U.S. Hitter-Based Hand Tools Market Outlook 2022-2028
[118 Pages] The U.S. hitter-based hand tools market is expected to register year-on-year growth of 3.3% in 2022 reaching a value of about US$ 562.1 Mn.
Attribute
Details
U.S. Hitter-Based Hand Tools Market Analysis (2021A)
US$ 543.9 Mn
U.S. Hitter-Based Hand Tools Market Analysis Estimated Year Value (2022E)
US$ 562.1 Mn
U.S. Hitter-Based Hand Tools Market Analysis Projected Year Value (2028F)
US$ 687.1 Mn
Value CAGR (2022-2028)
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 U.S. market is anticipated to exhibit a CAGR of 3.4% between 2022 and 2028. According to FMI, the U.S. will remain a key market for hitter-based hand tools over the forecast period owing to the increasing demand from the diverse sectors.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
How The Market Progressed Till June 2022?
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.
2013-2021 U.S. Hitter-Based Hand Tools Market Outlook Compared to 2022-2028 Forecast
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 2013-2021.
What are the Factors Pushing Sales of Hitter-Based Hand Tools?
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.
What are the Potential Hurdles to the U.S. Hitter-Based Hand Tools Market Growth?
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.
Find your sweet spots for generating winning opportunities in this market.
What was the Impact of the COVID-19 Crisis on the Hitter-Based Hand Tools Market?
SARS-introduction COV-2's in 2020 has had a massive impact on the global economy. A reduction in demand in a number of end-use industries as well as supply chain issues had caused serious damages in the US market.
Furthermore, due to extensive lockdowns and movement restrictions, economic activity had come to a halt. Imports and strong export growth indicate that imported steel prices are falling, resulting in a decrease in the sales of hand tools.
The closure of end-use industries also affected the sales of hitter-based hand tools in the United States in 2020. The drop in sales has had a significant influence on the U.S. hitter-based hand tools market.
Hitter-Based Hand Tools Market Category-wise Insights
Which is the Top-selling Product in U.S. Hitter-Based Hand Tools Market?
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 US$ 60.2 Mn during the period of 2022 to 2028.
Who is the Leading End User in the U.S. Hitter-Based Hand Tools Market?
The construction segment is projected to create an absolute dollar opportunity of more than US$ 37.4 Mn during the period of 2022 to 2028. As per the study, the construction segment is estimated to dominate the U.S. market over the forecast period. High focus on expansion of infrastructure and consistent growth in the construction and building sector as the U.S. real estate gradually recovers will present conducive environment fort sales of hitter-based hand tools.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need and save 40%!
Hitter-Based Hand Tools Market Competitive Landscape
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 U.S. businesses.
For Instance,
In 2017, Snap-on Incorporated acquired Norbar Torque Tools Holdings Limited, based in Banbury, U.K., which has a full range of torque products in its portfolio
Stanley Black & Decker, Inc. acquired the tool business of Newell Tools which includes Irwin and Lenox brands for US$1.84 Bn.
Scope of Report
Attribute
Details
Forecast Period
2022-2028
Historical Data Available for
2013-2021
Market Analysis
USD Million for Value and Units for Volume
Key Regions Covered
Northeast, Midwest, South, West
Key Countries Covered
U.S.
Key Segments Covered
By Product Type, By Sales Channel, By End Use Sector, By Region
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
U.S. Hitter-Based Hand Tools Market By Category
By Product Type:
Hammers
Mallets
Axes
Shovels
Crowbars
By Sales Channel:
Bulk Distributor Sales
Retail Sales
Online Sales
By End-Use Sector:
Household & DIY
Construction
Woodworking & Framing
Manufacturing & Fitting
Mining
Forestry & Agriculture
Rescue Management
By Region:
Northeast
Midwest
South
West
Frequently Asked Questions
The U.S. hitter based hand tools market size stood at US$ 562.1 million in 2022.
The U.S. 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 U.S. hitter based hand tools market.
The shovels segment is predicted to create an absolute dollar opportunity worth US$ 60.2 million by 2028.
The construction segment is expected to present an absolute dollar opportunity worth more than US$ 37.4 million by 2028.
Online sales channels are expected to witness unparalleled growth in the U.S. hitter based hand tools market.
The top key players collectively account for 30% to 35% of the U.S. hitter based hand tools market share.
Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Taxonomy
2.2. Market Definition
3. Market Background
3.1. Macro-Economic Factors
3.2. Forecast Factors – Relevance & Impact
3.3. PESTLE Analysis
3.4. Porter’s Five Forces Analysis
3.5. Market Dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Trends
3.6. Value Chain Analysis
3.7. Cost Structure Analysis
4. U.S. Hitter-Based Hand Tools Market Analysis 2013–2021 and Forecast 2022–2028
4.1. Market Volume Projections
4.2. Pricing Analysis
4.3. Market Size Projections
4.3.1. Y-o-Y Projections
4.3.2. Absolute $ Opportunity Analysis
5. U.S. Hitter-Based Hand Tools Market Analysis 2013–2021 and Forecast 2022–2028, by Product Type
5.1. Introduction
5.1.1. Market Value Share Analysis By Product Type
5.1.2. Y-o-Y Growth Analysis By Product Type
5.2. Historical Market Size (US$ Mn) and Volume (‘000 Units) Trend Analysis By Product Type, 2013–2021
5.3. Current Market Size (US$ Mn) and Volume (‘000 Units) Forecast By Product Type, 2022–2028
5.3.1. Hammers
5.3.2. Mallets
5.3.3. Axes
5.3.4. Shovels
5.3.5. Crowbars
5.4. Market Attractiveness Analysis by Product Type
6. U.S. Hitter-Based Hand Tools Market Analysis 2013–2021 and Forecast 2022–2028, by Sales Channel
6.1. Introduction
6.1.1. Market Value Share Analysis by Sales Channel
6.1.2. Y-o-Y Growth Analysis By Sales Channel
6.2. Historical Market Size (US$ Mn) and Volume (‘000 Units) Trend Analysis By Sales Channel, 2013–2021
6.3. Current Market Size (US$ Mn) and Volume (‘000 Units) Forecast By Sales Channel, 2022–2028
6.3.1. Bulk Distributor Sales
6.3.2. Retail Sales
6.3.3. Online Sales
6.4. Market Attractiveness Analysis by Sales Channel
7. U.S. Hitter-Based Hand Tools Market Analysis 2013–2021 and Forecast 2022–2028, By End User Sector
7.1. Introduction
7.1.1. Market Value Share Analysis By End User Sector
7.1.2. Y-o-Y Growth Analysis By End User Sector
7.2. Historical Market Size (US$ Mn) and Volume (‘000 Units) Trend Analysis By End User Sector, 2013–2021
7.3. Current Market Size (US$ Mn) and Volume (‘000 Units) Forecast By End User Sector, 2022–2028
7.3.1. Household & DIY
7.3.2. Construction
7.3.3. Woodworking & Framing
7.3.4. Manufacturing & Fitting
7.3.5. Mining
7.3.6. Forestry & Agriculture
7.3.7. Rescue Management
7.4. Market Attractiveness Analysis by End User Sector
8. U.S. Hitter-Based Hand Tools Market Analysis 2013–2021 and Forecast 2022–2028 By Region
8.1. Introduction
8.1.1. Market Value Share Analysis By Region
8.1.2. Y-o-Y Growth Analysis By Region
8.2. Historical Market Size (US$ Mn) and Volume (‘000 Units) Trend Analysis By Region, 2013–2021
8.3. Current Market Size (US$ Mn) and Volume (‘000 Units) Forecast By Region, 2022–2028
8.3.1. Northeast
8.3.2. Midwest
8.3.3. South
8.3.4. West
8.4. Market Attractiveness Analysis by Region
9. Competition Analysis
9.1. Competition Dashboard
9.2. Product Intensity Matrix
9.3. Competition Deep dive
9.3.1. Stanley Black & Decker, Inc.
9.3.1.1. Overview
9.3.1.2. Product Portfolio
9.3.1.3. Profitability by Market Segments (Product/Channel/Region)
9.3.1.4. Production Footprint
9.3.1.5. Sales Footprint
9.3.1.6. Channel Footprint
9.3.1.7. Gross Margin Benchmarking
9.3.1.8. Strategy Overview
9.3.1.9. Marketing Strategy
9.3.1.10. Product Strategy
9.3.1.11. Channel Strategy
9.3.2. Q.E.P. Co., Inc.
9.3.2.1. Overview
9.3.2.2. Product Portfolio
9.3.2.3. Profitability by Market Segments (Product/Channel/Region)
9.3.2.4. Production Footprint
9.3.2.5. Sales Footprint
9.3.2.6. Channel Footprint
9.3.2.7. Gross Margin Benchmarking
9.3.2.8. Strategy Overview
9.3.2.9. Marketing Strategy
9.3.2.10. Product Strategy
9.3.2.11. Channel Strategy
9.3.3. Apex Tool Group, LLC
9.3.3.1. Overview
9.3.3.2. Product Portfolio
