Forecasted for the period spanning 2022 to 2028, the US hitter-based hand tools market is poised for steady growth, boasting a Compound Annual Growth Rate (CAGR) of 3.3%. This trajectory is expected to culminate in a market valuation of USD 687.1 million. The rationale behind our dedicated focus on the US market for hitter-based hand tools is underpinned by the burgeoning building and Do-It-Yourself (DIY) sectors within the country.
In response to the highly competitive landscape within the United States Hitter-Based Hand Tools Market, leading companies have strategically prioritized acquisitions and expansions as pivotal catalysts for augmenting their market presence and shares. These concerted efforts are anticipated to furnish them with a distinct competitive advantage. Nevertheless, it is imperative to acknowledge that significant challenges loom on the horizon, as the market grapples with potential limitations stemming from the intensity of competition.
Our diligent analysis extends beyond the national context, encompassing a comprehensive evaluation of the influence exerted by various drivers, prevailing trends, emerging opportunities, and incumbent constraints upon the global landscape of hitter-based hand tools over the course of the ensuing decade.
A highly Consolidated U.S Hitter-Based Hand Tools Market to Gain from Product Innovation
Prominent firms within the industry are strategically focusing on acquisitions and expansion initiatives to bolster their market presence, driven by the intense competition characterizing the market for striking-based hand tools. Furthermore, the persistently high levels of competition among manufacturers of these tools are anticipated to somewhat curtail the growth potential of the hand tool market. Research suggests that the market for striking-based tools may face potential obsolescence as a consequence of the increasing adoption of automated production processes.
In accordance with findings from Future Market Insights, it is projected that in the forthcoming years, the revenue growth of the striking-based hand tool market in the United States may encounter constraints stemming from the aforementioned challenges.
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.
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 USD 1.84 Bn.
Key Players:
Stanley Black & Decker, Inc.; Q.E.P. Co., Inc.; Apex Tool Group, LLC; Snap-on Incorporated; The Ames Companies, Inc.; Techtronic Industries Co. Ltd.; Estwing Manufacturing Company, Inc.; Vaughan & Bushnell Manufacturing; ABC Hammers, Inc.; Hardcore Hammers.
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
By Region:
- Northeast
- Midwest
- South
- West
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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