Power Drill Market – Snapshot
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.
Power drills are used in a wide variety of industries. Some of the prominent end use segments are
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
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.
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.