Industrial Hand Tools Market Trends, Share, and Growth (2021-2031)
The Industrial Hand Tools Market is expected to register a CAGR of 6.2% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The market is segmented into by Product Type and Sales Channe. The Product Type segment is divided into Taps and Dies, Layout and Measuring Tools, General Purpose Tools, Working Tools, and Others. Based on Sales Channel, the global Industrial Hand Tools market is segmented into Direct and Indirect.
Purpose of the ReportThe report Industrial Hand Tools Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Industrial Hand Tools Market Segmentation
Product Type- Taps and Dies
- Layout and Measuring Tools
- General Purpose Tools
- Working Tools
- Direct and Indirect
Strategic Insights
Industrial Hand Tools Market Growth Drivers- Increasing Adoption of Automation: The industrial hand tools market is influenced by the increasing adoption of automation in the manufacturing process. As industries adopt more automated systems, there will be a high demand for hand tools that complement such technologies, ensuring that workers are adequately equipped to accomplish jobs requiring manual intervention.
- Growing Demand for High-Performance Hand Tools Across Industries: Need for Robust and Efficient Hand Tools In various industries, the demand for robust and efficient hand tools is increasing. Companies targeted operational efficiency that creates the urgency to switch over to high-performance tools that can handle tough operation with good reliability. Among such industries, construction, automotive, and manufacturing predominantly show this practice
- Emphasis on Safety and Ergonomics: There is an obvious trend going on in this industrial hand tools market - it is the increasing importance assigned to factors of safety and ergonomic design. More and more production of safer equipment, focus on designs more amenable to human use, reduce fatigue over longer periods of time. Significantly, this is part of a much larger movement toward increased worker safety and comfort in industrial environments.
- Integration of Smart Technologies : There is further increasing integration of smart technologies in hand tools. Tools utilized with sensors and connectivity will offer real-time data regarding usage, maintenance needs, and performance metrics. This is in line with the general direction of digitalization in other sectors. Users will enjoy improved functionality and efficiency
- Opportunity in the DIY Market: The growing interest in doing-it-yourself projects, especially in the developing economies, created a huge opportunity for the industrial hand tools market. More people are now working on the improvement of homes and personal projects, thereby increasing the demand for quality hand tools among professional as well as amateur users constantly.
- Invention of tool design along with safety features: Manufacturers can innovate tools designed with increased safety features and ergonomic designs. Industrial hand tool design that reduces the risk of injury while improving comfort to users will attract customers and gain a competitive advantage in the industrial hand tools market
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Industrial Hand Tools Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Industrial Hand Tools Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Industrial Hand Tools Market is estimated to witness a CAGR of 6.2% from 2023 to 2031
The major factors driving the Industrial Hand Tools market are: Industrial Growth
Presence of counterfeit products
Akar Tools Limited, Apex Tool Group, LLC., Channellock, Inc., CRAFTSMAN, IBT Industrial Solutions, Irwin Industrial Tools, PARD Hardware Industrial, Snap-On Incorporated, Techtronic Industries Co. Ltd.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Industrial Hand Tools Market - By Product Type
1.3.2 Industrial Hand Tools Market - By Sales Channel
1.3.3 Industrial Hand Tools Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. INDUSTRIAL HAND TOOLS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. INDUSTRIAL HAND TOOLS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. INDUSTRIAL HAND TOOLS MARKET - GLOBAL MARKET ANALYSIS
6.1. INDUSTRIAL HAND TOOLS - GLOBAL MARKET OVERVIEW
6.2. INDUSTRIAL HAND TOOLS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. INDUSTRIAL HAND TOOLS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. TAPS AND DIES
7.3.1. Overview
7.3.2. Taps and Dies Market Forecast and Analysis
7.4. LAYOUT AND MEASURING TOOLS
7.4.1. Overview
7.4.2. Layout and Measuring Tools Market Forecast and Analysis
7.5. GENERAL PURPOSE TOOLS
7.5.1. Overview
7.5.2. General Purpose Tools Market Forecast and Analysis
7.6. WORKING TOOLS
7.6.1. Overview
7.6.2. Working Tools Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. INDUSTRIAL HAND TOOLS MARKET - REVENUE AND FORECASTS TO 2028 - SALES CHANNEL
8.1. OVERVIEW
8.2. SALES CHANNEL MARKET FORECASTS AND ANALYSIS
8.3. DIRECT
8.3.1. Overview
8.3.2. Direct Market Forecast and Analysis
8.4. INDIRECT
8.4.1. Overview
8.4.2. Indirect Market Forecast and Analysis
9. INDUSTRIAL HAND TOOLS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Industrial Hand Tools Market Overview
9.1.2 North America Industrial Hand Tools Market Forecasts and Analysis
9.1.3 North America Industrial Hand Tools Market Forecasts and Analysis - By Product Type
9.1.4 North America Industrial Hand Tools Market Forecasts and Analysis - By Sales Channel
9.1.5 North America Industrial Hand Tools Market Forecasts and Analysis - By Countries
9.1.5.1 United States Industrial Hand Tools Market
9.1.5.1.1 United States Industrial Hand Tools Market by Product Type
9.1.5.1.2 United States Industrial Hand Tools Market by Sales Channel
9.1.5.2 Canada Industrial Hand Tools Market
9.1.5.2.1 Canada Industrial Hand Tools Market by Product Type
9.1.5.2.2 Canada Industrial Hand Tools Market by Sales Channel
9.1.5.3 Mexico Industrial Hand Tools Market
9.1.5.3.1 Mexico Industrial Hand Tools Market by Product Type
9.1.5.3.2 Mexico Industrial Hand Tools Market by Sales Channel
9.2. EUROPE
9.2.1 Europe Industrial Hand Tools Market Overview
9.2.2 Europe Industrial Hand Tools Market Forecasts and Analysis
9.2.3 Europe Industrial Hand Tools Market Forecasts and Analysis - By Product Type
9.2.4 Europe Industrial Hand Tools Market Forecasts and Analysis - By Sales Channel
9.2.5 Europe Industrial Hand Tools Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Industrial Hand Tools Market
9.2.5.1.1 Germany Industrial Hand Tools Market by Product Type
9.2.5.1.2 Germany Industrial Hand Tools Market by Sales Channel
9.2.5.2 France Industrial Hand Tools Market
9.2.5.2.1 France Industrial Hand Tools Market by Product Type
9.2.5.2.2 France Industrial Hand Tools Market by Sales Channel
9.2.5.3 Italy Industrial Hand Tools Market
9.2.5.3.1 Italy Industrial Hand Tools Market by Product Type
9.2.5.3.2 Italy Industrial Hand Tools Market by Sales Channel
9.2.5.4 United Kingdom Industrial Hand Tools Market
9.2.5.4.1 United Kingdom Industrial Hand Tools Market by Product Type
9.2.5.4.2 United Kingdom Industrial Hand Tools Market by Sales Channel
9.2.5.5 Russia Industrial Hand Tools Market
9.2.5.5.1 Russia Industrial Hand Tools Market by Product Type
9.2.5.5.2 Russia Industrial Hand Tools Market by Sales Channel
9.2.5.6 Rest of Europe Industrial Hand Tools Market
9.2.5.6.1 Rest of Europe Industrial Hand Tools Market by Product Type
9.2.5.6.2 Rest of Europe Industrial Hand Tools Market by Sales Channel
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Industrial Hand Tools Market Overview
9.3.2 Asia-Pacific Industrial Hand Tools Market Forecasts and Analysis
9.3.3 Asia-Pacific Industrial Hand Tools Market Forecasts and Analysis - By Product Type
9.3.4 Asia-Pacific Industrial Hand Tools Market Forecasts and Analysis - By Sales Channel
9.3.5 Asia-Pacific Industrial Hand Tools Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Industrial Hand Tools Market
9.3.5.1.1 Australia Industrial Hand Tools Market by Product Type
9.3.5.1.2 Australia Industrial Hand Tools Market by Sales Channel
9.3.5.2 China Industrial Hand Tools Market
9.3.5.2.1 China Industrial Hand Tools Market by Product Type
9.3.5.2.2 China Industrial Hand Tools Market by Sales Channel
9.3.5.3 India Industrial Hand Tools Market
