Striking Tools Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024

Description

The Global Striking Tools Market reached USD 1.5 billion in 2023 and is projected to grow at a robust CAGR of 4.3% from 2024 to 2032. This growth is driven by the rising demand for DIY and home improvement projects, a booming construction and infrastructure sector, and the expanding automotive and aerospace industries.

Millennials and Gen Z are key drivers in the rising demand for striking tools, spurred by their growing interest in DIY projects and home renovations. Increased investments in essential hand tools for household repairs and improvements are also contributing to the market's expansion. Additionally, the introduction of advanced striking tools that are lighter, more durable, and ergonomically designed is further fueling growth.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$1.5 Billion
Forecast Value	$2.2 Billion
CAGR	4.3%

The striking tools market can be segmented by product type into hammers, picks and axes, mallets, chisels and punches, diggers, and others. The hammers segment, which accounted for USD 600 million in 2023, is expected to grow at a CAGR of 4.8% during 2024 - 2032. Advanced hammers, with ergonomic handles designed to reduce fatigue, vibrations, and injury risks, are becoming increasingly popular. In construction and woodworking, features like rubberized grips and shock-absorbing properties are highly favored. Multi-purpose hammers with adjustable heads or interchangeable parts are gaining traction, offering versatility to users. Lightweight yet durable materials, such as fiberglass, composite handles, and titanium, ensure ease of use without compromising strength, further driving the demand for this segment.

The market is also categorized by end user into DIY and homeowners, professionals, and industrial sectors. The professionals segment held a 44% market share in 2023 and is anticipated to grow at a CAGR of 4.7% between 2024 and 2032. Professionals often rely on striking tools for extended periods, making ergonomic designs that reduce hand strain and tools with anti-vibration features highly sought after. Products with rubberized, non-slip grips and shock-absorbing handles are particularly popular among professionals, offering improved comfort and injury prevention. These trends not only enhance user comfort but also improve efficiency and precision in their work, further fueling the demand in this segment.

In the U.S., the striking tools market was valued at USD 380 million in 2023 and is forecast to grow at a CAGR of 4.5% from 2024 to 2032. This growth can be attributed to the thriving construction and infrastructure sectors, an increase in DIY and home improvement activities, technological advancements, and rising demand from professional users. With a growing emphasis on tool durability, comfort, and functionality, the U.S. market is poised to continue its expansion well into the next decade.

Product Code: 12529

Chapter 1 Methodology & Scope

1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry synopsis, 2021-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Factor affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
- 3.6.1 Growth drivers
  - 3.6.1.1 Rising DIY and home improvement projects
  - 3.6.1.2 Booming construction and infrastructure
- 3.6.2 Industry pitfalls & challenges
  - 3.6.2.1 Competition from power tools
  - 3.6.2.2 Counterfeit and low-quality products
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Product Type, 2021-2032 (USD Billion) (Thousand Units)

5.1 Key trends
5.2 Hammers
5.3 Picks and axes
5.4 Mallets
5.5 Chisels and punches
5.6 Diggers
5.7 Others (tampers etc.)

Chapter 6 Market Estimates & Forecast, By Material, 2021-2032 (USD Billion) (Thousand Units)

6.1 Key trends
6.2 Steel
6.3 Wood
6.4 Fiberglass
6.5 Plastic
6.6 Aluminum
6.7 Others (composite materials etc.)

Chapter 7 Market Estimates & Forecast, By Price, 2021-2032 (USD Billion) (Thousand Units)

7.1 Key trends
7.2 Low
7.3 Medium
7.4 High

Chapter 8 Market Estimates & Forecast, By End User, 2021-2032 (USD Billion) (Thousand Units)

8.1 Key trends
8.2 DIY and homeowners
8.3 Professionals
8.4 Industrial
- 8.4.1 Construction
- 8.4.2 Automotive
- 8.4.3 Manufacturing and metalworking
- 8.4.4 Others (woodworking etc.)

Chapter 9 Market Estimates & Forecast, By Distribution Channel, 2021-2032 (USD Billion) (Thousand Units)

9.1 Key trends
9.2 Online
- 9.2.1 Company websites
- 9.2.2 E-commerce
9.3 Offline
- 9.3.1 Supermarkets/hypermarkets
- 9.3.2 Specialty stores
- 9.3.3 Others (home improvement stores etc.)

Chapter 10 Market Estimates & Forecast, By Region, 2021-2032 (USD Billion) (Thousand Units)

10.1 Key trends
10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
10.3 Europe
- 10.3.1 UK
- 10.3.2 Germany
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Spain
- 10.3.6 Russia
10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 South Korea
- 10.4.5 Australia
10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
10.6 MEA
- 10.6.1 UAE
- 10.6.2 Saudi Arabia
- 10.6.3 South Africa

Chapter 11 Company Profiles

11.1 Crescent Tools
11.2 Estwing
11.3 Fiskars
11.4 Gedore
11.5 Husky Tools
11.6 Kendo Tools
11.7 Klein Tools
11.8 Milwaukee Tool
11.9 Peddinghaus
11.10 Proto
11.11 Roughneck Tools
11.12 Snap-on Tools
11.13 Stanley Black & Decker
11.14 Tajima Tools
11.15 Vaughan

Striking Tools Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032