Global Market Study on Electric Drills: Rising Popularity of Smart Electric Drills Aiding Market Expansion


Electric Drill  Market
  • Published On : Nov-2020 |
  • Pages : 300 Pages |
  • Format : Electric Drill  Market Electric Drill  Market Electric Drill  Market Electric Drill  Market

Today, individuals highly prefer doing home improvement jobs by themselves. In light of this, people are now keeping sets of tools such as electric drills handy, as they agree to the fact that quick repairs prevent the need for expensive fixes later on. With growing interest in DIY repair jobs, adoption of electric drills is growing at a rapid pace. This increase in adoption is positively impacting the expansion of the electric drill market size.

Besides improvement and repair tasks, electric drilling equipment is also popularly used for light-duty and all-purpose jobs at home, such as setting up furniture, wall décor, light repairs, etc. Thus, growing use of electric drills for domestic repair jobs is expected to positively impact demand for light-duty electric drills in the market. Light-duty electric drills use less than 20 volts, and are also known as less powerful drills. As such, the global electric drill market is anticipated to rise at a steady CAGR of more than 5% over the forecast period of 2020 to 2030.

Electric Drill Market Trends

Growing Popularity of Cordless Drills as Versatile Tool: Cordless electric drills operate on batteries, which is why, they are capable of facilitating instant drilling without the use of a power cord. These drills are popularly considered as a versatile tool, as these are flexible, portable, and can be used anywhere, as the user need does not require to be close to an electric outlet. This is one of the major product-related features that is driving the adoption of cordless electric drills in the market. Preference for cordless electric drills is rising as power and mobility are two important aspects that are highly considered while selecting a drill, as such, surging the demand for power drills. This is further expected to reflect a positive growth trend in the electric drill market over the coming years.

Parallelly Growing Rental Business of Power Tools to Further Open New Demand Opportunities: Apart from demand from the household and construction sectors, increasing demand from third-party rental businesses is further expected to positively impact the growth of the electric drill market. The number of third-party suppliers providing power tools on a rental basis is increasing across the world. This growing parallel business category is further expected to fuel the growth of the electric drill market, and open up new opportunities for players in the global electric drill market space.

Regional Outlook of Electric Drill Market

Global sales of the electric drill market reached US$ 1.9 Bn in 2019. According to PMR’s report, the electric drill market is estimated to register a CAGR of over 5% during the forecast period of 2020-2030. As per the regional analysis, North America and Europe together account for a noteworthy electric drill market share, as the adoption of products for DIY repairs is more in these regions. High penetration of large-scale and well-established brands is another factor that has driven regional growth in North America and Europe. Besides this, other regions such as East Asia, South Asia, and the Middle East and Africa are expected to register decent growth due to increasing construction and development activities across these regions.

Electric Drill Market: Competition Analysis

The electric drill market is anticipated to be highly fragmented in nature, where a large number of local players are actively operating in the market. Players are extensively seeking new opportunities to enhance their business penetration and gain a competitive advantage over others in the market. They are actively seeking opportunities to develop new compact and innovative electric drill designs that are likely to facilitate more convenience related to performance and operations.

  • For instance, Bosch offers a cordless electric drill with a built-in LED light. This product is designed to facilitate convenience in completing a job even in the dark. Development of such products are likely to reshape consumer purchase preferences in the highly competitive electric drill market.

COVID-19 Impact on Electric Drill Market

As customers around the world have now resorted to avoiding human contact, retailers in the market are struggling to adapt to the new normal. The COVID-19 pandemic outbreak has resulted in certain operational changes in the market. Economic downswing caused by coronavirus has resulted in demand fluctuations in the electric drill market. As construction and development activities have been interrupted during this phase, demand for power tools such as electric drills have experienced a temporary decline from commercial sectors. Apart from this, players in the market are also experiencing supply chain issues on the operational front. All these aspects are likely to impact the annual sales of electric drills in the market.

Analysts’ Viewpoint

A brief overview of the changing landscape of the electric drill market has led our analysts to conclude that, new innovations and compact drill design developments are expected to positively impact growth over the coming few years. The market will register significant expansion and growth opportunities for players in low- and middle-income economies, as the concept of smart electric drills is gaining popularity across these regions. The COVID-19 pandemic outbreak has resulted in a market slowdown. Commercial sectors such as construction and development were one of the hardest hit sectors, and hence, demand from these sectors experienced a temporary slowdown. However the market will register substantial growth as many economies are now entering a reviving phase.

