Construction volumes are at an upward rise. And, this is particularly true of countries such as India, and China. A total increase of 85% is set to mark the construction landscape by the year 2030 on a global level, and from this a claim would be laid on about 57% by three countries – the two mentioned above and the United States of America. It is also significant to note here that since these hammers cause minimum damage to walls, ensuring maximum aesthetics, these are highly preferred over traditional variants. For the same reason, these are used in a number of other industries such as automotive.
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Population Growth Driving Construction Volumes Up over the Forecast Period
It is also pertinent to note here of the fact that one of the prominent reasons driving the construction volumes on a higher trajectory is the population growth. By 2050, studies state that 2 billion new people would mark the landscape. That means for the current 7.7 bn, it will reach a 9.7 bn mark. As this number increases, demand for buildings and civic amenities will increase in tandem. People will need houses, offices, commercial centers, and recreational spaces. Besides, infrastructure will have to be developed to support seamless living.
And, as the demand for this increase, demand for electric hammers would also increase. Used for their accuracy and efficiency, electric hammers are seeing an increase in applications. As per Transparency Market Research, the global electric hammer market is set to witness a sturdy growth trajectory over 2019 to 2029. It also notes that this will lead to numerous opportunities arising in the market landscape, ready to be tapped into by the players operating the playfield.
It is also important to note here that easy access to these hammers and development of hammers with varying configurations are immensely helping the market witness increase in demand. Besides, efforts of players to ensure high output while using less electricity are also set to pay off over the period stated above.
Another industry that is set to contribute massively to the growth of global electric hammer market is the automobile industry. The reason behind this is the ability of the hammer to go through hard surfaces. High thrust technologies make it possible to provide greater power to the blade. More variants are now hitting the market with increased resistance and penetration.
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Vendor Landscape for Electric Hammers to Remain Fragmented over the Forecast Period
A number of players mark the vendor landscape of global electric hammer market, making it fragmented. This also makes the market landscape quite intense in terms of competition. And, players are highly focused on product development. Innovation is a major determinant of market share and this ensures that technology plays a key role in the market. Some of the most significant players in the market, who are helping drive it to a higher trajectory with their active measures to carve off a larger share of the growth pie, are Wurth, Bosch Tools Corporation, Modern, Techtronic, Yongkang Xulang Industry and Trade Co. Ltd., among many others.
It is also significant to note here that the players do not shy away from deploying both organic and inorganic growth strategies to chart growth. Thus we see a rage of such strategies marking the market landscape. These include alliances based on mutual synergies and strategic collaborations to combine resources and know-how.
Region-wise, the market would witness North America, and Asia Pacific as significant market owing to high construction volumes, increase in disposable incomes, and expansion in automotive industry. Besides, the regions have presence of notable players.
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