- Screwdriver is an electrical or manual tool used for installing and removing screws. Majority of screwdrivers have a handle and shaft.
Key Drivers of the Global Screwdriver Market
- Increasing requirement for screwdrivers in the consumer electronics industry is driving the market growth owing to the fact that the consumer electronics industry is expanding at a fast pace over the past few years.
- Increase in demand for electronic products from commercial and household segments coupled with easier access to credit is driving the demand for products such as screwdrivers.
- Screwdrivers are easy to manufacture. Large number of small and medium scale screwdriver manufacturers in developing countries are expected to improve the outlook for the screwdriver market in the near future.
Rising Demand for Electric Screwdrivers to Create New Market Opportunities
- Technological innovation in the electric screwdriver industry is expected to create huge market opportunity. Electric screwdrivers are highly popular in different manufacturing industries.
High Bargaining Power of Buyers to Restrict Market Growth
- Screwdrivers are available in the market in different product ranges. Moreover, many small-scale manufacturers offer this product at a lower price. As a result, bargaining power of buyers is very high. This leads to market slowdown for large scale manufacturers.
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Asia Pacific the Dominant Market for Screwdrivers
- Asia Pacific was the dominant and fastest growing screwdriver market in 2019. North America and Europe accounted for significant share of the screwdriver market, with major players operating from these regions. Demand for electric screwdrivers is expected to grow at a higher pace in Asia Pacific during the forecasted period.
- Many small and medium companies are present in North America, Asia Pacific, and Latin America. Germany and China are the hubs of screwdriver manufacturers.
Key Players Operating in the Global Screwdriver Market
The global screwdriver market is fragmented in nature. Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Small and medium scale manufacturers are working on technological innovation in the electric screwdriver segment. Some of the key players operating in the global screwdriver market are listed below:
- Robert Bosch Tool Corporation
- Hitachi, Ltd.
- Kolver srl
- Suzhou Everich Imp. & Exp. Co., Ltd.
- LUN-YUAN ENTERPRISE CO., LTD.
- Kilews Industrial Co., Ltd.
- Stanley Black & Decker, Inc.
- Makita Corporation
- Chevron Holdings Limited
- The Positec Tool Corporation
- FEIN Power Tools Inc.
- Harbor Freight Tools USA Inc.
- Mountz, Inc.
- Metabowerke GmbH
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Global Screwdriver Market: Research Scope
Global Screwdriver Market, by Product
- Conventional
- Electric
- Cordless
- Cord
Global Screwdriver Market, by End-user
- IT & Telecommunication
- Aerospace & Defense
- Electronics & Consumer Goods
- Chemicals
- Machinery
- Automotive
- Healthcare
- Others (Aviation, Power Generation Systems, Construction, etc.)
Global Screwdriver Market, by Application
- Industrial
- Commercial
- Residential
Global Surface Grinding Machine Market, by Distribution Channel
- Online
- Company Website
- Third Party Website
- Offline
- Hypermarkets & Supermarkets
- Specialty Stores
- Other Retail Stores
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