Future Market Insights has announced the addition of the “Hitter Based Hand Tools Market: Household and DIY Application to Generate Significant Incremental Opportunity During the Forecast Period: U.S. Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028" report to their offering.
Valley Cottage, NY -- (SBWIRE) -- 05/10/2019 -- 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 U.S hitter-based hand tools market is estimated to stand at a market valuation of US$ 687.1 Mn by 2028, registering a CAGR of 3.3% during the forecast period (2018 – 2028). FMI has specifically studied the U.S market for hitter-based hand tools, in the wake of increasing construction and DIY activities in the region. Also, various drivers, trends, restraints, and opportunities have been analyzed, that are likely to further shape the global hitter-based hand tools market, in the next ten years.
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 production process will displace the market for hitter-based and 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.
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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.
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, has 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 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.
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Owing to the presence of a majority of working population and infrastructural developments, the West and South regions in the U.S hitter-based hand tools market are anticipated to dominate the market, expanding at an impressive CAGR. To know more about the U.S hitter-based hand tools market, write to the expert consultants of Future Market Insights, at firstname.lastname@example.org