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Industrial Hand Tools Market Size

Report ID: GMI8137
Published Date: Feb 2024
Report Format: PDF

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Industrial Hand Tools Market Size

Industrial Hand Tools Market was valued at USD 25 billion in 2023 and is anticipated to register a CAGR of over 4.1% between 2024 & 2032. With the growing emphasis on automation in manufacturing processes, there has been a rising demand for hand tools that complement automated systems. Manufacturers are investing in designs that reduce strain and fatigue during prolonged use as well as incorporating safety mechanisms to prevent accidents.

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Emerging economies are witnessing rapid industrialization and infrastructure development, leading to an increased demand for hand tools across various sectors such as construction, automotive, and electronics. This presents opportunities for market expansion and penetration by both local & international hand tool manufacturers. The demand for industrial hand tools is closely tied to the overall industrial and manufacturing sector growth. As these sectors expand, there is a higher need for tools to support production and Maintenance, Repair & Operations (MRO) activities.

Industrial Hand Tools Market Report Attributes
Report Attribute	Details
Base Year:	2023
Industrial Hand Tools Market Size in 2023:	USD 25 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	4.1%
2024 – 2032 Value Projection:	USD 38 Billion
Historical Data for:	2018 – 2023
No. of Pages:	161
Tables, Charts & Figures:	232
Segments covered:	Product Type, Application, and Distribution Channel
Growth Drivers:	Industrial growth and manufacturing activities Infrastructure development and construction Maintenance, Repair, and Operations (MRO) activities
Pitfalls & Challenges:	Labor shortages Shift toward electric- & battery-powered tools

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Rapid technological advancements, such as the emergence of automation and robotics, may reduce the demand for certain types of hand tools as industries increasingly adopt automated solutions. This can pose a challenge for traditional hand tool manufacturers to stay relevant and competitive. The industrial hand tools market is closely tied to overall economic conditions. During economic downturns or periods of uncertainty, businesses may reduce their capital expenditure, leading to a decreased demand for industrial hand tools.

The market is highly competitive with numerous players ranging from multinational corporations to local manufacturers. Intense competition often leads to price wars and thin profit margins, restraining the growth potential of individual companies. In some regions, there may be a shortage of skilled laborers who are proficient in effectively using industrial hand tools. This can impact the adoption of certain tools or technologies, particularly in industries where manual labor is still prevalent.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market valuation of the Industrial hand tools was worth over USD 25 billion in 2023 and is set to expand at over 4.1% CAGR from 2024 to 2032, driven by the growing emphasis on automation in manufacturing processes and the surging need for hand tools that complement automated systems.

Industrial hand tools market from the hammers segment was reached USD 4.8 billion in 2023 and is estimated to grow substantially from 2024 to 2032, attributed to their versatility which makes them indispensable in many industrial settings, where different tasks need to be performed.

North America industrial hand tools market size generated USD 8.1 billion in 2023 and is estimated to record robust growth through 2032, owing to the ongoing development of sophisticated manufacturing processes and expertise in producing high-quality industrial hand tools.

Some of the top manufacturers of the industrial hand tools are Stanley Black & Decker, Inc., Knipex, Klein Tools, Inc., Wera, Zhejiang SALI Abrasive Technology Co., Ltd, DEWALT, Ideal Industries, Pangu Industrial Co., Ltd., C&A Hardware Tools Co., Ltd., Apex Tool Group, JPW Industries, JETECH, and Excelta, Sinotools, among others.