Hand Tools and Woodworking Tools Market Size, Share and Trends 2024 to 2034

Hand Tools and Woodworking Tools Market Size and Forecast 2024 to 2034

The global hand tools and woodworking tools market size is anticipated to reach around USD 14.21 billion by 2034 from USD 9.20 billion in 2024, at a CAGR of 4.03% from 2024 to 2034. The hand tools and woodworking tools market is growing due to an increase in construction and infrastructure projects.

Hand Tools and Woodworking Tools Market Key Takeaways

• Asia Pacific dominated the hand tools and woodworking tools market in 2023.
• North America is expected to grow at the fastest rate in the market during the forecast period.
• By type, the wrenches segment held the largest share of the market in 2023.
• By distribution channel, the retail segment dominated the market in 2023.
• By distribution channel, the online segment is projected to show the fastest growth in the market over the forecast period.
• By end user, the professional segment led the market in 2023.
• By end user, the DIY segment is expected to grow at the fastest rate in the market during the projected period.

Market Overview

Hand tools don’t require electricity and are commonly used in gardening, agriculture, and framing. Since these tools are manually operated, they are suited for specific tasks and skills. Woodworking tools, which include manually operated equipment for tasks like plumbing, carpentry, servicing, and maintenance, are used across various sectors such as construction, oil & gas, and automotive industries. These tools are available for purchase through a variety of channels, including wholesalers, retail stores, authorized dealers, company websites, and e-commerce platforms. The demand for woodworking tools is high due to their durability and affordability.

How Can AI Be Integrated into the Hand tools and woodworking tools Market?

AI in the hand tools and woodworking tools market enables smooth project completion with exceptional accuracy. The effectiveness of AI depends on identifying specific tasks it can improve, such as precise measurements for framing or achieving clean cuts in lumber. For AI technology to work effectively, accurate input data is needed. Woodworking machines with AI rely on detailed user specifications to perform high-precision tasks. In design and planning, AI-driven tools like automated CAD/CAM systems transform the conceptualization of projects, supporting creative processes that allow for the creation of complex and custom woodwork designs.

• In February 2024, Ingka Group, the parent company of Ikea Retail, debuted an AI-powered home design inspiration and shopping tool on the OpenAI GPT Store. Consumers can use ChatGPT to describe their specific home design needs and receive customized recommendations.

Hand Tools and Woodworking Tools Market Growth Factors

• The rising adoption of hand tools in households for residential reasons is expected to drive market growth soon.
• Government initiatives from all significant countries can fuel the hand tools and woodworking tools market growth further.
• Rising investment in infrastructure development will likely contribute to the hand tools and woodworking tools market expansion.

Market Scope

Market Dynamics

Driver

Increasing woodworking hobbyists

There has been a significant increase in hobbyists turning to traditional woodworking methods. This trend highlights a rising appreciation for craftsmanship and manual skills, with many enthusiasts favoring hand tools over power. Moreover, this shift underscores a preference for precision, artistry, and a more personal engagement with the woodworking process. Hence, the hand tools and woodworking tools market is seeing a growing demand for high-quality hand tools to meet the needs of this expanding group of woodworking enthusiasts.

• In January 2024, Hilti North America launched new cordless tools on the 22V Nuron battery platform. Hilti's latest cordless innovations will add to its wood-cutting portfolio, among others. The SC 6WP-22 Plunge saw is designed for cutting in wood, fiberboard, drywall, and solid surfaces, including straight and bevel cuts and intricate cut-outs.

Restraint

Competition from substitute products

The hand tools and woodworking tools market faces competition from substitute products like power tools, automated machinery, and other equipment. These alternatives are especially rare in large-scale industrial operations. Although hand tools are valued for their convenience, durability, and cost-effectiveness, the presence of these substitutes can affect their demand in industrial environments. To stand out, manufacturers must highlight the distinctive benefits of hand tools and invest in innovative approaches to set their products apart.

Opportunity

Introduction of ergonomically designed

The operational side of industrial as well as commercial facilities. There have been various advancements in the design and features of hand tools like lawn and garden tools. Companies are also focusing on designing hand tools that can improve. Furthermore, they are also emphasizing manufacturing equipment that is ergonomically designed. Also, people utilizing this equipment, such as electricians, are seeking ergonomically designed hand tools. This can create opportunities in the hand tools and woodworking tools market.

• In January 2024, Europe’s leading watering and hand tools brand, GARDENA, announced the launch of their new and improved cutting range, including the SuperCut garden secateurs and loppers. With over 50 years of experience, GARDENA has developed a new range of cutting tools to help gardeners keep their outdoor spaces pruned to perfection. Made and engineered in Germany, the SuperCut range of cutting tools is lightweight and ergonomically designed. Created with ease and comfort in mind, the SuperCut range can tackle even the most demanding pruning tasks.

