Smart electric drills facilitate accurate depth control, and are reshaping the electric drill market space. Players in the industry are focused on developing smart cordless drills that incorporate smart digital displays. These smart drills are known for using laser technology to measure distance, which does away with the need of traditional measuring tapes. The capability of smart electric drills to facilitate complete control and levelling during drilling has boosted their adoption across the world. All these product-related features and other aspects have significantly contributed to the growth of the electric drill market.
PMR analysis shows that, the global electric drill market is estimated to generate a value of US$ 3.3 Bn by the end of 2030, expanding at a CAGR of over 5% during the forecast period (2020-2030).
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Key Takeaways from Global Electric Drill Market Study
- Europe and North America together hold a notable share in the global electric drill market. Product adoption for domestic jobs is high due to non-availability of low-cost labor. Also, significant presence of well-established players in these regional markets has played a significant role in facilitating growth in these regions.
- Middle- and low-income regions such as South Asia, East Asia, and the Middle East & Africa are projected to register positive growth over the coming years, due to higher adoption of electric drills by commercial sectors involved in development & construction activities.
- Prominent players in the industry are focused on improving their digital penetration. Besides, they are actively enhancing their business penetration by partnering and collaborating with third-party sellers in the electric drill market.
- Companies operating in the industry are also aggressively enhancing their product portfolios to offer electric drills with compact designs. These compact electric drills are lightweight and handy for users, facilitating smooth drilling operations.
“The current novel coronavirus outbreak has caused numerous changes on the operational front in the electric drill market space. As store-based retailing has passed the maturity phase, business models in the industry are now evolving and developing top adapt to new consumer buying behavior developed amid the crisis,” says a PMR analyst.
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Providing Exclusive Benefits & Access to Customers: Key Strategy Adopted by Players to Maintain Consumer Satisfaction
Players in the industry are constantly focused on spreading brand awareness and also maintaining consumer loyalty toward their brand. Few brands in the market have introduced clubs, through which, club members are offered exclusive access to pre-release products. Besides, club members are also offered exclusive promotional benefits such as discounts on products. Such strategies have extensively helped players increase consumer brand loyalty toward their products.
PMR’s report underlines groundbreaking insights into the competitive scenario of the electric drill market, along with highlights of differential strategies used by manufacturers. Some prominent players in the global electric drill market include Stanley Black & Decker, Inc., Robert Bosch GmbH, Panasonic Corporation, Makita Corporation, Hilti Corporation, Apex Tool Group, Emerson Electric Company, Koki Holdings Company, Ltd., Ingersoll-Rand Plc, Techtronic Industries Company, Ltd., Milwaukee Electric Tool Company, Dewalt Industrial Power Tool Company, Ltd., and Meterk, Inc.
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