Striking Tool Market Overview
As per MRFR analysis, the Striking Tool Market Size was estimated at 14.34 (USD Billion) in 2022. The Striking Tool Market Industry is expected to grow from 14.74(USD Billion) in 2023 to 18.9 (USD Billion) by 2032. The Striking Tool Market CAGR (growth rate) is expected to be around 2.8% during the forecast period (2024 - 2032).
Key Striking Tool Market Trends Highlighted
Striking tools play a crucial role in various construction, automotive, and industrial applications. The rising demand for infrastructure development and construction activities ly is propelling the growth of the striking tool market. Moreover, the increasing adoption of power tools and advancements in technology, such as cordless and ergonomic designs, are driving market expansion.
The increasing awareness of safety regulations and the need for improved ergonomics in the workplace present significant opportunities for manufacturers. Additionally, the growing adoption of specialized striking tools for specific applications, such as automotive repair and aerospace, offers potential for market growth.
The striking tool market is witnessing a surge in demand for lightweight and durable tools. Manufacturers are incorporating new materials like titanium and fiberglass composites to reduce weight and enhance durability. Furthermore, the trend towards cordless power tools is gaining traction, driven by the convenience and increased mobility they offer.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Striking Tool Market Drivers
Increasing Construction Activities Driving Market Growth
The construction industry is a large consumer of striking tools, and it will drive growth in the striking tool market. As construction activities increase around the world, increased demand for striking tools is anticipated. For various construction purposes, striking tools are important in all manners ways, such as driving nails, cutting materials, and breaking down stone or concrete. The expansion of the construction industry will create an ideal environment for the striking tool market as more and more construction work requires the relevant tools.The construction industry will continue to grow as a cumulative effect of various factors, such as increasing urbanization, rising disposal income of the people, and increasing government expenditure on infrastructural facilities. In developing countries, the construction industry will witness tremendous growth as there is a huge demand for construction, residential houses, commercial buildings, and other infrastructural projects. The increased levels of construction activities in these areas will offer striking tools for the needed demand to drive the market.In addition to the construction industry, the striking tool market will benefit from other industries that are expected to grow, such as the automotive, manufacturing, and mining industries. All these industries use striking tools in a variety of ways. As more and more vehicles are put to use by the growing middle-class citizens around the world, the automotive industry will continue to expand. For various reasons, including maintenance and service as well as repair of wooden and metal materials, the growing automotive industry will create demand for striking tools.Similarly, all those manufacturing minerals that use metals and minerals require several types of striking tools. The mining industry has always used striking tools for the breaking of stone and metal materials, and the growth of the mining industry will increase the demand for striking tools. However, the growth in construction activities around the world will be the largest driver of the striking tool market. The demand for striking tools will be high, given that the construction industry is the largest consumer of striking tools.
Technological Advancements Enhancing Tool Capabilities
The striking tool market is also being driven by technological advancements that are enhancing the capabilities of these tools. Striking tools are becoming more durable, efficient, and versatile, which is making them more attractive to users. One of the most significant technological advancements in the striking tool market is the development of new materials. These new materials are stronger and more durable than traditional materials, which makes striking tools last longer and perform better.For example, some striking tools are now made of titanium, which is a lightweight and strong material that is resistant to corrosion. Another important technological advancement in the striking tool market is the development of new designs. These new designs are making striking tools more ergonomic and easier to use. For example, some striking tools now have cushioned grips that reduce vibration and fatigue. The technological advancements in the striking tool market are expected to continue in the coming years.These advancements are expected to make striking tools even more durable, efficient, and versatile, which will further drive market growth.
Rising Focus on Safety and Regulations
The increasing focus on safety and regulations is also driving the growth of the striking tool market. Striking tools can be dangerous if they are not used properly, and there are a number of regulations in place to ensure that these tools are used safely. The focus on safety and regulations is particularly strong in developed countries, where there are strict regulations governing the use of striking tools. These regulations are designed to protect workers from injury, and they often require employers to provide workers with proper training and equipment. The focus on safety and regulations is also increasing in developing countries.As these countries develop, they are adopting more stringent safety regulations. This is expected to lead to increased demand for striking tools that meet these regulations. Overall, the increasing focus on safety and regulations is expected to be a major driver of growth for the striking tool market in the coming years.
