U.S. tactical folding knives market is expected to cross market value of USD 1,350 million in 2027 from USD 695 million in 2020. It is expected to grow at a CAGR of over 9% during the forecast period.
Key Market Drivers and Restraints
The growing demand for tactical folding knives in military defense and homeland security because they are very handy in critical mission and/or operation. This is one of the most prominent factors stimulating growth of the U.S. tactical folding knives market. Compared with the past few decades, the market value of defense expenditures in U.S. has increased considerably. This encourages professional organizations to purchase new and better knives and tools for their soldiers. Additionally, demand for these knives in fishing, hunting, and adventure sports is another factor driving growth of the target market.
However, availability of imitated/counterfeit products may hamper growth of the U.S. tactical folding knives market. Compared with other knives, tactical folding knives are small and compact, thus, the durability of these knives largely depends on the material quality used while production. The functionality of these knives may hamper if they are not made of high-quality materials, therefore, manufacturers focus on using high-quality materials. Recently, R&D investment by manufacturers has been increased to develop durable and cost-effective product which is a factor expected to create potential opportunity for the key manufacturers operating in the market.
Impact of COVID 19
The tactical folding knives market will show considerable growth on the back of the U.S. pandemic. Due to the COVID-19 outbreak, global or partial shutdown have a negative impact on the supply chain and product demand in the country. In addition, decrease in trading activities and transportation restrictions in this pandemic has a negative impact on the target market growth.
Military & Defense would continue to dominate the U.S. Tactical Folding Knives Market in terms of Type
Military & Defense, Homeland Security, Fishing & Hunting, Sports & Recreational Activities, and Other Types are the Type of tactical folding knives market. In 2020, Military & Defense segment accounted for the largest share of over 20% of U.S. tactical folding knives market, owing to growing demand in industrial sectors.
Less Than USD 40 is the major segment in the U.S. Tactical Folding Knives Market in terms of Price Range
Less Than USD 40 and More Than USD 40 are the Price Range of tactical folding knives market. In 2020, Less Than USD 40 segment accounted for the largest share of over 55% of U.S. tactical folding knives market.
Direct Sales to Defense is the major segment in the U.S. Tactical Folding Knives Market in terms of Sales Channel
Based on Sales Channel, the U.S. tactical folding knives market is segregated into Online, Mobile, Storefront, Direct Sales to Defense, Construction & Mining, and Other Sales Channels. The Online segment is further sub-segmented into Amazon, ebay, Knife Depot, and Others. Also, the Mobile segment is further sub-segmented into Snap-on, Matco, Mac, Cornwell, and Others. In 2020, Direct Sales to Defense segment is accounted for a significant share of over 30% in 2020 of the U.S. tactical folding knives market.
Frequently asked questions about U.S. Tactical Folding Knives Market
- What are the consequences of COVID 19 on U.S. tactical folding knives market?
Ans: Disruption of supply chain and shutdown of production lines caused by the current pandemic
- Which is the Type through tactical folding knives market?
Ans: Military & Defense is the most frequently through tactical folding knives market
- Which is the key Price Range through which tactical folding knives market occurs?
Ans: Less Than USD 40 is the main Price Range segment in tactical folding knives market
- Which is the key Sales Channel through which tactical folding knives market occurs?
Ans: Direct Sales to Defense is the major Sales Channel segment in tactical folding knives market
- Who are the key players in the U.S. Tactical Folding Knives Market?
Ans: Smith & Wesson, Gerber, SOG, Kershaw, KA-BAR, Spyderco, CRKT, and Others are key players operating in this market
- What will be the CAGR (2021-2027) of in U.S. tactical folding knives market?
Ans: The market is anticipated to grow at a CAGR of 9% throughout the forecast period
- Which are the major factors driving the growth of U.S. tactical folding knives market?
Ans: Increasing demand for the tactical folding knives in fishing, hunting and adventure sports is a key driving factors propelling the growth of this market
