Valley Cottage, NY -- (SBWIRE) -- 07/15/2019 -- Drill drivers are primarily used for drilling holes and driving fasteners and vary in size, power and speed. Traditionally, driver drills were corded or wired electrical power tools. Recently, hand-operated corded drill drivers have been witnessing a dramatic reduction in the overall adoption rate as they are being replaced by cordless or wireless battery-powered driver drills. Drill drivers find applications in utility projects, construction, machine tool fabrication, metal working and wood working. Manufacturers offer specially-designed drill drivers for miniature, space and medicinal applications.

Drill Drivers: Market Drivers and Challenges

Significant investments in housing and construction sectors and rapid urbanization are expected to fuel the growth of the power tools market at a global level, which in turn is expected boost the growth of the global drill drivers market during the forecast period. Currently, cordless drill drivers are replacing traditional corded drill drivers. The availability of cordless drill drivers, along with the consequent high procurement trend, is estimated to propel the growth of the global drill drivers market during the forecast period. The ever-increasing utilization of drill drivers and other power tools in manufacturing and automotive sectors is also anticipated to play a major role in driving the growth of the global drill drivers market. The growing Do-It-Yourself (DIT) ethic among residential consumers is also expected to drive the growth of the global drill drivers market during the forecast period.

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From an innovation perspective, manufacturers in the market are focusing on providing consumers with multi-purpose tool solutions. The availability of such multi-functional power tools facilitates the completion of multiple operations with a single tool at a relatively affordable cost. The high adoption rate featured by such advanced power tools is estimated to restrict the growth of the global drill drivers market during the forecast period. Incessant competition among tool manufacturers is also expected to challenge the growth of the global drill drivers market. The availability of cheap and less durable counterfeit power tools is another factor estimated to inhibit the growth of the global drill drivers market to some extent.

Drill Drivers Market: Segmentation

On the basis of type, the global drill drivers market has been segmented as:

Hand-operated Manual Corded Cordless
Rotary
Drill Presses Radial Arm Geared Head
On the basis of end-use sector, the global drill drivers market has been segmented as:

Industrial
Household
At present, traditional hand-operated drill drivers hold a prominent share in the global drill drivers market. However, drill presses are expected to register a relatively high growth rate in the global drill drivers market during the forecast period.

Drill Drivers: Regional Market Outlook

The drill drivers market in Southeast Asia and others of Asia Pacific region is estimated to register an attractive growth rate. The ever-increasing demand for efficient hand tools such as drill drivers from various industry verticals across developing economies, such as India, is anticipated to drive the growth of the drill drivers market in the Southeast Asia and others of Asia Pacific region during the forecast period. The drill drivers market in North America is estimated to hold a significant market share, due to the high presence of manufacturers in the region, especially in the Unites States. Further, the Western Europe drill drivers market is stipulated to grow at a moderate rate as the market in the region has already attained the maturity phase. The rest of the regions including and Japan and Latin America are anticipated to account for a fair share in the global drill driver market.

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Drill Drivers Market: Market Participants

Examples of some of the market participants in the global drill drivers market identified across the value chain include:

Robert Bosch GmbH