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NEW YORK , Sept. 12, 2022 /PRNewswire/ -- The global power drill market size is expected to grow by USD 540.03 million between 2021 and 2026, accelerating at a CAGR of 5.79% during the forecast period. The market is fragmented due to the presence of a large number of local and international players. Due to the presence of a large number of players, the nature of the market is rendered highly competitive. The key vendors in the market are launching new products to increase their market shares. Understand the scope of the market. Download PDF Sample Report
The market is driven by increased innovations in power drills through advanced technologies. In addition, the advent of cordless power drills is anticipated to boost the growth of the power drill market.
Vendors in the market are constantly trying to develop innovative and technologically advanced products to cater to the evolving needs of consumers. For instance, Makita offers power drills that are equipped with extreme protection technology (XPT) to provide users with higher resistance to dust and water, especially in harsh job site conditions. Similarly, other market competitors such as Hilti, Panasonic, Stanley Black and Decker, Robert Bosch , and Techtronic Industries are offering innovative features such as variable speed, light-emitting diode (LED) lights for spotlight mode in dark and confined spaces, variable drill bit size, low-noise, and Li-ion battery technologies. The incorporation of such innovative features is increasing the acceptance of power drills among end-users, which is driving the growth of the market in focus.
The report segments the global power drill market 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, the Middle East and Africa , and South America ).
Power Drill Market Product Outlook (Revenue, USD Million, 2021-2026)
By product, the market growth will be significant in the hammer and rotary power drills segment during the forecast period. The segment is driven by the high preference for hammer and rotary power drills in the construction industry.
Power Drill Market Technology Outlook (Revenue, USD Million, 2021-2026)
The cordless power drills will have the largest share of the market over the forecast period. The growth of the segment is driven by the increasing demand for cordless, battery-driven power tools, which have become very popular with DIY consumers in developed countries.
Power Drill Market Geography Outlook (Revenue, USD Million, 2021-2026)
The market will witness significant growth in APAC during the forecast period. The region will account for 34% of the global market share. Increasing investments in urban housing and the development of infrastructure and utilities are driving the growth of the regional market.
Major Vendors in the Global Power Drill Market:
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Accelerate at a CAGR of 5.79%
North America, Europe, APAC, Middle East and Africa, and South America
US, Canada, China, Germany, and France
Leading companies, competitive strategies, consumer engagement scope
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
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
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