ROCKVILLE, Md., Oct. 23, 2024 (Globe Newswire) — The global hand tools and accessories market will be valued at $21 billion in 2024, according to Fact.MR, a market research and competitive intelligence provider. It is estimated to reach USD. It is expected to grow at a CAGR of 4.1% during the forecast period 2024-2034.
The hand tools and accessories market is characterized by its diversity due to the presence of hand tools, power tools, and a wide range of accessories. Materials science and ergonomics have revolutionized the field by improving the functionality and ease of use of hand tools. The need for hand tools is accelerated by rapid industrialization and infrastructure growth, especially in developing countries. The construction and automotive industries are increasingly adopting high-quality, durable tools used for production and maintenance purposes.
Innovations in hand tool technology, such as improved materials and ergonomic designs, have led consumers to prefer more efficient and durable tools. The integration of smart technologies into some tools is also opening up new market segments and applications. Consumers are turning to high-end tools for the home, motivated by a desire for personalization and economy.
The growth of the hand tools and accessories market is expected to continue due to industry, technological advancements, and changes in consumer behavior. Organizations that capitalize on such trends through investments in product development will be within reach of future market opportunities in a rapidly changing business environment.
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Key points from market research:
The global hand tools and accessories market is projected to grow at a CAGR of 4.1% to reach USD 31.4 billion by 2034. This market created an opportunity of USD 10.4 billion between 2024 and 2034. North America is the prominent region estimated to hold the global market share. 36.9% in 2034 Key market players include Stanley Black & Decker, Inc, Snap-on Incorporated, Robert Bosch GmbH, Hilti Corporation, Makita Corporation, Klein Tools, Inc, Techtronic Industries Co. Ltd. (TTI) segment Includes product types of cutting tools. It is estimated to grow at a CAGR of 4.6%, creating an absolute revenue opportunity of USD 4.3 billion between 2024 and 2034. Automotive-type applications are expected to reach approximately USD 4.2 billion by 2024
“Innovations in tool technology have improved performance and efficiency,” said Fact.MR analysts.
Key companies 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 Stock It’s a company. , Robert Bosch GmbH, SATA Tools, Snap-on Incorporated, Stanley Black & Decker, Inc., Techtronic Industries Co. Ltd. (TTI), and other prominent players.
Developments by Market Players in the Hand Tools and Accessories Market:
Hilti Corporation: In January 2024, Hilti launched new sustainability goals, including a commitment to achieve carbon neutrality within its operations by 2025. Also, to minimize its environmental impact, the company launched a new series of eco-friendly hand tools made from recycled materials in July. 2024. Makita Corporation: In March 2024, Makita announced an expansion of its global distribution network that will make its tools easier to use in developing regions. In October 2024, the company released new battery technology specifically for power tools with fast charging and long life.
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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, pledging to reduce carbon emissions by 30% across its global operations by 2030. I did. The group has introduced new eco-friendly hand tool packaging. Robert Bosch GmbH: As part of its efforts to reduce energy use and CO2 emissions from its production facilities, Bosch made an important statement in February 2024 regarding significant investments in its factories. Sustainable manufacturing techniques. Then, in June 2024, the company introduced a new line of ergonomic hand tools designed to be easily used by consumers for long periods of time without fatigue or fatigue.
Further valuable insights are provided:
Fact.MR, in its new offering, provides an unbiased analysis of the global hand tools and accessories market, presenting historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The study analyzes results based on product type (cutting tools, impact tools, gripping tools, measuring and marking tools, drilling and fastening tools), end user (professional/industrial, DIY/consumer), and application (construction). An important insight has emerged. , Woodworking, Automotive, Gardening & Landscaping, Household) by distribution channel across major regions of the world: North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, Middle East & Africa.
Hand Tools and Accessories Market Research Segmentation
By Product Type: Cutting Tools Saws Chisels Utility Knives Strike Tools Gripping Tools Measuring and Marking Tools Drilling and Fixing Tools By End User: Professional/Industrial DIY/Consumer By Application: Construction Woodworking Automotive Gardening and Landscaping Residential By Distribution Channel : Online Retailer Home Center Home Center Direct Sales
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