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Drill Drivers Market

Market Insights on Drill Drivers covering sales outlook, demand forecast & up-to-date key trends

Drill Drivers Market by Type, End Use Sector & Region - Forecast 2022 - 2032

Drill Drivers Market Outlook (2022-2032)

The global drill drivers market is estimated to create an absolute dollar opportunity of US$ 30 Bn by the end of 2032. The demand for drill drivers is expected to exceed US$ 21 Bn by 2022, projecting growth at a CAGR of around 6% to 7% during the forecast period 2022-2032. Surging trend of Do-It-Yourself (DIY) across developing economies, such as China, India, Brazil, Australia, and others, for basic maintenance activities across residential is projected to spur the sales of drill drivers in the market.

Report Attribute

Details

Drill Drivers Market Base Year Value (2021)

US$ 20.2 Billion

Drill Drivers Market Expected Value (2022)

US$ 21 Billion

Drill Drivers Market Anticipated Value (2032)

US$ 30 Billion

Drill Drivers Market Projected Growth Rate (2022-2032)

6% to 7% CAGR

Drill drivers are electrical equipment commonly used for drilling holes of different sizes and driving screws and other small fasteners. These equipments are primarily used on concrete walls, tiles, and wood. However, the introduction of novel drill press and gear-headed drills, enable working on hard materials such as metals, graphite, and others.

These drill presses are gaining immense popularity across various industrial sectors such as heavy metalworking, automotive, precision metal product manufacturing, and others. Also, to counter the restraints of corded or wired drill drivers, leading players in the market are aiming at launching novel hand-operated drill drivers.

For instance, Lowe Companies, Inc., an American home improvement equipment manufacturing company announced unveiling its new line of cutting-edge, cordless power tools, FLEX. The Flex drill drives are equipped with a rechargeable lithium-ion battery, providing 20% more drilling power and fast recharging. A slew of such product launches is estimated to bolster the sales of drill drivers in the forthcoming years.

Which are Some Prominent Drivers Spearheading Drill Drivers Market Growth?

Over the past few years, the trend of urbanization is creating deeper inroads, resulting in increasing building and construction activities, especially across prominent economies such as the U.S., China, Germany, Japan, India, and others. In addition to this, growing concerns regarding environmental sustainability are encouraging governments to develop green buildings and eco-friendly smart cities.

Citing these trends, governments in numerous countries are increasingly emphasizing on undertaking several initiatives for urbanizing rural areas and constructing smart cities. For instance, according to a report published by the India Brand Equity Foundation, the Indian Government has announced sanctioning nearly US$ 1.89 Billion to Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for supporting initiatives such as ‘Smart Cities Mission’ and ‘Housing for All.’

As power tools including drill drivers are extensively used in building and construction activities for diverse applications, such as electrical fitting, furniture making, woodworking, and others, a multiplicity of such initiatives are estimated to fuel the demand in the global market.

In addition to this, increasing adoption of advanced cordless power tools for numerous residential restoration and maintenance activities, owing to the trend of Do-It-Yourself (DIY) is projected to further augment the sales of drill drivers in the market.

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What are the Challenges Faced by the Drill Drivers Market?

Traditionally, drill drivers were wired or corded electric power tools. However, the introduction of new wireless or cordless battery-powered drills has resulted in a dramatic reduction in demand for hand-operated corded drill drivers, owing to their attributes such as ease of usage and better convenience.

Despite various advantages of cordless battery-powered drill, limited drilling capacity, extravagant initial cost, need for different application-specific size drill bits, and inability to drill holes in hard materials such as graphite is hampering their sale in the market.

Why is Asia Pacific Excluding Japan Emerging as an Opportunistic Drill Drivers Market?

As per Future Market Insights, Asia Pacific excluding Japan is estimated to account for the dominant share in the global drill drivers market between 2022 and 2032.

A significant rise in production and sales of automotive vehicles such as passenger cars and commercial vehicles is being witnessed across Asia Pacific, owing to the increasing per capita income and growing small and medium-sized enterprises.

For instance, as per the India Brand Equity Foundation, approximately 26.3 Million automobiles were manufactured and 21.5 Million automotive vehicles including passenger cars and commercial vehicles were sold across India in the year 2020. As drill drivers such as drill press and geared head drills are extensively used in manufacturing wheels and other components used in automotive vehicles, this rise in production and sales of automobiles is expected to propel the demand in the market.

Nikhil Kaitwade
Principal Consultant
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How is North America Contributing to the Growth of the Drill Drivers Market?

FMI reveals that North America is expected to exhibit robust growth in the global drill drivers market over the forecast period 2022-2032.

Governments in regional countries are increasingly investing in upgrading the transportation infrastructure and launching massive infrastructure development projects such as Las Vegas Convention Center Project, resulting in propelling the demand for assistive power tools.

Hence, several companies in the market are emphasizing on launching novel high-performance and multifunctional power drills to capitalize on surging demand. For instance, in 2021, Dewalt, an American professional workhorse solutions provider announced launching its new brushless cordless drill driver, XTREME™ 12V MAX with 5 multifunctional capabilities and 4 dedicated attachment solutions. A multiplicity of such product launches is anticipated to drive the drill driver demand in the North America market.

Market Competition

Some of the leading players in the tunable diode laser analyzer market are Robert Bosch GmbH,, Dalian Machine Tool Group Corporation SMTCL, Fehlmann AG, Hsin Geeli Hardware Enterprise, Dewalt, Cameron Micro Drill Presses, DATRON AG, Gate Machinery International and others.

Attributed to the presence of such high number of participants and increasing high performance product launches, the market is highly competitive.

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Report Scope

Report Attribute

Details

Growth Rate in Automotive Sector

CAGR of 6% to 7% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Type
  • End Use Sector
  • Region

Countries Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Companies Profiled

  • Robert Bosch GmbH
  • Dalian Machine Tool Group Corporation SMTCL
  • Fehlmann AG
  • Hsin Geeli Hardware Enterprise
  • Dewalt
  • Cameron Micro Drill Presses
  • DATRON AG
  • Gate Machinery International

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Key Segments Profiled in the Drill Drivers Market Survey

By Type:

  • Hand-operated
  • Manual
  • Corded
  • Cordless
  • Rotary
  • Drill Presses
  • Radial Arm
  • Geared Head

By End Use Sector:

  • Residential
  • Commercial
  • Industrial

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Frequently Asked Questions

FMI projects the sales of drill drivers in the market is expected to rise at 6% to 7%value CAGR by 2032

The global drill drivers market is expected to be dominated by Asia Pacific excluding Japan over the forecast period 2022-2032.

Robert Bosch GmbH,, Dalian Machine Tool Group Corporation SMTCL, Fehlmann AG, Hsin Geeli Hardware Enterprise, Dewalt, Cameron Micro Drill Presses, DATRON AG, Gate Machinery International and others some of the leading players in the prominent drill drivers market.

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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