Electric Screwdriver Market Overview:
Electric Screwdriver Market Research Report analyzed the current state in the definitions, classifications, applications, and industry chain structure. The analysis provides unbiased professional commentary on the present market scenario, prior market performance, production and consumption rates, demand and supply ratios, and income generation forecasts for the projected period. The Electric Screwdriver market study gives a complete picture of competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Electric Screwdriver Market, as well as the reasons for variations in the industry's growth in various locations.
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Expected Growth in Revenue:
Global Electric Screwdriver Market holds the potential to reach USD 440.58 Mn. by 2027.
Market Scope:
This research study makes extensive use of secondary sources, directories, and databases, such as annual reports, press releases, journals, company websites, and databases, to discover and collect material acceptable for this study.
Drivers:
Growing demand for efficient electric screwdrivers in various industries including automotive, manufacturing, electronics, and others is expected to drive the market growth over the forecast period. Electric screwdrivers reduce the time consumption as compared to manual screwdrivers, this increases their demand in industrial applications, where low time consumption is required, which is further expected to propel the market growth during the forecast period. Demand for electric screwdrivers is also high in residential and commercial applications, thanks to their low operating cost. Growing automation in various industries is expected to boost the demand for electric screwdrivers over the forecast period.
Segmentation:
Cordless screwdrivers consist of a rechargeable lithium-ion battery to power up the motor. These screwdrivers are compact and portable, hence they are highly adopted in residential and commercial applications. Ease of use is the supporting factor for the segment growth. The demand for cordless screwdrivers in high-power applications is anticipated to increase as lithium-ion battery technology continues to advance. Corded screwdrivers are still the tool of choice for low-power applications. The cord category is also predicted to enjoy substantial increase during the projection period. Because corded electric screwdrivers are now commonly used for high-power tasks.
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Key Players:
The entire method entails an examination of the key market players' financial reports. Following the assessment of the overall market size, the market was segmented into several divisions and sub-segments and validated with key industry professionals such as CEOs, VPs, directors, and marketing executives. The biggest players in the Electric Screwdriver market are as follows:
• Kawasaki Heavy Industries, Ltd.
• Robert Bosch Tool Corporation
• Hitachi, Ltd.
• Kolver srl
• Suzhou Everich Imp. & Exp. Co., Ltd.
• LUN-YUAN ENTERPRISE CO., LTD.
• Kilews Industrial Co., Ltd.
• Stanley Black & Decker, Inc.
• Makita Corporation
• Chevron Holdings Limited
• The Positec Tool Corporation
• FEIN Power Tools Inc.
• Harbor Freight Tools USA Inc.
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Regional Analysis:
The region component of the Electric Screwdriver market analysis also contains individual market influencing variables and changes in market regulations that affect current and future market trends. Current and future trends are reviewed to evaluate the overall market potential and to identify profitable trends to get a more solid footing. The geographical market evaluation is based on the current environment and anticipated trends.
COVID-19 Impact Analysis on Electric Screwdriver Market:
End-user industries where Electric Screwdriver are utilized had a drop in growth from January to May in some countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant fall in the revenues of businesses operating in these industries and, as a result, in demand for Electric Screwdriver manufacturers, impacting the Electric Screwdriver market's growth in 2020. With lockdowns and an increase in COVID-19 instances throughout the world, end-user business demand for Electric Screwdriver has declined dramatically.
Key Questions Answered in the Electric Screwdriver Market Report are:
- Which segment had the largest share in the Electric Screwdriver market in 2020?
- How is the competitive landscape of the Electric Screwdriver market?
- Which are the key drivers aiding the Electric Screwdriver market growth?
- Which region has the maximum share in the Electric Screwdriver market?
- What will be the CAGR of the Electric Screwdriver market during the forecast period (2021-2027)?
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