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The power drill market share is expected to increase by USD 540.03 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.79%.
This power drill market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers power drill market segmentation by product (hammer and rotary power drills, impact and rotary power drills, and traditional and rotary power drills), technology (cordless power drills and corded power drills), and geography (North America, Europe, APAC, Middle East and Africa, and South America). The power drill market report also offers information on several market vendors, including Apex Tool Group LLC, Atlas Copco AB, C. and E. Fein GmbH, CHERVON China Trading Co. Ltd., Emerson Electric Co., Enerpac Tool Group Corp, Festool GmbH, Hilti Corp., Ingersoll Rand Inc., Jiangsu Dongcheng M and E Tools Co Ltd, Josch Group, Koki Holdings Co. Ltd., Makita Corp., Nemo Power Tools Ltd., Panasonic Holdings Corp, Robert Bosch GmbH, Snap On Inc., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., and The Husqvarna Group among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increased innovations in power drills through advanced technologies is notably driving the power drill market growth, although factors such as battery runtime and high maintenance costs associated with cordless power drills may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the power drill industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Power Drill Market Driver
The increased innovations in power drills through advanced technologies is one of the factors driving the power drill market growth. Competitors operating in the global power drill market constantly strive to develop innovative and technologically advanced products to cater to the evolving needs of consumers. Advances in technology have enabled them to provide innovative products. Meanwhile, consumers prefer battery-powered products influenced by environmental concerns and high fuel prices. Improving performance and advances in battery technologies, including lower prices of lead-acid and Li-ion rechargeable battery packs, have enabled manufacturers to develop cordless power drills to enable mobility. These developments are expected to drive market growth during the forecast period.
Key Power Drill Market Trend
The advent of cordless power drills is one of the key power drill market trends fueling market growth. Most power drill manufacturers are now transitioning toward cordless power drills that are equipped with efficient and lightweight lithium batteries. Despite higher prices of cordless products acting as a limiting factor, their unit price will likely decline over the next five years amid growing competition. Also, major vendors in the market are launching new products to increase their market share in the global power drill market. For instance, in January 2022, Robert Bosch Tool Corporation (Bosch Power Tools) introduced its strongest new hammer drill/driver and drill/driver under the PROFACTOR System to date - the GSB18V-1330C and GSR18V-1330C. Thus, the advent of cordless power drills will positively impact the growth of the global cordless power drill market during the forecast period.
Key Power Drill Market Challenge
The battery runtime and high maintenance costs associated with cordless power drills is one of the key factors challenging the power drill market growth. Maintenance costs of cordless power drills are high. The average cost of replacing a battery is more than $60, which is almost equal to the cost of a corded power drill. Weight, vibration, and extra noise are some of the other issues associated with cordless power drills, which are higher than corded power drills. Such issues associated with cordless power drills will hamper the growth of the market during the forecast period.
This power drill market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global power drill market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the power drill market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the power drill market encompasses successful business strategies deployed by the key vendors. The power drill market is fragmented and the vendors are deploying growth strategies such as product differentiation, portfolio, and pricing to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The power drill market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the power drill market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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34% of the market’s growth will originate from APAC during the forecast period. China is the key market for the power drill market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Industrialization and urbanization in the region's developing countries will facilitate the power drill market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 hampered the growth of the regional market. However, the initiation of large-scale vaccination drives and the resumption of manufacturing operations in different industries such as automobiles stabilized the growth of the power drill market in APAC in Q4 2020. Also, the key vendors in the regional market are prioritizing and rescheduling all business activities, which will spur the growth of the market during the forecast period.
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The power drill market share growth in the hammer and rotary power drills segment will be significant during the forecast period. Hammer and rotary power drills are similar to standard conventional drills but come with a rapid hammering function or motion to drill into masonry. These drills, being heavy-duty, are considered ideal for drilling through tough surfaces such as brick, concrete, and stone as they are quick and effortless. They feature a hammer function pounding the drill bit while it rotates and works its way through dense materials. One of the advantages of these drills is that the hammer function can be easily switched off into a regular drill when needed. Such advantages of hammer and rotary power drills will boost the market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the power drill market size and actionable market insights on post COVID-19 impact on each segment.
Power Tools market - The market share is poised to grow by USD 10.33 billion during 2022-2026, accelerating at a CAGR of 5.59% during the forecast period
Power Drill Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.79% |
Market growth 2022-2026 |
$ 540.03 million |
Market structure |
Fragmented |
YoY growth (%) |
4.73 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
APAC at 34% |
Key consumer countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Apex Tool Group LLC, Atlas Copco AB, C. and E. Fein GmbH, CHERVON China Trading Co. Ltd., Emerson Electric Co., Enerpac Tool Group Corp, Festool GmbH, Hilti Corp., Ingersoll Rand Inc., Jiangsu Dongcheng M and E Tools Co Ltd, Josch Group, Koki Holdings Co. Ltd., Makita Corp., Nemo Power Tools Ltd., Panasonic Holdings Corp, Robert Bosch GmbH, Snap On Inc., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., and The Husqvarna Group |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Technology
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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