The global hitter based hand tools market is set to grow with a CAGR of 5.5% during the forecast period.
Market Insights
Globally, there is rapid adoption of hand tools for household chores such as gardening, small construction actives, and so on. As these tools do not require motor or electricity, it provides benefits such as low cost and saving up energy. Furthermore, people across the globe are adopting the concept of DIY (do-it-yourself), which also enhances the usage of hammers, shovels, and other hand tools. Increasing home based activities in the field of construction, landscaping and so on are largely driving the adoption of hitter based hand tools across the globe.
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Furthermore, increasing adoption of hand tools enhances the rate of production which increases the annual revenue of the major players in the global market. Furthermore, advancements in the sales and distributing channels such as emergence of online portals, and home delivery options are also fueling the growth of hitter based hand tools market. However, availability of machines that can do the same work as hand tools with minimum efforts, increasing automation, and growing industrialization are some factors restraining the growth of this market during the forecast period.
Based on product type, the shovels held maximum market share of over 30% in 2018. Globally, people are opting for gardening as a way to reduce stress, keep the limber, and upgrade the mood when depressed. This increasing gardening activities are enhancing the sales of shovels, axes, hemmers and many such hand tools. Furthermore, increasing home construction activities are driving the adoption of hammers and axes in residential and commercial sectors.
Based on geography, North America held a marker share of more than 38% of the total revenue generated. Increasing dominance of DIY activities, growing production capabilities of local manufacturers, and rapid industrialization and product innovation are some of the factors attributed to the prominent market position in global industry. Asia-Pacific and European countries are likely to be growing at a significant CAGR during the forecast period as agriculture sector is prominent one in these regions.
Some of the prominent players operating in the hitter based hand tools market include Stanley Black & Decker, Inc., Apex Tool Group LLC, Snap-on Incorporated, Q.E.P. Co., Inc., Vaughan &, Bushnell Manufacturing, Estwing Manufacturing Company Incorporated, The AMES Companies, Inc., ABC Hammers, Inc., Techtronic Industries Co. Ltd., and Hardcore Hammers.
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Shovels Segment Dominated the Global Market
Based on product type, the hitter based hand tools market is segmented into shovels, hammers, mallets, axes, and crowbars. The shovels held maximum market share of around 30% in 2018. Factors such as increasing popularity of home activities such as gardening and commercial and residential landscaping is primarily driving the demand for shovels across the globe. Furthermore, increasing construction activities are driving the adoption of hammers and axes in residential and commercial sectors.
Asia-pacific To Witness a Fastest Growth in the Market by Region
In 2018, North America led the global hitter based hand tools market by holding a market share of over 38% of the total revenue generated. Increasing dominance of DIY activities, growing production capabilities of local manufacturers, and rapid industrialization and product innovation are some of the factors attributed to the prominent market position in global industry. Asia-Pacific and European countries are likely to be growing at a significant CAGR during the forecast period as agriculture sector is prominent one in these regions.
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