widely used to shape or machine non-metal or metal materials into products like bar stock.
• In 2021, the home use application segment held the largest global market share due to its convenience in home maintenance and repairs. Hand tools for home use reduce the need for outside labor and lower the overall cost of fixation.
•  

Which region dominated the hand tool sets market?

Asia Pacific dominated the global hand tool sets market in 2021 and is expected to maintain its dominance throughout the forecast period. The high demand for hand tool sets for personal, professional, and industrial use in the region is primarily responsible for the market growth. Moreover, the expansion of local manufacturers on the market creates a healthy level of competition that fosters regional market expansion. The enormous demand for these hand tool sets from emerging economies and the significant growth in the regional end-use industries are also likely to propel the Asia Pacific hand tool sets market forward. The expanding end-use industries in India, such as the automotive and construction sectors, are also anticipated to expand the regional market size. Moreover, the DIY trend among its citizens will propel the Indian hand tool sets market in the coming years.

How is US Market Performing in the Hand Tool Sets Market?

The market for hand tool sets in the United States is expected to grow significantly during the forecast period owing to the debouncing DIY trends, changing customer preferences toward independent services, a lack of skilled labor, and high labor costs. The rise of nuclear families in the United States has increased household ownership, driving demand for hand tool sets. Due to increased home gardening activities, the United States is the world's largest consumer of hand tools. The relatively advanced economy of the United States has led to increased private garden ownership and frequent home garden upkeep, further fueling the regional market expansion. Key market players actively developing and introducing innovative products are also present in the country.

What is the competitive environment of the hand tool sets market?

Market players focus on hand tool product innovations to diversify their portfolio and provide consumers with various options. Companies, for example, are creating ergonomic hand tool sets that are easier to use and handle. For instance, Klein Tools Inc announced the release of hybrid pliers with the fish tape puller, crimper, and wire stripper in June 2022. Likewise, Milwaukee Electric Tool Corporation announced the release of a CHEATER aluminum adaptable pipe wrench for plumbers and mechanical trade professionals in October 2021. Major hand tool sets market players are concentrating on manufacturing facility capacity expansion to gain a competitive edge. For example, in June 2019, Channellock Inc announced a 35,000-square-foot expansion of its finished hand tools products warehouse.

Executive Summary

What are all the technical developments in the hand tool sets market?

Consumer spending on household hand tool sets has significantly increased worldwide as consumers strive to create aesthetically pleasing homes. The emergence of technology has made it possible to produce simple and practical household furnishings or equipment, fueling market expansion. Developing strong, string hand tool sets using various raw materials, including iron, black metal, wood, and steel, is another benefit of technological advancement. Continuous technological advancements and introduction of effective and modern hand tool sets with rust-preventive coatings contribute to market growth. Several major hand tool supply manufacturers are concentrating on developing new technology-driven hand tool sets. For instance, Klein Tools Inc launched two new adjustable length screwdrivers in November 2020 that function as both impact driver adapters and multi-bit screwdrivers, with onboard bit storage and advanced optimized control. Similarly, Craftsman, a subsidiary of Stanley Black Decker, launched new generation hand tool sets, equipment, and gadgets in September 2018.

Which are the key investments by the hand tool sets market players?

Hand tool set producers either invest in new production facilities or concentrate on enlarging their existing infrastructure to boost production capacity to meet the growing demand. Numerous important players have made significant investments in research and development, which has fueled the creation of more innovative products for the global market. Companies are also spending time and money to acquire and install modern machinery to develop and improve manufacturing facilities to produce more precise, long-lasting, and multi-featured hand tools. The companies are also seeking government assistance through their respective governments to waive higher import duties and subsidiaries and reduce stamp duty to acquire land and establish a sustainable production ecosystem.

Some major players in the hand tool set market are Stanley, Bostitch, Fiskars Tools, Black+Decker Inc, Irwin Industrial Tools, Crescent, Clauss, GreatNeck, Stalwart, KC Professional, Coghlan's, Attwood, DAP Products Inc, Jeobest.

What are the Major Driving Factors for the Hand Tool Sets Market?

The widespread use of hand tools in various residential and industrial applications fuels the hand tool sets market growth. Do-It-Yourself (DIY) is becoming increasingly popular among the global population. Many multifunctional DIY and residential hand tool sets with low-cost benefits are commonly accessible on the global market. The cost of outsourcing work is decreased when using these hand tool sets for maintenance and repairs, which promotes their use in residential applications. The market for hand tool sets is also expanding due to increasing online hand tool sales. Many companies in the hand tool set market now have e-commerce or online portals to showcase and sell their product line and services. Moreover, the development of multifunctional hand tool sets and hammer axe tools is anticipated to offer favorable growth opportunities for the global market.