Striking Tool Market Segment Insights
Striking Tool Market Product Type Insights
The Striking Tool Market is segmented by product type into axes, hammers, mallets, wrenches, pliers, and screwdrivers. In 2023, the axes segment is expected to hold the largest share of the market, followed by the hammers segment. The mallets segment is expected to grow at the highest rate during the forecast period. By 2024, the revenue of the axes segment is projected to exceed USD 4.5 billion, expanding at an annual growth rate of 2.5%. The hammers segment is expected to reach a revenue of more than USD 3.8 billion in 2024, progressing at a CAGR of 2.3%.The mallets segment is expected to have a CAGR of 3.1% during the forecast period, meeting a market value of over USD 1.8 billion. The rising demand for axes in the logging and construction industries is the main driver of the growth of the axes segment. The hammers segment is to be supported by the rising demand for hammers in the manufacturing, construction, and automotive industries. The growth of the mallets segment is to be supported by the increasing demand in the construction and automotive industries. The Striking Tool Market has a low level of concentration, with a multitude of small and medium entities.Some of these entities are Stanley Black Decker, Robert Bosch GmbH, Snap-on Incorporated, and Apex Tool Group. They concentrate on new product development and the entry of new markets.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Striking Tool Market Material Insights
The Material segment is a crucial aspect of the Striking Tool Market, influencing its growth and dynamics. Steel, Titanium, Aluminum, Fiberglass, Plastic, and Composite are the primary materials used in striking tools, each offering unique advantages and applications. Steel remains the dominant material, accounting for a significant share of the revenue in 2023 and is projected to maintain its dominance in the coming years. Its durability, strength, and affordability make it a popular choice for heavy-duty striking tasks. Titanium, known for its lightweight and exceptional strength, is gaining traction in specialized applications, such as aerospace and military.Aluminum, with its corrosion resistance and high strength-to-weight ratio, is also witnessing increased adoption. Fiberglass, Plastic, and Composite materials are often preferred for their lightweight and non-conductive properties, catering to specific industries like electrical and construction. The Striking Tool Market segmentation based on Material provides valuable insights into the performance and growth potential of different material types, enabling stakeholders to make informed decisions and capitalize on emerging opportunities.
Striking Tool Market Application Insights
The Application segment is a crucial aspect of the Striking Tool Market, influencing market growth and segmentation. Construction, a key application, accounted for a significant portion of the market in 2023, driven by rising infrastructure development and urbanization. The Industrial sector is another major application, with demand for striking tools in manufacturing, automotive, and metalworking industries. Automotive applications are also notable, fueled by increasing vehicle production and maintenance activities. DIY (Do-It-Yourself) applications contribute to market growth as homeowners and enthusiasts undertake home improvement projects.Mining, Oil Gas applications further expand the market reach, driven by the need for specialized striking tools in these industries. The Striking Tool Market segmentation offers insights into specific application areas, enabling manufacturers to tailor their products and strategies accordingly.
Striking Tool Market Size Insights
The Striking Tool Market is segmented by Size into Small (less than 12 inches), Medium (12-24 inches), and Large (more than 24 inches). Among these, the Medium segment is expected to hold the largest market share in 2023 due to its wide range of applications in various industries such as construction, automotive, and manufacturing. The Small segment is also expected to witness significant growth during the forecast period, owing to its increasing use in DIY projects and home improvement activities. The Large segment is expected to grow at a moderate pace, driven by demand from heavy industries such as mining and infrastructure development.
Striking Tool Market Distribution Channel Insights
The distribution channel segment plays a crucial role in the Striking Tool Market with various channels contributing to its growth. Online retailers have gained significant traction, capturing a substantial market share due to their convenience, wide product selection, and competitive pricing. In 2023, online retailers accounted for approximately 24% of the Striking Tool Market revenue, and this share is projected to rise to 27% by 2032. Specialty stores, catering to specific customer needs and offering expert advice, hold a significant market share of around 22%.Hardware stores, with their local presence and wide product availability, account for approximately 20% of the market. Home improvement centers, offering a comprehensive range of home improvement products, including striking tools, hold a share of around 18%. Distribution companies responsible for distributing striking tools to various sales channels contribute around 16% to the Striking Tool Market revenue. This segmentation provides valuable insights into the market dynamics, enabling stakeholders to make informed decisions and optimize their distribution strategies.
Striking Tool Market Regional Insights
The Striking Tool Market is segmented into North America, Europe, APAC, South America, and MEA. The North American region is expected to hold the largest market share in 2023, with a valuation of 5.4 billion USD. The European region is expected to follow, with a market value of 4.1 billion USD. The APAC region is expected to grow at the highest CAGR of 3.2%, reaching a market value of 3.8 billion USD by 2032. South America and MEA are expected to have market valuations of 1.2 billion USD and 0.8 billion USD, respectively, by 2032.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Striking Tool Market Key Players And Competitive Insights
Major players in the Striking Tool Market are continuously innovating and launching new products to meet the evolving demands of the market. Leading Striking Tool Market players are focusing on developing products that are more durable, efficient, and user-friendly. The Striking Tool Market industry is highly competitive, with a number of key players. The competitive landscape is characterized by the presence of both and regional players. players account for a significant share of the market, with a wide range of product offerings and a strong distribution network. Regional players, on the other hand, focus on specific geographic markets and have a strong understanding of local customer needs. The Striking Tool Market is expected to witness significant growth in the coming years, driven by rising demand from various industries and increasing investments in infrastructure development.Stanley Black Decker is a leading Striking Tool Market player with a wide range of products, including hammers, pliers, wrenches, and other tools. The company has a strong presence and a well-established distribution network. Stanley Black Decker is known for its high-quality tools and its commitment to innovation. The company has a number of research and development centers around the world, where it develops new products and technologies. Stanley Black Decker is also actively involved in mergers and acquisitions, which has allowed it to expand its product portfolio and strengthen its market position.Snap-on is another major player in the Striking Tool Market. The company offers a wide range of hand tools, including wrenches, sockets, pliers, and screwdrivers. Snap-on tools are known for their durability and precision. The company has a strong distribution network and a loyal customer base. Snap-on is also heavily involved in research and development, and it has a number of patents for its innovative products. The company has a presence and serves a wide range of industries, including automotive, aerospace, and construction. Snap-on is a strong competitor in the Striking Tool Market, and it is expected to continue to grow its market share in the coming years.
