Powered by electrical motor, a power drill rotates a replaceable drill to create a hole in metal, plastic or wood. These drills attach fasteners and screws onto various surfaces.
The global power drill market is expected to observe growth due to increased adoption of cordless power tools due to its ease of use easy portability. In addition, augmented demand for fastening tools in various industries together with phenomenal growth of the construction industry is likely to work in favor of the global power drill market over projection tenure. The global power tools market offers abundant scope of growth for the manufacturers who want to bring on smart connectivity for these tools
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Growing demand for lightweight vehicles and rapidly expanding construction industry is likely to emerge as the two most prominent end use segments for the power drill market.
On the other hand, high cost of maintenance of power tools is likely to pose threat to the growth of the global power drill market in near future. Moreover, volatility in the price of raw materials is estimated restrain growth of the market as well.
Power Drill Market: Introduction
Power drill, primarily used for making round holes, are widely utilized in commercial and residential sectors. Power drills are developed with advanced technologies to provide work efficiency and perform tasks with minimum errors. Power drills simplify and reduce work burden and minimize the chances of human errors and injury. Increased innovation, growth of smart technologies, coupled with development of low-cost, energy efficient power tools is expected to boost the sale of power drills in the near future.
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Power Drill Market: Competitive Landscape
Hilti Corporation
Founded in 1941, Hilti Corporation is headquartered in Schaan, Liechtenstein. The company is specialized in designing, manufacturing, and marketing power tools for building maintenance, construction, energy, and manufacturing industries. It has employee strength of over 28,000 and has business operations in more than 120 countries.
Makita Corporation
Incorporated in 1915, Makita Corporation is based in Anjo, Aichi Prefecture, Japan. It is a power tools manufacturing company. The company has 10 operating plants in eight countries. It operates its factories in Japan, China, Germany, U.K., Brazil, Romania, Mexico, and the U.S.
Stanley Black & Decker, Inc.
Established in 1843, Stanley Black & Decker, Inc. is based in New Britain, Connecticut, the U.S. The company engages provides power tools, hand tools, and related accessories, products, services, and equipment for oil & gas and infrastructure applications, healthcare solutions, commercial electronic security and monitoring systems, and mechanical access solutions. It operates through the following three segments: tools and storage, industrial, and security. The company offers its products under brands Proto, Bostitch, Best, Stanley, MAC tools, Vidmar, FatMax, CRC-Evans, Facom, DeWALT, and Black & Decker.
Robert Bosch GmbH
Established in 1886, Robert Bosch GmbH is based in Gerlingen, Germany. It operates as an engineering and electronics company. The company’s business sectors include consumer goods, industrial technology, mobility solutions, and energy and building technology. Its product portfolio comprises power tools, accessories, security systems, heating systems, household appliances, eBike systems, and solar inverters. It also offers industry solutions, packaging technology, and business process management solutions.
Panasonic Corporation
Established in 1918, Panasonic Corporation is a leading producer of electronics and non-electronics services and products, and serves home appliances, semiconductors, and electronics industry. It is engaged in the research and development of appliances and solutions geared toward bettering the lives of end-users.
Some of the significant players in the power drill market are DeWalt, Techtronic Industries Company Limited, SKIL Power Tools, Konica Minolta, Inc., Hitachi, Ltd., and Jiangsu Dongcheng Power Tools Co., Ltd.
Power Drill Market: Dynamics
Increased Innovations in Power Drills Promotes Market Growth
Technological advancements have enabled manufacturers to develop innovative products. Consumers prefer to use battery operated products influenced by high fuel price and environmental concerns. Improvement in performance and advancements in battery technologies have enabled manufacturers to produce wireless power drills to enhance mobility. In addition, low prices of Li-ion and lead acid rechargeable battery packs is expected to contribute to the growth in demand for battery operated power drills, and as a result the market is expected to expand significantly in the near future.
Uncertain Cost of Raw Materials to Hamper Adoption Rate of Power Drills
Intense competition among market players and volatile raw material prices cause uncertainties in the power tools market, including the power drills market. Leading power drills manufacturers are effectively trying to provide efficient products at reasonable pricing to sustain in this competitive environment. However, any fluctuation in raw material prices is expected to adversely impact the growth of the market in the coming years.
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