The USA hitter-based hand tools market is expected to register year-on-year growth of 3.3% in 2022 reaching a value of about USD 562.1 Million.
| Attribute | Details |
|---|---|
| USA Hitter-Based Hand Tools Market Analysis (2021A) | USD 543.9 Million |
| USA Hitter-Based Hand Tools Market Analysis Estimated Year Value (2022E) | USD 562.1 Million |
| USA Hitter-Based Hand Tools Market Analysis Projected Year Value (2028F) | USD 687.1 Million |
| Value CAGR (2022 to 2028) | 3.4% |
The demand for hand tools particularly meant for domestic and do-it-yourself (DIY) uses is predicted to rise. The growing consumer interest in leisure and recreational activities, as well as rising disposable income, are two key factors behind the growing popularity of DIY activities.
This has in turn created impressive opportunities for sales of hand tools, encouraging producers to launch new and creative goods into the DIY market. The USA market is anticipated to exhibit a CAGR of 3.4% between 2022 and 2028. According to FMI, the USA will remain a key market for hitter-based hand tools over the forecast period owing to the increasing demand from the diverse sectors.
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 3.2% |
| H1,2022 Projected (P) | 3.3% |
| H1,2022 Outlook (O) | 3.4% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (+) 5 ↑ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 21 ↑ |
Future Market Insights forecast a comparison and review analysis for the dynamics of the Hitter-Based Hand Tools market along with recent market trends and dynamics impacting the growth outlook.
The demand for hand tools has been primarily influenced by demographic, innovative, and macroeconomic factors like urbanization, growth in the manufacturing and mining industries, and others.
FMI analysis shows a rise of 5 units in the variations between the BPS values seen in the Hitter-Based Hand Tools Market in H1, 2022 - Outlook over H1, 2022 Projected. But in H1 -2022, the market is projected to expand by 21 BPS over H1 -2021.
The main causes of this change in growth rate are attributed to the sale of tools like hammers and shovels, which are frequently bought online due to an increase in gardening and other hobbies among Americans.
The housing sector's increased investment is assisting in meeting America's growing demand for hand tools. The recovery of the construction sector is also anticipated to increase the demand for hand tools.
Despite these opportunities, the industry is still likely to face a number of difficulties, including the rising popularity of power tools.
Additionally, for the foreseeable future, demand for hand tools with hitter-based construction will be reduced due to the growing preference for power tools over hand tools. The hand tool industry is being severely restrained by the ongoing competition between tool manufacturers.
Demand from the household segment is increase owing to the rising number of do-it-yourself users. This is also leading to increased sales of hand tools through online portals. Tools such as shovels and hammers are highly purchased through online channels owing to their increasing use in gardening and various other household applications.
Besides this, rapid urbanization which has resulted in higher investment towards infrastructure development, covering such as transportation, energy, and related maintenance services has resulted in higher demand for hand tools.
People are becoming self-sufficient and learning new skills and using these tools in a more effective manner. Against this backdrop, the sales of hand tools have been projected to consistently surge over the forecast period.
The sales of hitter-based hand tools between 2022 and 2028 will grow at 3.4 % CAGR, up from 2.7% CAGR registered during 2013 to 2021.
Principal Consultant
Over the course of the forecast period, sales of hitter-based hand tools will pick up pace on account of rising DIY activities, coupled with the expansion of the construction sector. Home remodelling and small maintenance activities are popular pastimes in the United States.
Due to an increase in gardening and other hobbies among Americans, tools such as hammers and shovels are commonly purchased through internet portals. The growing demand for hand tools in the United States is fuelled in part by increased investment in the housing sector. Furthermore, sales of hand tools in the United States increased as economic circumstances improved, especially housing investment.
During the projected period, increasing automation in many industries is expected to have an indirect negative influence on hand tool sales. Increased automation lowers labor costs, reduces production lead times and enhances product quality.
