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Electric Drill Market Set for Strong Expansion by 2030 - Persistence Market Research
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Growing Adoption of Electric Drills in DIY Repair Jobs
As homeowners and individuals increasingly prefer carrying out home improvement and repair tasks independently, the demand for electric drills has surged. These tools are now commonly kept handy for various household repairs, as timely fixes can prevent the need for expensive professional services.
Besides major home improvement tasks, electric drills are widely used for light-duty applications, including assembling furniture, wall décor installations, and minor repairs. The popularity of light-duty electric drills, which operate below 20 volts, is on the rise, further boosting market growth. Industry analysts anticipate a steady CAGR of over 5% for the global electric drill market throughout the forecast period from 2020 to 2030.
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Cordless Drills Emerging as a Game-Changer
Cordless electric drills are rapidly gaining traction as a versatile and portable tool. Operating on battery power, these drills eliminate the need for an electric outlet, allowing users to perform drilling operations anywhere with ease. The flexibility and convenience of cordless drills make them a preferred choice among consumers, further driving demand in the market.
The increasing focus on power and mobility is influencing purchasing decisions, with consumers gravitating toward cordless models. As a result, manufacturers are focusing on enhancing battery life and efficiency to cater to this growing preference, shaping the future trajectory of the electric drill market.
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Expansion of Rental Businesses Driving Market Growth
In addition to individual consumers, the rental business of power tools, including electric drills, is flourishing. The emergence of third-party rental services is creating new opportunities for market players, enabling customers to access high-quality electric drills without making a direct purchase.
The expansion of the power tool rental market is particularly evident in the construction and industrial sectors, where businesses prefer renting equipment to reduce costs. This trend is anticipated to contribute significantly to the global electric drill market's revenue in the foreseeable future.
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Regional Market Outlook: North America and Europe Lead the Charge
In 2019, the global electric drill market reached a valuation of US$ 1.9 billion, with North America and Europe emerging as dominant regions. The strong presence of leading brands and high adoption rates of DIY repair projects in these regions contribute to their market share.
Meanwhile, markets in East Asia, South Asia, and the Middle East & Africa are witnessing steady growth, driven by rapid urbanization and increasing construction activities. As developing economies invest in infrastructure and home renovation projects, the demand for electric drills in these regions is set to rise.
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Competitive Landscape: Innovation and Product Differentiation
The electric drill market is highly fragmented, with numerous local and global players competing to gain market share. Key manufacturers are investing in research and development to introduce innovative products with enhanced functionalities. Compact designs, improved battery life, and integrated LED lighting are among the features gaining prominence.
For instance, Bosch has introduced a cordless drill equipped with a built-in LED light, allowing users to work efficiently in low-light conditions. Such product advancements are expected to shape consumer preferences and intensify competition in the market.
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COVID-19 Impact on the Electric Drill Market
The COVID-19 pandemic has brought about significant disruptions in the electric drill market. The outbreak resulted in fluctuating demand patterns, particularly due to the slowdown in construction and industrial activities. As businesses and households adjusted to new financial constraints, the demand for power tools, including electric drills, experienced a temporary decline.
Additionally, supply chain disruptions posed challenges for manufacturers, affecting production timelines and product availability. However, as economies gradually recover and construction activities resume, the market is poised for a rebound, with renewed demand from both residential and commercial sectors.
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Future Prospects: Smart Electric Drills Gaining Traction
Industry experts predict that the electric drill market will witness substantial growth in low- and middle-income economies, driven by increasing consumer awareness and product affordability. The concept of smart electric drills, featuring advanced functionalities such as automation and digital controls, is gaining momentum, further opening up new growth avenues.
With continued product innovation and rising adoption across diverse applications, the electric drill market is set to register robust expansion in the coming years.
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Companies Covered in This Report
• 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
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Electric Drill Market: Segmentation
By Product:
• Traditional Drills
• Impact Drills
• Hammers and Rotary Drills
By Power:
• Battery Drills
• Corded Drills
By Chuck Size:
• 1/4 inch
• 3/8 inch
• 1/2 inch
By Price Range:
• Mass
• Premium Range
By Sales Channel:
• Supermarkets/Hypermarkets
• Independent Departmental Stores
• Multi-brand Stores
• Specialty Stores
• Online Retailers
• Other Sales Channels
By Region:
• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa
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About Persistence Market Research:
At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 25.92, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.
Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.
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