Global Power Drill Market 2019-2023 | Growth Analysis and Forecast | Technavio
LONDON--(BUSINESS WIRE)--Dec 5, 2018--Technavio’s global power drill market research report projects the market to grow at a CAGR of nearly 5% during the forecast period.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181205005741/en/
Technavio has released a new market research report on the global power drill market for the period 2019-2023. (Graphic: Business Wire)
The advent of cordless power drills will be one of the major trends in the 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.
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at .
View source version on businesswire.com:https://www.businesswire.com/news/home/20181205005741/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
KEYWORD: EUROPE ASIA PACIFIC NORTH AMERICA SOUTH AMERICA AFRICA MIDDLE EAST
INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES RETAIL SPECIALTY
SOURCE: Technavio Research
Copyright Business Wire 2018.
PUB: 12/05/2018 02:13 PM/DISC: 12/05/2018 02:13 PM