What is Electric Screwdriver - Global Market?
The Electric Screwdriver - Global Market is a fascinating and dynamic field that has seen significant growth and development in recent years. An electric screwdriver is a power tool that uses electricity to turn screws. It's a handy tool that has become an essential part of many industries, including construction, manufacturing, and home improvement. The global market for electric screwdrivers was valued at a substantial US$ 412.4 million in 2022. This figure is expected to rise to US$ 498.5 million by 2029, indicating a steady Compound Annual Growth Rate (CAGR) of 2.7% from 2023 to 2029. This growth can be attributed to the increasing demand for efficient and time-saving tools in various industries.
Cordless, Cord in the Electric Screwdriver - Global Market:
Electric screwdrivers come in two main types: cordless and corded. Cordless screwdrivers are battery-operated, making them portable and convenient for use in areas where access to a power source may be limited. On the other hand, corded screwdrivers are powered by an electrical outlet and are typically more powerful than their cordless counterparts. They are ideal for heavy-duty tasks that require a high level of torque. The global market is dominated by corded electric screwdrivers, which account for over 50% of the market share. This dominance can be attributed to their superior power and performance.
Industrial, Household in the Electric Screwdriver - Global Market:
Electric screwdrivers are widely used in both industrial and household settings. In the industrial sector, they are used in assembly lines, construction sites, and manufacturing plants where they help to increase productivity and efficiency. They are particularly useful in industries that require precision and speed, such as electronics and automotive manufacturing. In households, electric screwdrivers are commonly used for DIY projects, home repairs, and installations. They are a popular choice due to their ease of use, efficiency, and the convenience they offer.
Electric Screwdriver - Global Market Outlook:
The global Electric Screwdriver market outlook is promising. The market, which was valued at US$ 412.4 million in 2022, is projected to reach US$ 498.5 million by 2029. This represents a CAGR of 2.7% during the forecast period from 2023 to 2029. The market is dominated by the top five manufacturers, who collectively hold a market share of over 27%. In terms of product type, corded electric screwdrivers are the most popular, accounting for over 50% of the market share. This is likely due to their superior power and performance compared to cordless models.
| Report Metric | Details |
| Report Name | Electric Screwdriver - Market |
| Forecasted market size in 2029 | US$ 498.5 million |
| CAGR | 2.7% |
| Forecasted years | 2023 - 2029 |
| Global Electric Screwdriver market, by region: |
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| Global Electric Screwdriver market, Segment by Type: |
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| Global Electric Screwdriver market, by Application |
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| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
