Electric Drill Market 2024-2031

The global electric drill market is witnessing a surge in demand, driven by the growing trend of do-it-yourself (DIY) home improvement projects. Individuals are increasingly embracing the concept of quick repairs to prevent the need for expensive fixes in the future. As a result, electric drills have become essential tools in households, contributing to the expansion of the electric drill market.

In addition to traditional improvement and repair tasks, electric drilling equipment is now widely used for light-duty and all-purpose projects at home, including furniture assembly, wall décor installation, and minor repairs. This growing adoption of electric drills for domestic repair jobs is expected to drive the demand for light-duty electric drills, which operate at less than 20 volts, leading to a steady Compound Annual Growth Rate (CAGR) of more than 7% from 2024 to 2031 in the global electric drill market.

Key Trends

• Cordless Drills Gaining Popularity: Cordless electric drills, powered by batteries, are becoming a preferred choice due to their versatility and portability. These drills allow users to drill without being tethered to a power cord, making them suitable for various tasks and locations. The demand for cordless electric drills is on the rise, emphasizing the importance of power and mobility in drill selection.
• Rise in Rental Business of Power Tools: The electric drill market is benefiting from increased demand from third-party rental businesses. These businesses provide power tools on a rental basis, serving both household and construction sectors. The growing rental business is expected to further propel the growth of the electric drill market, creating new opportunities for industry players.

Impact of COVID-19:

The COVID-19 pandemic has brought about operational changes in the electric drill market. Economic challenges caused by the pandemic have resulted in demand fluctuations, particularly from commercial sectors, as construction and development activities were temporarily interrupted. Supply chain disruptions have also affected the operational aspects of market players. However, as economies are gradually recovering, the electric drill market is poised for substantial growth.

Regional Analysis:

1. North America and Europe Lead the Way: North America and Europe emerge as the frontrunners in the electric drill market, jointly commanding a substantial market share. The popularity of electric drills for DIY (Do-It-Yourself) repairs is notably higher in these regions. Furthermore, the strong presence and widespread adoption of well-established brands have significantly fueled market growth in North America and Europe.

2. Emerging Markets Showcase Promise: Beyond North America and Europe, other regions such as East Asia, South Asia, and the Middle East and Africa are gearing up for remarkable growth. These regions are experiencing a surge in construction and development activities, contributing to the increased demand for electric drills. The potential for expansion and investment opportunities in these markets is on the rise.

Analysts' Viewpoint:

Industry analysts predict that new innovations and compact drill designs will play a pivotal role in driving market growth in the coming years. The electric drill market presents significant expansion opportunities for players in low- and middle-income economies, as the concept of smart electric drills gains popularity in these regions.

Despite the challenges posed by the COVID-19 pandemic, the market is expected to rebound as many economies enter a phase of recovery.

Competitive Analysis

The electric drill market is expected to exhibit a high degree of fragmentation, characterized by the active participation of numerous local players. These industry players are actively pursuing avenues for expanding their market presence and gaining a competitive edge. They are diligently exploring opportunities to create novel and compact electric drill designs, aiming to enhance performance and operational convenience for users.

Key Companies Profiled

• Stanley Black & Decker, Inc.
• Robert Bosch GmbH
• Panasonic Corporation
• Makita Corporation, Hilti Corporation
• Apex Tool Group
• Emerson Electric Company
• Koki Holdings Company
• Ingersoll-Rand Plc.
• Techtronic Industries Company, Ltd.
• Milwaukee Electric Tool Company
• DeWalt Industrial Power Tool company, Ltd.
• Meterk, Inc.
• Ryobi Limited

Market Segmentation:

By Product

• Traditional Drills
• Impact Drills
• Hammers and Rotary Drills

By Power Type

• Battery Drills
• Corded Drills

Chuck Size

• ¼ inch
• 3/8 inch
• ½ inch

Price Range

• Mass
• Premium Range

Sales Channel

• Supermarkets/Hypermarkets
• Independent Departmental Stores
• Multi-brand Stores
• Specialty Stores
• Online Retailers
• Other Sales Channels

By Region

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa (MEA