The progressive rise in labour wages is largely to blame for the increased adoption of industrial automation. The use of hand tools is being hampered by a drop in the labour workforce as manufacturers focus on cost-cutting strategies to gain a competitive edge in the marketplace.
Furthermore, over the foreseeable period, the increased preference for power tools over hand tools will stifle demand for hitter-based hand tools. The hand tool market is being held back to a significant extent by constant competition amongst tool producers. These aspects shorten the growth of hitter-based hand tools.
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Shovels comprise the leading segment in the market and will continue dominating demand during the assessment period owing to their widespread use in DIY and construction industries.
Due to their expanding use in gardening and home applications, shovels and hammers are frequently purchased through internet channels. The shovels segment is projected to create an absolute dollar opportunity of more than USD 60.2 Million during the period of 2022 to 2028.
The construction segment is projected to create an absolute dollar opportunity of more than USD 37.4 Million during the period of 2022 to 2028. As per the study, the construction segment is estimated to dominate the USA market over the forecast period.
High focus on expansion of infrastructure and consistent growth in the construction and building sector as the USA real estate gradually recovers will present conducive environment fort sales of hitter-based hand tools.
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 USA businesses.
For Instance,
Stanley Black & Decker, Inc. acquired the tool business of Newell Tools which includes Irwin and Lenox brands for USD 1.84 Billion.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2028 |
| Historical Data Available for | 2013 to 2021 |
| Market Analysis | USD Million for Value and Units for Volume |
| Key Regions Covered | Northeast; Midwest; South; West |
| Key Countries Covered | USA |
| Key Segments Covered | By Product Type, By Sales Channel, By End Use Sector, By Region |
| Key Companies Profiled | 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The USA hitter based hand tools market size stood at USD 562.1 million in 2022.
The USA hitter based hand tools market is predicted to develop at 3.4% CAGR through 2028.
Do-it-yourself (DIY) and increasing recreational activities trends are gaining traction in the USA hitter based hand tools market.
The shovels segment is predicted to create an absolute dollar opportunity worth USD 60.2 million by 2028.
The construction segment is expected to present an absolute dollar opportunity worth more than USD 37.4 million by 2028.
Online sales channels are expected to witness unparalleled growth in the USA hitter based hand tools market.
The top key players collectively account for 30% to 35% of the USA hitter based hand tools market share.
1. Executive Summary 2. Market Introduction 3. Market Background 4. Market Analysis 2013 to 2021 and Forecast 2022 to 2028 5. Market Analysis 2013 to 2021 and Forecast 2022 to 2028, by Product Type 5.1. Hammers 5.2. Mallets 5.3. Axes 5.4. Shovels 5.5. Crowbars 6. Market Analysis 2013 to 2021 and Forecast 2022 to 2028, by Sales Channel 6.1. Bulk Distributor Sales 6.2. Retail Sales 6.3. Online Sales 7. Market Analysis 2013 to 2021 and Forecast 2022 to 2028, by End User Sector 7.1. Household & DIY 7.2. Construction 7.3. Woodworking & Framing 7.4. Manufacturing & Fitting 7.5. Mining 7.6. Forestry & Agriculture 7.7. Rescue Management 8. Market Analysis 2013 to 2021 and Forecast 2022 to 2028, by Region 8.1. Northeast 8.2. Midwest 8.3. South 8.4. West 9. Competition Analysis 9.1. Stanley Black & Decker, Inc. 9.2. Q.E.P. Co., Inc. 9.3. Apex Tool Group, LLC 9.4. Snap-on Incorporated 9.5. The Ames Companies, Inc. 9.6. Techtronic Industries Co. Ltd 9.7. Estwing Manufacturing Company, Inc. 9.8. Vaughan & Bushnell Manufacturing 9.9. ABC Hammers, Inc. 9.10. Hardcore Hammers 10. Assumptions and Acronyms 11. Research Methodology
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USA Hitter Based Hand Tools Market