9.3.3.3. Profitability by Market Segments (Product/Channel/Region)
9.3.3.4. Production Footprint
9.3.3.5. Sales Footprint
9.3.3.6. Channel Footprint
9.3.3.7. Gross Margin Benchmarking
9.3.3.8. Strategy Overview
9.3.3.9. Marketing Strategy
9.3.3.10. Product Strategy
9.3.3.11. Channel Strategy
9.3.4. Snap-on Incorporated
9.3.4.1. Overview
9.3.4.2. Product Portfolio
9.3.4.3. Profitability by Market Segments (Product/Channel/Region)
9.3.4.4. Production Footprint
9.3.4.5. Sales Footprint
9.3.4.6. Channel Footprint
9.3.4.7. Gross Margin Benchmarking
9.3.4.8. Strategy Overview
9.3.4.9. Marketing Strategy
9.3.4.10. Product Strategy
9.3.4.11. Channel Strategy
9.3.5. The Ames Companies, Inc.
9.3.5.1. Overview
9.3.5.2. Product Portfolio
9.3.5.3. Profitability by Market Segments (Product/Channel/Region)
9.3.5.4. Production Footprint
9.3.5.5. Sales Footprint
9.3.5.6. Channel Footprint
9.3.5.7. Gross Margin Benchmarking
9.3.5.8. Strategy Overview
9.3.5.9. Marketing Strategy
9.3.5.10. Product Strategy
9.3.5.11. Channel Strategy
9.3.6. Techtronic Industries Co. Ltd
9.3.6.1. Overview
9.3.6.2. Product Portfolio
9.3.6.3. Profitability by Market Segments (Product/Channel/Region)
9.3.6.4. Production Footprint
9.3.6.5. Sales Footprint
9.3.6.6. Channel Footprint
9.3.6.7. Gross Margin Benchmarking
9.3.6.8. Strategy Overview
9.3.6.9. Marketing Strategy
9.3.6.10. Product Strategy
9.3.6.11. Channel Strategy
9.3.7. Estwing Manufacturing Company, Inc
9.3.7.1. Overview
9.3.7.2. Product Portfolio
9.3.7.3. Profitability by Market Segments (Product/Channel/Region)
9.3.7.4. Production Footprint
9.3.7.5. Sales Footprint
9.3.7.6. Channel Footprint
9.3.7.7. Gross Margin Benchmarking
9.3.7.8. Strategy Overview
9.3.7.9. Marketing Strategy
9.3.7.10. Product Strategy
9.3.7.11. Channel Strategy
9.3.8. Vaughan & Bushnell Manufacturing
9.3.8.1. Overview
9.3.8.2. Product Portfolio
9.3.8.3. Profitability by Market Segments (Product/Channel/Region)
9.3.8.4. Production Footprint
9.3.8.5. Sales Footprint
9.3.8.6. Channel Footprint
9.3.8.7. Gross Margin Benchmarking
9.3.8.8. Strategy Overview
9.3.8.9. Marketing Strategy
9.3.8.10. Product Strategy
9.3.8.11. Channel Strategy
9.3.9. ABC Hammers, Inc.
9.3.9.1. Overview
9.3.9.2. Product Portfolio
9.3.9.3. Profitability by Market Segments (Product/Channel/Region)
9.3.9.4. Production Footprint
9.3.9.5. Sales Footprint
9.3.9.6. Channel Footprint
9.3.9.7. Gross Margin Benchmarking
9.3.9.8. Strategy Overview
9.3.9.9. Marketing Strategy
9.3.9.10. Product Strategy
9.3.9.11. Channel Strategy
9.3.10. Hardcore Hammers
9.3.10.1. Overview
9.3.10.2. Product Portfolio
9.3.10.3. Profitability by Market Segments (Product/Channel/Region)
9.3.10.4. Production Footprint
9.3.10.5. Sales Footprint
9.3.10.6. Channel Footprint
9.3.10.7. Gross Margin Benchmarking
9.3.10.8. Strategy Overview
9.3.10.9. Marketing Strategy
9.3.10.10. Product Strategy
9.3.10.11. Channel Strategy
10. Assumptions and Acronyms11. Research Methodology
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
List of Tables
Table 01: U.S. Hitter-Based Hand Tools Market Volume ('000 Units) and Value (US$ Mn) Historical Data 2022–2028 and Forecast 2022 – 2028 by Product Type
Table 02: U.S. Hitter-Based Hand Tools Market Volume ('000 Units) and Value (US$ Mn) Historical Data 2022–2028 and Forecast 2022 – 2028 by Sales Channel
Table 03: U.S. Hitter-Based Hand Tools Market Volume ('000 Units) and Value (US$ Mn) Historical Data 2022–2028 and Forecast 2022 – 2028 by End User Sector
Table 04: U.S. Hitter-Based Hand Tools Market Volume ('000 Units) and Value (US$ Mn) Historical Data 2022–2028 and Forecast 2022 – 2028 by Region
Find your sweet spots for generating winning opportunities in this market.
