In response to the fiercely competitive landscape in the U.S. Hitter-Based Hand Tools Market, leading companies are strategically focusing on acquisitions and expansions as key growth drivers to enhance their market shares. Despite the ongoing rivalry among tool producers, these efforts are expected to provide them with a competitive edge. However, challenges lie ahead, as the market may face limitations in expansion due to these intense rivalries.
From 2022 to 2028, the US hitter-based hand tools market is projected to grow at a CAGR of 3.3%, reaching US$ 687.1 million. FMI has concentrated on the US market for hitter-based hand tools because of the growing building and DIY sectors in the country. The impact of various drivers, trends, opportunities, and constraints on the global market for hitter-based hand tools over the next ten years has also been examined.
A highly Consolidated U.S Hitter-Based Hand Tools Market to Gain from Product Innovation
The leading companies are concentrating on acquisitions and expansions to increase their market shares because the market for hitter-based hand tools is highly competitive. Additionally, the ongoing rivalry among tool producers is probably going to limit the expansion of the hand tool market to some extent. The market for hitter-based tools may become obsolete as a result of growing production process automation, according to research. According to Future Market Insights, in the upcoming years, the hitter-based hand tool market’s U.S. revenue growth may be constrained by the aforementioned issues.
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Key players in the U.S hitter-based hand tools market have been channelizing efforts towards strengthening their distribution channels while also focusing on online sales of hand tools by signing agreements with different online portals, as consumers are more likely to buy hitter-based hand tools through online channels, owing to the growing consumer preference towards eCommerce. Manufacturers are also focusing on new product innovation with greater efficiency and easy maintenance qualities. Top manufacturers of hitter-based hand tools in the U.S market are Stanley Black & Decker Inc, Apex Tool Group LLC, Snap-on Incorporated, Vaughan & Bushnell Manufacturing, and Estwing Manufacturing Company, Inc.
DIY and Landscaping Activities to Boost Hitter-Based Hand Tools Adoption in the U.S
The U.S market has witnessed increased investment in the housing sector that, in turn, led to the development of related sectors including infrastructure, transportation, energy, and related maintenance services—all requiring hand tools. Moreover, the demand for landscaping in residential and commercial areas, to provide an aesthetic appeal, has also contributed to the sales of hitter-based hand tools. Overall home improvement and maintenance and gardening activities by people in the U.S have augmented the adoption of hitter-based hand tools. Leveraging the changing consumer preferences, manufacturers are focusing on providing compact, portable, and cost-efficient tool solutions to household users.
Across the U.S, Shovels are the Most Preferred Hitter-Based Hand Tool
Shovels are anticipated to register robust growth during the second half of the forecast period owing to the growing demand for gardening and DIY applications, occupying close to 40% market share. Likewise, higher sales of hammers in the U.S can be attributed to the growing demand for hitter-based hand tools from end-use sectors such as construction, woodworking & framing, manufacturing & fitting, and household & DIY and rescue management.
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Hitter-Based Hand Tools Market Competitive Landscape
Over the past few years, an increment in the number of acquisitions and expansion activities has been witnessed to improve the supply of hitter-based hand tools. Several key players are focusing on improving the efficiency of touch hand tools for various applications. The emergence of various manufacturers had also been witnessed in U.S. businesses.
For Instance,
- In 2017, Snap-on Incorporated acquired Norbar Torque Tools Holdings Limited, based in Banbury, U.K., which has a full range of torque products in its portfolio
Stanley Black & Decker, Inc. acquired the tool business of Newell Tools which includes Irwin and Lenox brands for US$1.84 Bn.
U.S. Hitter-Based Hand Tools Market By Category
By Product Type:
- Hammers
- Mallets
- Axes
- Shovels
- Crowbars
By Sales Channel:
- Bulk Distributor Sales
- Retail Sales
- Online Sales
By End-Use Sector:
- Household & DIY
- Construction
- Woodworking & Framing
- Manufacturing & Fitting
- Mining
- Forestry & Agriculture
- Rescue Management
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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