Miniature Power Drill Market Scope
A miniature power drill machine is a tool primarily used for making round holes or driving fasteners. Depending on the application, it is fitted with a bit, either a drill or driver, secured by a chuck. Drills vary widely in speed, power, and size. A miniature power drill is one of the most useful tools that can also be used at home. Power drills come in a huge range and feature many capabilities, from screwing craft projects together to construction applications. Growing infrastructure development and industrial development in the United States is driving the demand for a miniature power drill. Moreover, the unavailability of cheap labor aids in the adoption of DIY jobs, thus, contributing to regional growth.
Major players operating in the United States market for miniature power drills have implemented key strategies, like a product launch and business expansion, to improve their market outreach and maintain intense competition in the market.
Dewalt (United States), Stanley Black & Decker (United States), Apex Tool Group (United States), Snap-on Incorporated (United States), Emerson Electric, Co. (United States), Hitachi, Ltd. (Japan), Robert Bosch (Germany), Makita Corporation (Japan), Hilti Corporation (Liechtenstein) and Atlas Copco (Sweden) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Ingersoll-Rand (Ireland), Koki Holdings Co., Ltd. (Japan) and Techtronic Industries (Hong Kong).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Miniature Power Drill market by Type (Mini-Drill, PCB Drill, Mini Pillar Drill and Variable Speed Drill), by Application (Household and Industrial) and Region with country level break-up.
On the basis of geography, the market of Miniature Power Drill has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In 2019, Bosch power tools have launched its range of cordless power tools like wireless screwdriver powered by lithium-ion batteries. Besides cordless screwdrivers, the range also includes cordless power drill drivers, high power impact wrenches, robust hammer drills, high-speed impact drills, ABR enabled impact drivers and flexible drill drivers, and more.
Market Trend
- Research and Development to Bolster Tool Strength and Life Span
Market Drivers
- Growing Industrialization and Infrastructure Development and Increasing DIY is the key driving factor for the market.
- Rising Adoption of Cordless Power Tools
- Surging Demand for Electric Fastening Tools in Industrial Environments
Opportunities
- Smart Connectivity in Power Tools
- Connected Power Tools for Industry 4.0
Restraints
- High Maintenance Cost
- Fluctuations in Raw Material Prices
Challenges
- Regulatory Compliance and Power Tool Safety
Key Target Audience
Miniature Power Drill Manufacturers, Equipment and Parts Suppliers, Traders/Exporters/Importers, Construction Companies, End-User Industries and Others