LONDON--(BUSINESS WIRE)--Technavio’s global power drill market research report projects the market to grow at a CAGR of nearly 5% during the forecast period.
The advent of cordless power drills will be one of the major trends in the global power drill market during 2019-2023. During the forecast period, the cordless power drill segment is expected to post a CAGR of around 6.72%. The demand for cordless power drills is increasing from residential and commercial buildings due to advantages such as portability and no requirement of electricity supply. Most power drill manufacturers are focusing on introducing cordless power drills, which are equipped with efficient and lightweight lithium batteries.
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According to Technavio analysts, one of the key drivers for the global power drill market is the surging real estate industry due to an emphasis on infrastructure development:
Global power drill market: Surging real estate industry due to an emphasis on infrastructure development
There is a growth in residential and commercial construction activities due to the expansion of the real estate industry. For instance, in 2018, the residential construction across the globe increased by over 16% while the average price of homes was up by 6%-8%. This has been driving the demand for power tools such as power drills used in construction operations. The global power drill market will grow due to the growth in the real estate industry.
According to a senior analyst at Technavio for research on tools and components, “The demand for power drills is expected to increase in the coming years due to the need to maintain the increased number of commercial and industrial buildings and the expansion of the hospitality industry. Power drills are used extensively in the construction of buildings, thereby, they constitute a major application segment of the market. Additionally, the increase in hotel and restaurant construction activities will promote the need for power drills.”
Global power drill market: Segmentation analysis
This global power drill market analysis report provides market segmentation by product (hammer and rotary power drills, traditional power drills, and impact power drills), by technology (cordless power drills and corded power drills), and by region (the Americas, APAC, and EMEA). This report also provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major products, the hammer and rotary power drills segment held the largest power drill market share in 2018, contributing to almost 46% of the market. This product segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2018, accounting for close to 45% share. It was followed by EMEA and APAC respectively. The Americas is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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