List of Charts
Figure 01: U.S. Population Growth, 2012-2017
Figure 02: U.S. Population Split by Region, 2017
Figure 03: U.S. Hitter-Based Hand Tools Market Historical Volume ('000 Units), 2022 – 2028
Figure 04: U.S. Hitter-Based Hand Tools Market Volume ('000 Units) Forecast, 2022 – 2028
Figure 05: U.S. Hitter-Based Hand Tools Market Historical Value (US$ Mn) & Y-o-Y Growth (%), 2022–2028
Figure 06: U.S. Hitter-Based Hand Tools Market Value (US$ Mn) Forecast & Y-o-Y Growth (%), 2022–2028
Figure 07: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity, 2022–2028
Figure 08: U.S. Hitter-Based Hand Tools Market Share and BPS Analysis by Product Type–2022 & 2028
Figure 09: U.S. Hitter-Based Hand Tools Market Y-o-Y Growth Projection by Product Type, 2022 – 2028
Figure 10: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity By Hammers Segment, 2022–2028
Figure 11: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity By Mallets Segment, 2022–2028
Figure 12: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity By Axes Segment, 2022–2028
Figure 13: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity By Shovels Segment, 2022–2028
Figure 14: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity By Crowbars Segment, 2022–2028
Figure 15: U.S. Hitter-Based Hand Tools Market Attractiveness Analysis by Product Type, 2022 – 2028
Figure 16: U.S. Hitter-Based Hand Tools Market Share and BPS Analysis by Sales Channel – 2022 & 2028
Figure 17: U.S. Hitter-Based Hand Tools Market Y-o-Y Growth Projection by Sales Channel, 2022 – 2028
Figure 18: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity by Bulk Distributor Sales Segment, 2022 – 2028
Figure 19: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity by Retail Sales Segment, 2022 – 2028
Figure 20: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity by Online Sales Segment, 2022 – 2028
Figure 21: U.S. Hitter-Based Hand Tools Market Attractiveness Analysis by Sales Channel, 2022 – 2028
Figure 22: U.S. Hitter-Based Hand Tools Market Share and BPS Analysis by End User Sector – 2022 & 2028
Figure 23: U.S. Hitter-Based Hand Tools Market Y-o-Y Growth Projection by End User Sector, 2022 – 2028
Figure 24: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity by Household & DIY Segment, 2022 – 2028
Figure 25: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity by Construction Segment, 2022 – 2028
Figure 26: U.S. Market Absolute $ Opportunity by Woodworking & Framing Segment, 2022 – 2028
Figure 27: U.S. Market Absolute $ Opportunity by Manufacturing & Fitting Segment, 2022 – 2028
Figure 28: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity by Mining Segment, 2022 – 2028
Figure 29: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity by Forestry & Agriculture Segment, 2022 – 2028
Figure 30: U.S. Market Absolute $ Opportunity by Defense, Fire & Other Rescue Management Segment, 2022 – 2028
Figure 31: U.S. Hitter-Based Hand Tools Market Attractiveness Analysis by End User Sector, 2022 – 2028
Figure 32: U.S. Hitter-Based Hand Tools Market Share and BPS Analysis by Region – 2022 & 2028
Figure 33: U.S. Hitter-Based Hand Tools Market Y-o-Y Growth Projection by Region, 2022 – 2028
Figure 34: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity by Northeast Region, 2022 – 2028
Figure 35: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity by Midwest Region, 2022 – 2028
Figure 36: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity by South Region, 2022 – 2028
Figure 37: U.S. Hitter-Based Hand Tools Market Absolute $ Opportunity by West Region, 2022 – 2028
Figure 38: U.S. Hitter-Based Hand Tools Market Attractiveness Analysis by Region, 2022 – 2028
