PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1420427
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1420427
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 decor 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
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.
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
By Product
By Power Type
Chuck Size
Price Range
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