Type Insights

The wrenches segment held the largest share of the hand tools and woodworking tools market in 2023. The growing trend of DIY home improvement projects has led to increased sales of hand tools, including wrenches. Homeowners and hobbyists often require wrenches for assembling furniture, fixing appliances, and other household tasks. Advances in wrench design, such as ergonomic handles, ratcheting mechanisms, and improved torque control, have enhanced their efficiency and user-friendliness. These innovations make wrenches more appealing to users, boosting their market share.

Distribution Channel Insights

The retail segment dominated the hand tools and woodworking tools market in 2023. It comprises the key players: suppliers, distributors, dealers, and wholesalers. The segment also consists of many logistical and transportation operations where hand tools are carried from manufacturer to retailer. Hardware shops and tools are stores in the retail market that can drive market growth.

• In June 2023, Woodcraft Supply, a national retailer that offers woodworking tools and supplies, expanded its Pinnacle tool line to include precision marking and measuring tools. Pinnacle is a proprietary brand of professional-quality tools, including hand tools like socket firmer chisels, turning tools, and the No. 151 spokeshave.

The online segment is projected to show the fastest growth in the hand tools and woodworking tools market over the forecast period. This segment provides customers with various benefits, such as door-to-door delivery of products of different brands to choose from their online e-commerce platforms. The online platform has allowed manufacturers to sell their products directly to consumers.

End-user Insights

The professional segment led the hand tools and woodworking tools market in 2023. Rising population and infrastructural development globally, applications such as electrification, plumbing, and carpentry have registered notable growth. Moreover, growth in industries like electronics, oil and gas, aerospace, and mining also contributed to the segment expansion throughout the forecast period.

The DIY segment is expected to grow at the fastest rate in the hand tools and woodworking tools market during the projected period. The growth can be attributed to the customers trying to be more independent and self-reliant. Factors such as higher labor costs and frequent availability with the lower cost of hand tools have induced the utilization of hand tools for DIY purposes. This key trend can fuel segment growth further.

Regional Insights

Asia Pacific dominated the hand tools and woodworking tools market in 2023. The growth is driven by rising construction activities, DIY trends, and increasing emphasis on craftsmanship. The market is also driven by technological development, including the adoption of automated equipment and power tools. Furthermore, countries like China, Japan, and India are experiencing substantial demand for these tools, which can boost market growth further in the future.

North America is expected to grow at the fastest rate in the hand tools and woodworking tools market during the forecast. The growth can be linked to advancements in tools, which have led to the development of innovative products like power tools with lithium-ion batteries and efficient woodworking machines. With new precision capabilities.

In North America, particularly in the U.S., the demand for this equipment is driving because of the increase in the number of manufacturing plants in the region. Additionally, these setups need various types of equipment based on their requirements, which is further propelling the market growth in the region.

• In August 2022, Milwaukee Tool was joined by the Wisconsin Economic Development Corporation (WEDC), the Milwaukee 7 (M7), West Bend officials, and industry partners to celebrate the grand opening of the company's newest manufacturing plant in West Bend, WI.

List of countries by forest area (2020)

Hand Tools and Woodworking Tools Markets Top 10 Companies

• Akar Tools Limited
• Stanley Black and Decker
• Apex Tool Group
• Klein Tools Inc
• Snap-On Incorporated
• Techtronic Industries Co. Ltd
• Wera Tools
• Channellock, Inc
• JCBL India
• Emerson Electric Co.

Recent Developments

• In February 2024, Egypt forged strategic partnerships with LUKOIL and Dragon Oil to enhance oil production and expand its global footprint through exploration and development agreements.
• In January 2024, Phillips Machine Tools and Upanal CNC Solutions, a prominent player in Southern India's manufacturing sector, formed a strategic alliance. This partnership aims to increase market presence in South India by combining Upanal CNC's extensive local experience with Phillips's expertise in machining and complementary solutions.
• In March 2024, DN Solutions announced the launch of its Vietnam subsidiary, which is focused on increasing product sales and enhancing technical support across the Southeast Asia region. The company will build a varied network of sales with the help of strong collaborations with local partners and simultaneously expand the market rates of premium products and automation solutions.
• In May 2022, Taparia Tools Ltd., a leading manufacturer and exporter of precision-quality hand tools, announced a technical collaboration with a Swedish company to further expand its robust product line in the country. The company is also planning to strengthen its distributor network.

Segments Covered in the Report

By Types

• Hammers
• Screwdrivers
• Pliers
• Wrenches
• Hand Saws
• Chisels
• Other Hand Tool Types

By End-user

• Professional
• Retail/Offline

By Distribution Channel

• Online
• Retail/Offline

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa