Overview and Scope
Cutlery and hand tools refer to any of the tools that are cheaper than power instruments and versatile, consisting of metal, that artisans use when performing manual tasks, such as cutting, chiselling, sawing, filing, or forging, and can be used in manual operations to work without the use of power and operate at any time.
Sizing and Forecast
The cutlery and hand tools market size has grown strongly in recent years. It will grow from $163.15 billion in 2023 to $172.43 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to construction and infrastructure development, automotive industry demand, home improvement trends, innovation in tool design, consumer preferences for quality and durability.
The cutlery and hand tools market size is expected to see steady growth in the next few years. It will grow to $209.03 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to rise of e-commerce in retail, focus on ergonomics and user comfort, smart and connected tools, sustainable manufacturing practices, diy and home improvement culture. Major trends in the forecast period include eco-friendly materials, advanced materials for durability, ergonomic design, integration of smart technologies, customization and personalization, hygiene and anti-microbial properties.
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Segmentation & Regional Insights
The cutlery and hand tools market covered in this report is segmented –
1) By Type: Metal Kitchen Cookware, Utensil, Cutlery and Flatware, Saw Blade and Hand Tool
2) By Application: Household, Commercial
3) By Sales Channel: Online Sales, Company Direct Sales, Other Sales Channel
The Asia-Pacific was the largest region in the cutlery and hand tools market in 2023. Western Europe was the second-largest region in the cutlery and hand tools market. The regions covered in the cutlery and hand tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) are expected to drive innovation in cutlery and hand tool manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs, and higher margins. For instance, according to the Compass, the internet traffic is projected to three times from earlier in 2022 and the share of IoT devices is expected to rise 28% by 2025. This allows companies to expand production and increase product portfolio, thus driving the market going forward.
Key Industry Players
Major companies operating in the cutlery and hand tools market report are The Procter & Gamble Company, Stanley Black & Decker Inc., Atlas Copco AB, Techtronic Industries Co. Ltd., Snap-on Inc., Griffon Corporation, Kennametal Inc., Apex Tool Group, Fiskars Group, Blount International Inc., Lifetime Brands Inc., Klein Tools Inc., Hultafors Group, The DeWalt Industrial Tool Company, Acme United Corporation, Zwilling J. A. Henckels AG, Leatherman Tool Group Inc., Wüsthof, Vaughan & Bushnell Manufacturing Co., Irwin Industrial Tools, Channellock Inc., Buck Knives Inc., The Benchmade Knife Company, Estwing Manufacturing Company, Brüder Mannesmann AG, SOG Specialty Knives Inc., Spyderco Inc., Victorinox Swiss Army Inc., Cold Steel Inc., Columbia River Knife & Tool Inc., A mora knife
The cutlery and hand tools market report table of contents includes:
1. Executive Summary
2. Cutlery And Hand Tools Market Characteristics
3. Cutlery And Hand Tools Product/Service Analysis -Product/Service Examples
4. Cutlery And Hand Tools Market Trends And Strategies
5. Cutlery And Hand Tools Market – Macro Economic Scenario
…………….
68. Global Cutlery And Hand Tools Market Competitive Benchmarking
69. Global Cutlery And Hand Tools Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Cutlery And Hand Tools Market
71. Cutlery And Hand Tools Market Future Outlook and Potential Analysis
72. Appendix
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