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.
Request PDF Sample Copy: https://www.alliedmarketresearch.com/request-sample/A74555
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 |
|
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.
Buy This Research Report ( 181 Pages PDF with Insights, Charts, Tables, Figures) @
https://www.alliedmarketresearch.com/checkout-final/1beff50e595b0b89ea952017a5866b14
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.
Inquire Before Buying @ https://www.alliedmarketresearch.com/purchase-enquiry/A74555
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.
Trending Reports in Robotics Industry (Book Now with 15% Discount):
Hand tools market is projected to reach $31,817.3 million by 2030
Pneumatic Tools Market is projected to reach $ 24,338.5 million by 2032
Electric power tools market is projected to reach $124.4 billion by 2031
Power Tools Market is projected to reach $48,677.0 million by 2027
Tooling market is projected to reach $439,994.9 million by 2030
CNC Machine Tools Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
Mechanical Hand Tools Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]
Follow Us on | Facebook | LinkedIn | YouTube
Read More: https://medium.com/@patilrash95
Logo – https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research
