Striking Tools Market

Global Striking Tools Market Research Report Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032: By Types (Hammers, Hatchets, and Mallets), By Applications (Household, Commercial, and Public), and Region (North America, Europe, Asia-Pacific, and Rest of the World)

Manufacturing & Construction | March 2024 | Report ID: EMR00658 | Pages: 252

The global striking tools market was valued at USD 1.41 billion in 2023 and is estimated to reach approximately USD 2.18 billion by 2032, at a CAGR of 4.9% from 2024 to 2032.

Hammers, mallets, and axes are only a few of the tools available in the market for striking tools. Other tools are made for jobs involving impact force. These tools are indispensable in many homes and businesses across the globe, with uses ranging from construction to metallurgy, woodworking, and more. Durability, effectiveness, and user safety are improved by new materials and ergonomic designs. Growing renovations, building projects, and the DIY culture all contribute to the market's expansion. Furthermore, new developments like adjustable features and anti-vibration technology meet changing customer demands.

 

 

STRIKING TOOLS MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

1.41 Bn

Projected Market Value (2032)

2.18 Bn

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Types, By Applications, & Region

Segments Covered

By Types, By Applications, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Striking Tools Dynamics

The hammering implements Industry developments, economic conditions, and technical advancements are some of the elements that impact market dynamics. Product development is driven by innovations in materials and design, which improve user comfort, efficiency, and durability. Market demand is impacted by changes in the economy; consumer spending and construction activity levels have an impact on sales. Furthermore, the adoption of ergonomic and sustainable designs is driven by safety laws and environmental concerns. Price competitiveness and product diversification are fostered by manufacturer competition. Furthermore, changing customer desires for configurable and multipurpose products influence market trends.

 

Global Striking Tools Drivers

  • Industrial Growth and Construction Activity

The need for striking tools is driven by industrial growth and building activity, which generates a need for tools that facilitate a variety of operations, such as maintenance, demolition, and assembly. An expansion in industries and the number of building projects they involve means that more tools like sledges, mallets, and hammers are needed. These instruments are critical to the infrastructure and growth of industrial sectors around the world since they are needed for manufacturing plants, construction sites, and maintenance activities.

  • DIY and Home Improvement Trends

Demand for striking tools is driven by trends in do-it-yourself and home remodeling, as more people take on projects to improve their living areas. The popularity of social media platforms and online tutorials featuring do-it-yourself projects has led to an increasing demand for tools such as screwdrivers, wrenches, and hammers. This tendency is a reflection of a societal movement toward individualism and creativity as people look to enhance and personalize their living spaces. As a result, people are more interested in purchasing superior striking equipment in order to complete these tasks efficiently.

 

Restraints:

  • Economic Downturns and Uncertainty

The market for striking tools is severely constrained during recessions and uncertain economic times due to a fall in industrial and building activity. The demand for tools like hammers and mallets declines as a result of decreased corporate investments and consumer spending. In addition, geopolitical tensions and financial market uncertainty make matters worse, causing companies and consumers to put off purchases. The market for striking tools is under pressure from these economic issues, which limits the potential for growth and profitability for both producers and retailers.

  • Slow Adoption of New Technologies

The market for striking tools is constrained by the slow adoption of new technology since established customers and industries are resistant to change. Market penetration is hindered by resistance to adopting novel tools such as power-assisted hammers or ergonomic designs, even with advances in materials and design. Manufacturers are impeded from introducing novel items by distrust towards unknown technologies and inertia within established operations. The industry's ability to innovate and flourish as a market is limited by the sluggish adoption of striking tools.

 

Opportunities:

  • E-commerce and Digital Platforms

Due to their ability to reach a worldwide audience, e-commerce and digital platforms provide the striking tools market a huge opportunity. Online platforms are a valuable tool for manufacturers to promote their goods, find new clients, and build trust. Customers now have greater access to a large selection of striking tools because to the convenience of online shopping, which increases market visibility and sales potential. Digital platforms also help manufacturers become more competitive by allowing them to collect insightful customer feedback, improve marketing tactics, and adjust to changing market trends.

  • Technological Advancements and Innovation

Manufacturers can create innovative goods with improved performance, durability, and safety features by funding research and development. By incorporating smart technology like sensors and networking, tools' functionality and user experience can be completely transformed. These cutting-edge products not only meet changing consumer demands but also set producers apart in a crowded market, increasing market share and promoting long-term profitability and growth.

 

Segment Overview

  • By Types

Based on types, the global striking tools market is divided into hammers, hatchets, and mallets. The hammers category dominates the market with the largest revenue share in 2023. Hammers are adaptable instruments used for pounding surfaces or things. Claw, ball-peen, sledge, and frame hammers are just a few of the different varieties that they may be found in. Although ball-peen hammers are used in metalworking to shape and strike metal surfaces, claw hammers are frequently utilized in carpentry and building for driving and extracting nails. With a cutting edge on one side and a striking surface on the other, hatchets are compact, portable instruments. They're necessary for outdoor activities like hiking, camping, and forestry because they're frequently used for splitting, chopping, and shaping wood. A large, usually rubber, plastic, or wooden head characterizes mallets, which resemble hammers. For applications requiring a milder impact, they are perfect because they may be used to strike surfaces without damaging them.