9.3.5.3.1 India Industrial Hand Tools Market by Product Type
9.3.5.3.2 India Industrial Hand Tools Market by Sales Channel
9.3.5.4 Japan Industrial Hand Tools Market
9.3.5.4.1 Japan Industrial Hand Tools Market by Product Type
9.3.5.4.2 Japan Industrial Hand Tools Market by Sales Channel
9.3.5.5 South Korea Industrial Hand Tools Market
9.3.5.5.1 South Korea Industrial Hand Tools Market by Product Type
9.3.5.5.2 South Korea Industrial Hand Tools Market by Sales Channel
9.3.5.6 Rest of Asia-Pacific Industrial Hand Tools Market
9.3.5.6.1 Rest of Asia-Pacific Industrial Hand Tools Market by Product Type
9.3.5.6.2 Rest of Asia-Pacific Industrial Hand Tools Market by Sales Channel
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Industrial Hand Tools Market Overview
9.4.2 Middle East and Africa Industrial Hand Tools Market Forecasts and Analysis
9.4.3 Middle East and Africa Industrial Hand Tools Market Forecasts and Analysis - By Product Type
9.4.4 Middle East and Africa Industrial Hand Tools Market Forecasts and Analysis - By Sales Channel
9.4.5 Middle East and Africa Industrial Hand Tools Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Industrial Hand Tools Market
9.4.5.1.1 South Africa Industrial Hand Tools Market by Product Type
9.4.5.1.2 South Africa Industrial Hand Tools Market by Sales Channel
9.4.5.2 Saudi Arabia Industrial Hand Tools Market
9.4.5.2.1 Saudi Arabia Industrial Hand Tools Market by Product Type
9.4.5.2.2 Saudi Arabia Industrial Hand Tools Market by Sales Channel
9.4.5.3 U.A.E Industrial Hand Tools Market
9.4.5.3.1 U.A.E Industrial Hand Tools Market by Product Type
9.4.5.3.2 U.A.E Industrial Hand Tools Market by Sales Channel
9.4.5.4 Rest of Middle East and Africa Industrial Hand Tools Market
9.4.5.4.1 Rest of Middle East and Africa Industrial Hand Tools Market by Product Type
9.4.5.4.2 Rest of Middle East and Africa Industrial Hand Tools Market by Sales Channel
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Industrial Hand Tools Market Overview
9.5.2 South and Central America Industrial Hand Tools Market Forecasts and Analysis
9.5.3 South and Central America Industrial Hand Tools Market Forecasts and Analysis - By Product Type
9.5.4 South and Central America Industrial Hand Tools Market Forecasts and Analysis - By Sales Channel
9.5.5 South and Central America Industrial Hand Tools Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Industrial Hand Tools Market
9.5.5.1.1 Brazil Industrial Hand Tools Market by Product Type
9.5.5.1.2 Brazil Industrial Hand Tools Market by Sales Channel
9.5.5.2 Argentina Industrial Hand Tools Market
9.5.5.2.1 Argentina Industrial Hand Tools Market by Product Type
9.5.5.2.2 Argentina Industrial Hand Tools Market by Sales Channel
9.5.5.3 Rest of South and Central America Industrial Hand Tools Market
9.5.5.3.1 Rest of South and Central America Industrial Hand Tools Market by Product Type
9.5.5.3.2 Rest of South and Central America Industrial Hand Tools Market by Sales Channel
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. INDUSTRIAL HAND TOOLS MARKET, KEY COMPANY PROFILES
11.1. AKAR TOOLS LIMITED
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. APEX TOOL GROUP, LLC.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. CHANNELLOCK, INC.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. CRAFTSMAN
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. IBT INDUSTRIAL SOLUTIONS
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. IRWIN INDUSTRIAL TOOLS
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PARD HARDWARE INDUSTRIAL
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SNAP-ON INCORPORATED
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. TECHTRONIC INDUSTRIES CO. LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WERA
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
- Akar Tools Limited
- Apex Tool Group, LLC.
- Channellock, Inc.
- CRAFTSMAN
- IBT Industrial Solutions
- Irwin Industrial Tools
- PARD Hardware Industrial
- Snap-On Incorporated
- Techtronic Industries Co. Ltd.
- Wera
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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