According to a new market report published by Future Market Insights titled “Hitter based hand tools Market: U.S. Industry Analysis and opportunity assessment, 2018 to 2028”, the U.S. market for hitter based hand tools is estimated to reach a value of US$ 497.7 Mn by 2018 end. With a CAGR of 3.3% from 2018 to 2028, the market is expected to reach a value of US$ 687.1 Mn by 2028.
Hand tools are not driven by motors and require manual effort. Some examples of hand tools include rakes, screwdrivers, pliers, spanners, wrenches, mallets, crowbars, garden tools, hammers and axes, etc. Hand tools are used in industrial as well as household and DIY projects and various other fields and are sold to consumers via various sales channels such as online, retail and distributor. Hitter-based hand tools include only hitting and striking hand tools such as hammers, axes, mallets, shovels and crowbars.
Hand tools are expected to witness an increase in the demand for primarily household & DIY end use tools. Growing consumer inclination towards leisure and recreational activities and rising disposable income are the two factors boosting the uptake of DIY activities. This provides tremendous potential for the manufacturers of hand tools to introduce new and innovative products in the DIY market. People in the U.S. consider home improvement and small maintenance activities a favorable pastime. To leverage on the changing consumer preference towards DIY ethics, manufacturers are focusing on providing compact, portable and cost-efficient tool solutions to household users. Furthermore, this trend is now significantly shifting to developing markets as well. The growing trend of DIY activities has also led to an increase in the sales of tools through the online channel. Tools such as hammers and shovels are generally purchased through online portals, owing to the increase in gardening and other activities among the U.S. population.
On the basis of product type, the shovels segment is slated to dominate the U.S. hitter based hand tools market throughout the forecast period, attributing to the increase in gardening activities and growth in the U.S. construction sector. The segment is expected to be the fastest growing segment in terms of product type in the U.S. hitter based hand tools market during the forecast period. In terms of market value, the shovels segment is expected to expand at a CAGR of 4.0% between 2018 and 2028.
On the basis of sales channel, the online sales channel segment is estimated to emerge as one of the most attractive segments in the U.S. hitter based hand tools market. The segment has a high CAGR index as compared to retail and distributor segments, indicating that future growth prospects for the online sales channel segment are expected to remain strong.
On the basis of end use sector, the construction segment is expected to remain the most attractive in terms of demand for hitter based hand tools. Major revenue generating categories of hand tools, such as hammers & shovels and crowbars will witness significant demand from the construction end-use segment.
The West and South regions in the U.S. market are anticipated to dominate the market in terms of volume and value, which can be mainly attributed to the presence of a majority of working population and infrastructural developments in the regions. The regions are pegged to grow with impressive CAGRs between 2018 and 2028. Moreover, the U.S. hitter based hand tools market is expected to emerge as the most lucrative market in the world during the forecast period. Additionally, rapid industrialization and construction activities across the U.S., mainly West and South, are expected to create healthy demand for hitter based hand tools in the region.
U.S. Hitter based Hand Tools Market: Market Participants:Some of the market participants involved in the production of hitter based hand tools include Stanley Black & Decker, Inc., Snap-on Incorporated, Apex Tool Group LLC, Q.E.P. Co., Inc., Estwing Manufacturing Company Incorporated, Vaughan & Bushnell Manufacturing, The AMES Companies, Inc., Techtronic Industries Co. Ltd., ABC Hammers, Inc., Hardcore Hammers etc. Players in the U.S. hitter based hand tools market are inclined towards expanding their regional footprint and enhancing their market share through the acquisition growth strategy.
U.S. Hitter Based Hand Tools Market: Segmentation: The U.S. hitter based hand tools market can be segmented on the basis of the following criteria: By Product Type;Hammers, Mallets, Axes, Shovels, Crowbars; By Sales Channel;Bulk Distributer 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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