Hand Tools Market Is Estimated To Witness High Growth Owing To Rapid Growth In Construction Industry
- Ronak Shah
- World News
- January 22, 2025

The Hand Tools Market is estimated to be valued at US$ 22.8 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights The rapid growth of the construction industry has driven the demand for hand tools across the globe.
Rise in infrastructure development and residential construction projects have increased the demand for wrenches, hammers, pliers, screwdrivers and other hand tools. According to World Bank, the global infrastructure spending is expected to grow by 3% annually till 2040. Moreover, preference for DIY activities among individuals has boosted demand for gardening, woodworking and other hand tools. However, stringent regulations surrounding usage of hazardous materials in tool manufacturing may hamper market growth over the forecast period.
Key Market Trends: Introduction of green hand tools is a key trend gaining traction in the market. Growing environmental concerns have compelled manufacturers to opt for renewable materials such as bamboo, recycled plastic and stainless steel for manufacturing handles, sockets and other parts. Morever, development of cordless hand tools is also witnessing high demand. Introduction of lithium-ion battery technology in hand drills, impact wrenches and other tools has improved user convenience. Some key players are focusing on launch of smart hand tools integrated with Wi-Fi and Bluetooth connectivity for monitoring tool usage, tracking inventory etc. For instance, Drebo hand tools launched its line of smart wrenches & screwdrivers with embedded sensors to provide analytics on number of turns, applied torque etc.
Hand Tools Market Opportunities: By Type Insights : The do-it-yourself (DIY) segment accounted for the largest revenue share of over 35% in 2019 and is projected to witness a growth rate of 6.2% during the forecast period. The increasing inclination of individuals towards DIY activities such as furniture assembly, plumbing works, and small construction works is driving the growth of this segment.
By Application Type Insights: The industrial sector accounted for more than 45% of the global revenue in 2019. The growth of industries such as construction, automotive, manufacturing is driving the demand for hand tools in industrial applications. The rising construction of commercial and residential buildings around the world is augmenting the growth of this segment.
Wrenches generated revenue of USD 6.2 billion in 2019 and are expected to grow at 5.4% CAGR during the forecast period. Wrenches are indispensible for fastening or loosening nuts and bolts. Their wide application in industrial, DIY, and automotive sectors is driving the demand for wrenches. Socket wrenches offer better grip and torque than other wrenches, making them highly preferred for automotive work.
Key Market Takeaways: The global hand tools market size was valued at USD 22.8 Bn in 2024 and is anticipated to witness a CAGR of 5.9% during the forecast period 2024-2031. The growth can be attributed to the rising home improvement and infrastructure development activities globally.
Based on application type, the industrial segment is expected to hold the dominant position owing to increasing industrialization in developing nations.
By product type, wrenches are projected to remain the highest revenue generator segment due to their wide usage.
Regionally, North America dominated the global market with a share of over 30% in 2024 led by high DIY culture and infrastructure spending in the US and Canada.
Competitor Insights: The key players operating in the hand tools market include Apex Tools Group, Akar Tools Ltd., Wera Tools, Snap-on, Stanley Black & Decker, Techtronic Industries, and Klein Tools. These players are focusing on new product launches and mergers & acquisitions to strengthen their position in the market.
Recent Developments: While digital fabrication gains momentum, manual tools still see robust long-term opportunities across industry. Citing figures, analysts predict the global hand & power tool market value will surpass $30 billion by 2025. Major growth drivers include building & construction, automotive repair, woodworking, and expanding DIY culture. Furthermore, developing economies demonstrate rising demand for hand tools as basic infrastructure buildouts continue apace using mostly manual labor. More information in full report.