Electric Drill Market - Scope of the Report

Persistence Market Research (PMR) recently published a new report on the electric drill market for the assessment period of 2020-2030. The report offers a close look at evolving aspects of the electric drill market, and insights into the dynamics impacting market growth. It also focuses on key developments in the electric drill market. The report includes various macro- and micro-economic factors responsible for a significant impact on the electric drill market.

The report on the electric drill market extensively focuses on the key trends shaping its growth. Additionally, the included opportunity analysis on the electric drill market underlines untapped corners for aspiring players. The report on the electric drill market also offers a holistic view of the incremental opportunity, which can further help readers make effective decisions for the growth of their businesses.

All stakeholders in the electric drill market can rely on the data offered in this report to make critical decisions. Moreover, the information offered in this report also can help new market entrants expand their bases in the electric drill market.

The report elaborates on both, historical and current trends shaping the market. The performance journey of the electric drill market been drawn and analyzed to make lucrative opportunities in the market evident to readers. The competitive landscape presented in the electric drill market report gives a detailed outlook of the profiles of key companies operating in the market, along with their differential strategies and key focus areas.

Electric Drill Market: Segmentation

PMR’s research study on the global electric drill market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The electric drill market is segmented on the basis of product, power, chuck size, price range, sales channel, and region. Every segment is analyzed in detail, and data pertaining to the growth of each segment has been included in the study.

Product

  • Traditional Drills
  • Impact Drills
  • Hammers and Rotary Drills

Power

  • Battery Drills
  • Corded Drills

Chuck Size

  • ¼ inch
  • 3/8 inch
  • ½ inch

Price Range

  • Mass
  • Premium Range

Sales Channel

  • Supermarkets/Hypermarkets
  • Independent Departmental Stores
  • Multi-brand Stores
  • Specialty Stores
  • Online Retailers
  • Other Sales Channels

Region

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa (MEA

The electric drill market research report includes a competitive landscape that provides a dashboard view of the key competitors operating in the market. Some of the market players included in this section are Stanley Black & Decker, Inc., Robert Bosch GmbH, Panasonic Corporation, Makita Corporation, Hilti Corporation, Apex Tool Group, Emerson Electric Company, Koki Holdings Company, Ingersoll-Rand Plc., Techtronic Industries Company, Ltd., Milwaukee Electric Tool Company, DeWalt Industrial Power Tool company, Ltd., Meterk, Inc., Ryobi Limited, and others.

Electric Drill Market: Key Questions Answered in the Report

The research study on the electric drill market offers inclusive insights about the growth of the market in the most comprehensive manner. Key insights offered in the electric drill market report answer some of the most salient questions that assist stakeholders in gauging all the emerging possibilities.

  • How is the outbreak of the coronavirus pandemic impacting the growth of the electric drill market?
  • What are the key trends that are constantly shaping the growth of the electric drill market?
  • Which are the prominent regions that offer plentiful opportunities for players in the electric drill market?
  • What are the differential strategies adopted by key players to hold a significant share in the global electric drill market?

Electric Drill Market: Research Methodology

A unique and promising research methodology forms the base of the electric drill market report for the forecast period. This report has been prepared after comprehensive analysis of market events, and riveting insights have been compiled meticulously. The research methodology for the electric drill market is a two-step process comprising primary and secondary research. Key stakeholders, including suppliers, service providers, and experts of several designations, including executive vice presidents, directors, technical advisors, GM marketing professionals, and sales professionalshave been interviewed. Secondary sources referred to for obtaining information include investor presentations of manufacturers, World Bank, IMF, and other credible sources.

Companies covered in Electric Drill Market Report

  • Stanely Black & Decker, Inc.
  • Robert Bosch GmbH
  • Panasonic Corporation
  • Makita Corporation
  • Hilti Corporation
  • Apex Tool Group
  • Emerson Electric Company
  • Koki Holdings Company
  • Ingersoll-Rand Plc
  • Techtronic Industries Company, Ltd.
  • Milwaukee Electric Tool Company
  • DeWalt Industrial Power Tool Company, Ltd.
  • Meterk, Inc.
  • Ryobi Limited
  • Other Players (As Requested)
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