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Pocket Knives Market Expected to Reach $989.1 Million by 2031—Allied Market Research

 
2022
Pocket Knives Market

Report Code : A47296

quote Numerous varieties of pocket knives are expected to boost the market growth in the foreseeable future. Moreover, incorporation of customization, as well as innovative pocket knives is likely to promote sustainability and result in the market growth in the upcoming years. quote

Roshan Deshmukh - Manager
Consumer Goods at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Pocket Knives Market," The pocket knives market was valued at $578 million in 2021, and is estimated to reach $989.1 million by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

Pocket knives industry includes the most well-known multi-purpose knives i.e. the Swiss Army knife. Moreover, Boy Scout knives are also versatile tools with multiple features. Multipurpose knives come equipped with can openers, scissors, leather punchers, tweezers, or even screwdrivers in addition to the blade. Furthermore, such pocket knives are used preferred in camping vacations and likely to create pocket knives market demand.  

There is plenty of possibility for creating pocket knives from new materials rather than from conventional ones and likely to one of the pocket knives market trends in forecast period.. Additionally, a few manufacturers had already developed pocket knives with unique components including blue tough ceramic, light grey tough ceramic, and burgundy tough ceramic. Additionally, it's likely that pocket knives made of unique materials may increase demand in the market for pocket knives. Additionally, market participants tend to place value on a product's originality. The consumer who seeks out innovative products is the main target market for producers. Therefore, there is a high demand in the pocket knife industry for unique pocket knives constructed of new materials. 

The pocket knives market analysis has been done based on type, application, distribution channel, and region. Based on type, the market is categorized into single-blade, multi-blade and Swiss army knives and multi-tools. According to the application, the pocket knives market is fragmented into outdoor activities and indoor activities. As per the distribution channel, the market is divided into E-commerce and offline channel. Moreover, the pocket knives market is further classified into third-level segmentation through the distribution channel. Based on offline channel, the market is classified into hypermarkets/supermarkets, convenience stores, and others. Region-wise, the pocket knives market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Switzerland, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, UAE, Argentina and the rest of LAMEA).  

By type, single-blade were the highest revenue contributor in 2021 with a CAGR of 5.9%. Moreover, the simplicity and compactness of single-blade pocket knives, which come in a wide variety of sizes and forms, are by far their finest features. These benefits are also expected to raise the market for single blade pocket knives on a global scale. Single-blade folders exclusively concentrate on the design of a single, bigger blade, in contrast to other market segments like multi-tool pocket knives. Many of these knives contain locking mechanisms that strengthen and stabilize them for trickier procedures. Because they may also include spring-loaded opening mechanisms that provide a quick opening, these knives are ideal for consumers searching for a strong all-purpose knife and help fuel the market for pocket knives. 

By application, the outdoor activities were the highest revenue contributor in 2021 at a CAGR of 5.7% Pocket knives are used for a variety of jobs, including fishing, hunting, kindling creation, cutting rope, and splitting firewood. A pocket knife can also be used to prepare the bait and cut the fishing line. Additionally, using one to clean fish is a common practice across the globe. Kindling can be quite useful when starting a fire with wet logs. When it comes to slicing little twigs and wood chips into useful fire starters, a pocket knife can also save one’s life. Therefore, it is expected that the numerous outdoor activities that include pocket knives would increase the market growth. 

By distribution channel, offline channel had the largest pocket knives market size in 2021 and are expected to have the largest market share in 2031 due to customers can easily find pocket knives through offline channels, which offer large sets of pocket knives. It also operates stores with a wide variety of pocket knives and has a presence both domestically and internationally. These kinds of stores have a variety of pocket knives, including both single-blade and multiple-blade models that are available. Customers can find niche products in these types of establishments that cater to specific market segments. As a result, the growth of offline channels in various areas opens up lucrative opportunities for the market expansion of pocket knives. Manufacturers encourage supermarket and hypermarket chains to sell their own products through these channels and offer special discounts as a result, which helps boost the demand for pocket knives. 

By region, North America holds the largest pocket knives market share in 2021 due to the increase in disposable income and the increased popularity of various pocket knife varieties, including single- and multi-blade models, Swiss army and multi-tool models, are expected to drive the market for pocket knives in North America. Additionally, it is projected that the growing acceptance of models made of custom materials will support the region's increasing demand for pocket knives. 

The major players operating in the global pocket knives are Spyderco, Microtech Knives, Kershaw, Zero Tolerance, Protech, Gerber, WE knife co., Kizer Knives, Buck Knives, Bladerunners Systems, Columbia River Knife & Tool, Chris Reeve, Cold Steel, Case Knives and Emerson. 

Key findings of the study  

  • By type, the single-blade segment is estimated to witness the significant pocket knives market growth, registering a CAGR of 5.9% during the forecast period.  

  • By application, the outdoor activities segment is anticipated to grow at a CAGR of 5.7% during the forecast period.  

  • By distribution channel, the offline segment is estimated to witness significant growth, registering a CAGR of 5.4% during the forecast period.  

  • By region, North America was the dominant region in 2021, occupying a major share of the market. 

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quote Pocket Knives Market by Type (Single-blade, Multi-blade, Swiss Army Knives and Multi-tools), by Application (Outdoor activities, Indoor activities), by Distribution channels (E-commerce, Offline channel): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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