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Global Hand Tools and Woodworking Tools Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented By End-user (Professional and Residential), Distribution Channel (Online and Retail) and Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) – Industry Analysis (2024 to 2029)

Published: March, 2023
ID: 13061
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Hand Tools and Woodworking Tools Market Size (2024 to 2029)

The size of the global hand tools and woodworking tools market is expected to be valued at USD 11.41 billion by 2029 from USD 9.16 billion in 2024, growing at a CAGR of 4.48% from 2024 to 2029.

Hand tools are used to give the required shape to the material without using any motor. Hand tools include dividers, hammers, rulers, cutters, screwdrivers, pliers, clamps, knives, and outdoor tools. They are used in operations such as sawing, chopping, chiselling, filing, or forging. Woodworking tools are used to make items from wood. It can be done by wood carving, joinery, carpentry, and woodturning. Several woodworking tools are straight edge, try square, gauges, and cutting tools. These hand tools and woodworking tools are used in construction, interior designing, and residential and commercial purposes.

Global Hand Tools and Woodworking Tools Market Drivers:

Rise in the construction sector in developing countries is propelling the growth of the global hand tools and woodworking tools market. Developing countries such as India, China, Japan, the Middle East, and African countries are heavily investing in construction and infrastructure projects. The demand for construction is increasing with a growing population and rapid urbanization. Even governments are investing in high-value infrastructure projects such as roads, railways, airports, utilities, and commercial buildings for development purposes. Further growing adoption of hand tools for residential usage is fuelling the hand tools and woodworking tools market. Moreover, an increase in repair and maintenance operations is propelling the market growth.

To cater to craftsmen's needs, hand tools and woodworking tools should be produced in all specifications, which creates a lucrative opportunity for market growth during the forecast period. Furthermore, the increase in demand for multitasking tools is providing a huge opportunity for market expansion. Moreover, the automation of hand tools and woodworking tools helps reduce human efforts, has less operational costs, and improves human safety, significantly contributing to market growth.

Global Hand Tools and Woodworking Tools Market Restraints:

Safety concerns due to improper handling of tools is one of the major restraints to the growth of the global market. Hand tools and woodworking tools are generally sharp-edged and heavy tools mainly used for cutting, drilling, fitting, shaping, and repairing operations. The improper handling of tools during operations can result in safety issues and hinder market growth. Several mishaps due to lack of knowledge and operations not performed under the guidance can hamper the hand tools and woodworking tools market during the period. lack of hand tools with all specifications that can be used for every application is hampering the market expansion.

Impact of COVID-19 on the global hand tools and woodworking tools market:

COVID-19 pandemic majorly affected the hand tools and woodworking tools market. All the manufacturing units were completely shut down during the spread of COVID 19 in 2020. Due to this reason, the global demand for the market was lowered. All the constructional, industrial, and other activities were cancelled due to disruptions in the supply chain. However, with the increasing focus on home decorations and interiors, there is a shift in increasing the growth rate of the market exponentially. All the activities were resumed in 2022, where the after that is creating sustainable growth opportunities for the market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

4.47%

Segments Covered

By Distribution Channel, End user and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Stanley Black & Decker, Apex Tool Group, Snap-On Incorporated, Techtronic Industries Co. Ltd, Klein Tools, Husqvarna, Akar Auto Industries Ltd, Hangzhou Great Star Industrial Co. Ltd and Others.

 

This research report on the global hand tools and woodworking tools market has been segmented and sub-segmented based on the distribution channel, end-user and region.

Global Hand Tools and Woodworking Tools Market - By End-user:

  • Professional
  • Residential

Based on end-user, the professional segment is anticipated to hold the largest share of the global hand tools and woodworking tools during the forecast period. With rapid urbanization, commercial spaces are increasing in cities. Many companies are extending their branches to metropolitan cities is driving the market growth. The increase in carpentry and electrification services with an increase in professional construction projects is fueling the hand tools and woodworking tools market in the period.

Global Hand Tools and Woodworking Tools Market - By Distribution Channel:

  • Online
  • Retail

The online distribution channel is registering the highest market share in the hand tools and woodworking tools market during the forecast period. With an increase in digitalization, companies are opening their online channels for selling items. Many third-party stores are selling hand tools and woodworking tools online. Even consumers prefer online platforms as a wide range of tools are available and readily delivered. These factors are actively driving the hand tools and woodworking tools market in the period.

Global Hand Tools and Woodworking Tools Market – By Region:

  • North America
    • The United States
    • Canada
    • Rest of North America
  • Europe
    • The United Kingdom
    • Spain
    • Germany
    • Italy
    • France
    • Rest of Europe
  • The Asia Pacific
    • India
    • Japan
    • China
    • Australia
    • Singapore
    • Malaysia
    • South Korea
    • New Zealand
    • Southeast Asia
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of LATAM
  • The Middle East and Africa
    • Saudi Arabia
    • UAE
    • Lebanon
    • Jordan
    • Cyprus

The Asia- Pacific region is anticipated to record the largest market revenue in the hand tools and woodworking tools market during the forecast period. Developing economies such as India, China, Japan, and Australia are undertaking high-value construction and infrastructure projects for development. Governments are heavily investing in construction projects owing to the rising population and rapid urbanization. Further, the rising demand for interior decoration in residential and commercial buildings in countries such as China and South Korea is driving the hand tools and woodworking tools market in the Asia- Pacific region.

KEY MARKET PLAYERS:

Companies playing a leading role in the global hand tools and woodworking tools market include Akar Auto Industries Ltd., Apex Tool Group LLC., Channellock, Inc., Gray Tools Canada Inc., Hangzhou Great Star Industrial Co. Ltd., Husqvarna Group, Ideal Industries, Ingersoll Rand, Jcbl Ltd., Jetech Tool Co. Ltd., Kirchhoff Group, Klein Tools, Inc., Lie-Nielsen Toolworks, Martin Sprocket & Gear, Inc., Ningbo Great Wall Precision Industrial Co. Ltd., Ridgid Tools, Robert Bosch, Snap-On Incorporated, Stanley Black & Decker, Inc. and Taparia Tools Ltd.

RECENT HAPPENINGS IN THE MARKET:

  • In 2022, an Exhibition on the woodworking and furniture manufacturing industry was held in Bengaluru. This exhibition provides recent innovations and technological advancements in the industry.
  • In 2022, Gray Tools Canada Inc. invested in its Canadian manufacturing capabilities. The company bought a vertical machining center and focused on improving productivity and global sales.

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FAQ's

What will be the Hand Tools and Woodworking tools market value by the end of 2028?

The Global Hand Tools and Woodworking tools market size is expected to reach USD XXX billion by 2028.

Which segment has the dominant shares based on the region in the Hand Tools and Woodworking tools market?

The Asia-Pacific region has the largest share of the Hand Tools and Woodworking tools market.

Mention the key players in the Hand Tools and Woodworking tools market?

Akar Auto Industries Ltd., Apex Tool Group LLC., Channellock, Inc., Gray Tools Canada Inc., Hangzhou Great Star Industrial Co. Ltd., Husqvarna Group, and Ideal Industries are the key players in the market.

What is the expected CAGR for the market?

The market is expected to register at a CAGR of XX % during the forecast period 2023-2028.

What are the driving factors for the Hand Tools and Woodworking tools market?

Upsurge in construction and infrastructure projects, rapid urbanization, growing population, and government investment in developing countries like India, China, Australia, and Japan are driving factors for market growth. 

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