What are the Major Risks for the Hand Tool Sets Market?

The rising preference for power tools over hand tools and rising costs of raw materials are the main factors restraining the growth of the hand tool sets market over the forecast period. Many end users prefer power and hand tools as they are more convenient and save time. Raw material price fluctuations heavily influence the production of home-use hand tools. Rising raw material prices, such as aluminum and iron used in the production of hand tool sets, are causing the end product to be overpriced. Threats to the hand tool set market are beginning to materialize, ranging from the existence of market substitutes on the global market to the difficulty in the operation of the market players. As a result, the availability of market alternatives is another important factor that could restrict the growth of the hand tool sets market over the anticipated period.

Which is the key application in the hand tool sets market?

The home use application segment is anticipated to grow the fastest during the forecast period. The changing consumer behavior and preferences for do-it-yourself (DIY) trends are attributed to the segment market growth. Customers accept simple hand tools in this approach to assist with household repairs and recovery. Consumers are increasingly using the do-it-yourself approach to modify, make, and repair things at home. Besides, with the advancement of technology, manufacturers are creating simple and convenient home-use equipment, providing consumers with an improved user interface experience. The availability of a diverse range of multifunctional tools designed to meet various customer needs is also expected to boost market demand for home-use hand tool sets in the coming years. Manufacturers create cost-effective and functional home-use tools to meet the needs of their customers. For instance, Bosch introduced the Bosch GSB 500 RE Kit in 2019, a power and hand tool kit that offers a full repair and modification tool kit for home use. These manufacturer initiatives are estimated to bolster global demand for home-use hand tool sets over the forecast period.

How is the hand tool sets market performing in regions?

The Asia Pacific hand tool sets market is expected to expand significantly during the forecast period due to rapid urbanization and increased infrastructure development investments. China is a significant international exporter of hand tool sets. China's rapid industrial development has prompted hand tools and accessory manufacturers to establish a regional presence. China's low labor and raw material costs enable manufacturers to produce hand tool sets and accessories at lower prices while maintaining high manufacturing productivity. Numerous small manufacturers that typically meet the Asian demand for hand tools are also in the Chinese market for toolsets. Moreover, developing China's automotive, electronics, and construction industries creates regional hand tool set market growth opportunities in the coming years.

Furthermore, the North American market is anticipated to hold the largest revenue share in the global hand tool sets market during the forecast period owing to the high demand from end-users such as metal processing plants, foundries, manufacturing facilities, etc., which use these hand tool sets for production purposes. Besides, prominent regional players such as Apex Tool Group, Leatherman Tool Group Inc, Stanley Black & Decker, Oreck Corporation, and Vollrath Industries Inc have influenced regional growth in recent years. The region's growing need for these hand tool sets is also attributed to an increase in home improvements and repairs and a sizable DIYer population. Moreover, the regional hand tool sets market will grow significantly due to the surge in automobile demand.

What is the regulatory landscape for the hand tool sets market?

The advancement of precise hand tools at a low cost using advanced machinery is expected to drive the market across multiple regions. Hand tool manufacturing considering country-specific product standardizations, can improve manufacturers' performance in various geographies. The production of hand tools with high precision and dimensional accuracy is made possible using Special Purpose Machines (SPM), CNC-operated machines, and VMC machines. Government regulations regarding workplace health and safety continue to encourage the use of personal protective equipment.

What is the Market Size of the Hand Tool Sets value?

The global hand tool sets market is anticipated to grow at a substantial CAGR of XX% in the upcoming years. The global hand tool sets industry is estimated to be worth USD XX million in 2021 and is expected to be worth USD XX million by 2028.

What are the major players planning for the future of the hand tool sets market?

Leading businesses use new product development as a tactical strategy to boost consumer market share. Advanced portable tools have been incorporated as a result of these strategies. In addition, strategic partnerships between leading companies for producing multifunctional hand tools, which allow a single tool to perform multiple tasks and their simple accessibility on various distribution channels, create a positive outlook for the market. Companies with names like Stanley Black & Decker are known for their innovative fastening solutions. Vendors are adapting their tools for home improvement tasks in response to the rise of DIY culture and the demand for more user-friendly tools. STANLEY anti-vibration hammers are intended for professionals. It also has a patented tuning fork design that aids in vibration reduction while working, which is the most requested feature in the market. Companies competing for household hand tools are constantly looking for new ways to boost their profit margins. As a result, the rapidly increasing competition's key market players are also focusing on developing strategies to improve security features and strive for increased global demand over the forecast period.

Segmentation of Global Hand Tool Sets Market -

Global Hand Tool Sets Market – By Type

• Machine Tools
• Electrician's Tools
• Other

Global Hand Tool Sets Market – By Application

• Home Use
• Professional Use

Global Hand Tool Sets Market – By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa