U.S. Hitter-Based Hand Tools Market Is Anticipated To Exhibit A CAGR Of 3.4% Between 2022 And 2028
The hitter-based hand tools market in the United States is expected to grow by 3.3 percent year on year in 2022, reaching a value of approximately US$ 562.1 Mn. Hitter-based hand tools includes hitting and striking hand tools, such as hammers, axes, mallets, shovels and crowbars.
Growing demand in households coupled with increasing number of do-it yourself (DIY) activities is augmenting the global sales of hitter based hand tools. As per a recent study by Future Market Insights (FMI), the hitter-based hand tools market is anticipated to grow at a moderate pace over the forecast period of 2018-2028.
The market for hitter-based hand tools in the United States is expected to reach US$ 687.1 million by 2028, growing at a CAGR of 3.3 percent over the forecast period (2018-2028). In the wake of increased construction and DIY activity in the region, FMI has focused on the US market for hitter-based hand tools. Various drivers, trends, restraints, and opportunities that are projected to affect the global hitter-based hand tools market in the next ten years have also been examined.
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A highly Consolidated U.S Hitter-Based Hand Tools Market to Gain from Product Innovation
The market for hitter-based hand tools is highly consolidated and the key players are focusing on acquisitions and expansions to enhance their market share. Additionally, incessant competition between tool manufacturers is likely to restrict the growth of the hand tools market to some extent. Research also suggests that increased automation in the production process will displace the market for hitter-based tools. Future Market Insights predicts that the aforementioned factors may dampen U.S revenue growth of the hitter-based hand tools market in the coming years.
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.
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Across 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 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, 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.
- 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:
By Sales Channel:
- Bulk Distributor Sales
- Retail Sales
- Online Sales
By End-Use Sector:
- Household & DIY
- Woodworking & Framing
- Manufacturing & Fitting
- Forestry & Agriculture
- Rescue Management