Major players in the striking tools industry have focused on
business expansion and product launch strategies to gain the
maximum share in the market. This further results in consolidation
of the striking tools market.
WILMINGTON, Del., Aug. 15, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Striking Tools Market
by Type (Hammers, Hatchets and Mallets), Application (Household,
Commercial and Public), and Distribution Channel (In Store and
Online): Global Opportunity Analysis and Industry Forecast,
2024-2032". According to the report, the striking tools
market was valued at $1.3
billion in 2023, and is estimated to reach $1.7 billion by 2032, growing at a CAGR of 2.8%
from 2024 to 2032.
Prime determinants of growth
The ongoing growth in construction activities, including
residential, commercial, and infrastructure projects, is a major
driver for the striking tools market. Hammers, sledgehammers, and
other striking tools are essential for various construction tasks,
from demolition to assembly.
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Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size in
2023
|
$1.3 billion
|
Market Size in
2032
|
$1.7 billion
|
CAGR
|
2.8 %
|
No. of Pages in
Report
|
181
|
Segments
covered
|
Type, Application and
Regions.
|
Drivers
|
Rapid industrialization
and infrastructure development
Growth in DIY and Home Improvement Trends
|
Opportunities
|
Increase in renovation
and remodeling activities
|
Restraints
|
Volatile price of raw
materials
|
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a negative impact on
the striking tools market, owing to the temporary closure of
manufacturing firms during the lockdown.
- Not only the production but also the sale of striking tools was
hampered due to the closure of manufacturing factories across the
world, especially in the initial period of the pandemic.
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The hammers segment dominated the global striking tools
market share, in terms of revenue
Based on type, the market is divided into hammers, hatchets, and
mallets. The rise in renovation and remodelling activities,
particularly in developed regions, fuels the demand for hammers.
The hammers tools are essential for tasks such as breaking down
walls, removing old fixtures, and installing new ones. There is a
growing emphasis on workplace safety and ergonomics. Modern
striking tools are designed to reduce user fatigue and injury,
making them more appealing to both professional and DIY users.
Improved safety features can drive the adoption of new tools in the
hammers in global market.
The commercial segment dominated the market in
2023
Based on application, the market is segregated into household,
commercial, and public. Rapid economic development in emerging
markets leads to increased construction and industrial activities,
which in turn boosts the demand for striking tools for commercial
sector. These regions are witnessing significant investments in
infrastructure and industrial projects. Striking tools in
commercial sectors are also used in military and defense
applications for construction, maintenance, and emergency
situations. Government spending on defense infrastructure
contributes to the market growth.
The Asia-Pacific dominates the market share in
terms of revenue in 2023
The striking tools market is analyzed across North America, Europe, Asia-Pacific, Latin
America, and MEA. In 2023, Asia-Pacific accounted for more than one third
of market share, and it is expected to grow at a significant CAGR
throughout the forecast period. China holds the maximum share in the striking
tools industry in the Asia-Pacific
region. Improved distribution channels, including e-commerce
platforms, have made striking tools more accessible to a broader
audience. The convenience of online shopping and availability of a
wide range of products drive market demand.
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Leading Market Players: -
- Infar Industrial Co., Ltd
- Fiskars
- Powerbuilt Tools
- Bon Tool, Coulee Hardware
- Grainger
- Ashbel Merrel Leonard
- Genius Tools USA
- CS Unitec
- Luna Tools.
The report provides a detailed analysis of these key players in
the striking tools market. These players have adopted different
strategies such as new product launches, expansion, and
acquisitions to increase their market share and maintain dominant
shares in different regions. The report is valuable in highlighting
business performance, operating segments, product portfolio, and
strategic moves of market players to showcase the competitive
scenario.
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