Market Research Reports Search Engine (MRRSE) has recently updated its massive report catalog by adding a fresh study titled “Hitter Based Hand Tools Market Precise Analysis and Forecast Assumptions till 2028”. This business intelligence study encapsulates vital details about the market current as well as future status during the mentioned forecast period of 2028. The report also targets important facets such as market drivers, challenges, latest trends, and opportunities associated with a growth of manufacturers in the global market for Hitter Based Hand Tools. Along with these insights, the report provides the readers with crucial insights on the strategies implemented by leading companies to remain in the lead of this competitive market.
Hand tools are tools that are not driven by any motor and require manual effort to work. Some examples of hand tools are 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. These tools are sold to consumers via various sales channels, such as online sales, retail sales and distributor sales. Hitter-based hand tools include only the hitting and striking hand tools, such as hammers, axes, mallets, shovels and crowbars. The U.S. hitter based hand tools markets market is expected to register a CAGR of 3.3% over the forecast period (2018 – 2028), in terms of value. The hitter based hand tools markets market is expected to be valued at US$ 497.7 Mn in 2018 and is expected to grow at a CAGR of 3.3% and reach US$ 687.1 Mn by the end of 2028.
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Factors Affecting the U.S. Hitter Based Hand Tools Market Growth
People in the U.S. consider home improvement and small maintenance activities a favourable pastime. To leverage on the benefit of changing consumer preference towards DIY ethics, manufacturers are focusing on providing compact, portable and cost-efficient Hitter-based 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 increasing sales of Hitter-based tools through online channels. Tools, such as hammers and shovels, are generally purchased through online portals owing to growing popularity of gardening and other activities among the people of the U.S.
Among city planners and real estate agents, the demand for landscaping in commercial as well as residential areas has increased. Around 60% of the people tend to pay more for an apartment or residential space with more gardening area. Landscaping adds to the resale value of a building and speeds up its sale. These factors will aid the growth of the Hitter-based hand tools market.
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However, increasing automation in various industries is anticipated to have an indirect negative impact on hand tool sales during the forecast period. Increased automation reduces labor costs, mitigates the effects of labor shortage, reduces manufacturing lead time and improves product quality. Increased adoption of industrial automation can mainly be attributed to the gradual rise in labor wages. As manufacturers focus on cost-cutting measures to attain a competitive edge in the marketplace, reduced labor workforce will hamper the adoption of Hitter-based hand tools.
The U.S. Hitter Based Hand Tools Market: Segmentation and Forecast
The U.S. hitter based hand tools markets market can be segmented on the basis of product type, sales channel, end use sector and region. On the basis of product type, the hitter based hand tools markets market can be segmented into hammers, mallets, axes, shovels and crowbars. On the basis of sales channel, the U.S. hitter based hand tools markets market can be segmented into bulk distributer sales, retail sales and online sales. On the basis of end use sector, the U.S. hitter based hand tools markets market can be segmented into Household & DIY, Construction, Woodworking & Framing, Manufacturing & Fitting, Mining, Forestry & Agriculture and Rescue Management. Key regions covered in the report include Northeast, Midwest, South and West.
The U.S. Hitter Based Hand Tools Market Analysis by Region
From a regional perspective, the hitter based hand tools markets of the U.S. is anticipated to be dominated by West and South regions of the U.S., in terms of volume and value. This can mainly be attributed to the dominance of DIY applications in these regions. The regions, therefore, are expected to grow with impressive CAGRs between 2018 & 2028 in the Hitter-based hand tools market. 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 growing construction activities across the regions of the U.S., mainly West and South, are expected to create healthy demand in the hitter based hand tools market in the U.S.
Key Players Dominating The U.S. Hitter Based Hand Tools Markets Market
Some of the players reported in this study of the U.S. hitter based hand tools markets market 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.
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