Key Companies in the Striking Tool Market Include
- Ingersoll Rand
- Fortive Corporation
- Stanley Black Decker
- Emerson Electric
- Eaton Corporation
- Apex Tool Group
- Graco Inc.
- Nortek Inc.
- Altra Industrial Motion
- Techtronic Industries
- Actuant Corporation
- Atlas Copco
- Matco Tools
- Bosch Rexroth
- Snapon
Striking Tool Market Industry Developments
Recent developments in the striking tool market indicate a growing demand for cordless and electric tools. Advancements in battery technology have led to longer runtimes and more power, making cordless tools more viable for heavy-duty applications. Additionally, the increasing adoption of electric tools due to environmental concerns and government regulations is expected to drive market growth.Key market players are focusing on product innovation and expansion into emerging markets. For instance, in 2023, Stanley Black Decker acquired Consolidated Aerospace Manufacturing, a leading manufacturer of impact wrenches and torque multipliers, to strengthen its position in the industrial sector. Such strategic moves are expected to shape the competitive landscape in the coming years.
Striking Tool Market Segmentation Insights
Striking Tool Market Product Type Outlook
Axes
Hammers
Mallets
Wrenches
Pliers
Screwdrivers
Striking Tool Market Material Outlook
Steel
Titanium
Aluminum
Fiberglass
Plastic
Composite
Striking Tool Market Application Outlook
Construction
Industrial
Automotive
DIY
Mining
Oil Gas
Striking Tool Market Size Outlook
Small (less than 12 inches)
Medium (12-24 inches)
Large (more than 24 inches)
Striking Tool Market Distribution Channel Outlook
Online Retailers
Specialty Stores
Hardware Stores
Home Improvement Centers
Distribution Companies
Striking Tool Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
14.34(USD Billion) |
| Market Size 2023 |
14.74(USD Billion) |
| Market Size 2032 |
18.9(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
2.8% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Ingersoll Rand, Fortive Corporation, Stanley Black Decker, Emerson Electric, Eaton Corporation, Apex Tool Group, Graco Inc., Nortek Inc., Altra Industrial Motion, Techtronic Industries, Actuant Corporation, Atlas Copco, Matco Tools, Bosch Rexroth, Snapon |
| Segments Covered |
Product Type, Material, Application, Size, Distribution Channel, Regional |
| Key Market Opportunities |
Increased construction activities, rising DIY trend, growing demand for cordless tools surge in automotive manufacturing, and expanding industrial sector |
| Key Market Dynamics |
Rising construction activities Growing demand for cordless tools Technological advancements Expansion of manufacturing sector. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Striking Tool Market is projected to grow at a CAGR of 2.8% from 2024 to 2032, reaching a market size of USD 18.9 billion by 2032.
The Striking Tool Market was valued at USD 14.74 billion in 2023.
North America is expected to dominate the Striking Tool Market throughout the forecast period, owing to the presence of major players and increasing demand from various industries.
Striking Tools are extensively used in construction, automotive, manufacturing, and mining industries for tasks such as hammering, cutting, and demolition.
Major players in the Striking Tool Market include Stanley Black Decker, Emerson Electric, Snap-on, Apex Tool Group, and Techtronic Industries.
Emerging economies, such as China and India, are expected to witness significant growth in the Striking Tool Market due to rapid industrialization and infrastructure development.
Advancements in technology, such as the integration of sensors and IoT, are enhancing the safety and efficiency of Striking Tools.
Fluctuations in raw material prices, competition from substitutes, and stringent safety regulations pose challenges to the growth of the Striking Tool Market.
Manufacturers are focusing on developing sustainable Striking Tools made from recycled materials and adopting eco-friendly manufacturing processes.
E-commerce platforms are gaining popularity for the distribution of Striking Tools, offering convenience and a wider product range to customers.