  • By Applications

Based on the applications, the global striking tools market is categorized into household, commercial, and public. The household category leads the global striking tools market with the largest revenue share in 2023. The household category includes swivel tools intended for home or individual use in residential environments. Usually, these tools are utilized for maintenance, house repairs, and do-it-yourself jobs. Striking tools used professionally in commercial and industrial contexts are included in the commercial section. These tools are frequently used in manufacturing, construction, vehicle repair, and other business settings since they are made to resist rigorous use. The public segment includes striking tools that are used for a variety of public works and infrastructure projects by government agencies, municipalities, and public service organizations.

 

Global Striking Tools Overview by Region

The global striking tools market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. North America emerged as the leading region, capturing the largest market share in 2023. Due in large part to current infrastructural projects, residential development, and commercial construction activity, the region has a thriving construction industry. Furthermore, North American customers have a strong DIY culture, which drives up demand for domestic striking tools. The creation of sophisticated, high-quality striking instruments has also been aided by technological innovation and developments in the area. Moreover, the existence of notable producers, vast supply chains, and advantageous financial circumstances reinforce North America's standing as a major participant in the worldwide market for striking instruments.

Throughout the forecast period, Asia-Pacific is anticipated to post a significant CAGR. Numerous factors, such as the region's growing economies' rapid industrialization, urbanization, and infrastructure development, are responsible for this expansion. The need for striking tools is driven by an increase in construction activities, especially in the residential and commercial sectors. In addition, the market is developing as a result of growing middle-class population, rising disposable incomes, and increased awareness of DIY culture.

 

 

Global Striking Tools Competitive Landscape

In the global striking tools market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global striking tools market include,

  • Infar Industrial Co., Ltd
  • Fiskars
  • Powerbuilt Tools
  • Bon Tool
  • Coulee Hardware
  • Grainger
  • Ashbel Merrel Leonard
  • GENIUS TOOLS USA
  • CS Unitec
  • Luna Tools
  • ROBIN Tools
  • Wilton
  • GARANT
  • CRAFTSMAN, and various others.

 

Global Striking Tools Recent Developments

  • In February 2023, Custom Carbide Cutter Acquired by Arch Cutting Tools. The Cincinnati-based business offers distributors and manufacturers cutting tools. Arch Cutting Tools, a pioneer in high-performance bespoke tooling, will welcome the new acquisition. The medical, aerospace, defense, automotive, energy, agricultural, and general industrial markets are served by Arch, which has its headquarters in Bloomfield Hills, Michigan.
  • In February 2022, Peak Toolworks' cutting tool reach in the Midwest is increased by the acquisition of Tooling Concepts. The Elkhart, Indiana, plant opens up additional service prospects for the company, which it can provide to its customers who are involved in the cutting and machining of metal, wood, plastic, and composite materials.
  • In June 2021, the acquisition of Indexable Cutting Tools of Canada, Inc. was announced by GWS Tool Group. With the addition of capacity and capabilities in the insert tooling market and the full vertical integration of ceramic blank manufacturing from powder, the purchase of Indexable enhances the GWS portfolio. Their wide range of ceramic inserts, which are made with a patented microwave sintering process, includes silicon nitride, white ceramic, and whiskered ceramic.

 

Scope of the Global Striking Tools Report

Striking Tools Market Report Segmentation

ATTRIBUTE

DETAILS

By Types

  • Hammers
  • Hatchets
  • Mallets

By Applications

  • Household
  • Commercial
  • Public

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Striking Tools Market Size and Forecast: To identify and estimate the market size for the global striking tools market segmented by types, by applications, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of striking tools between 2019 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global striking tools market
  • Market Influencing Factors: To find out the factors which are affecting the sales of striking tools among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global striking tools market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

 

Intended Audience

  • Manufacturers and Suppliers
  • Retailers and Distributors
  • Construction Industry Professionals
  • Industrial Sector Professionals
  • DIY Enthusiasts and Hobbyists

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

On the basis of Geography, the striking tools market is classified into North America, Europe, Asia Pacific, and the Rest of the world
According to striking tools market research, the market is expected to grow at a CAGR of ~4.9% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2024 - 2032
North America held the largest share in 2023
The major players operating in the global market include Infar Industrial Co., Ltd, Fiskars, Powerbuilt Tools, Bon Tool, Coulee Hardware, Grainger, Ashbel Merrel Leonard, GENIUS TOOLS USA, CS Unitec, Luna Tools, ROBIN Tools, Wilton, GARANT, CRAFTSMAN, and various others.