Global Electric Screw Gun Market 2019-2023
About this market
The growing need among homeowners for a convenient and comfortable lifestyle has led to the rapid adoption of DIY products such as electric screw guns. Compared to manual screwdrivers, electric screw guns/drivers help users in loosening or tightening screws thoroughly in a short period of time. Growing labor costs in developed countries are also driving the global electric screw gun market. Buying an electric screw gun is a one-time investment for end-users as most branded electric screw guns are of superior build and rarely need servicing. Rapid urbanization is also a key factor for the growing use of electric screw guns. Urbanization has effected major changes in the lifestyles of people in both developed and developing countries. These factors are pushing up sales of DIY power tools such as electric screw guns. Technavio’s analysts have predicted that the electric screw guns market will register a CAGR of close to 5% by 2023.
Growth of housing industry
The flow of investments for building new homes and renovating old ones has increased significantly, especially in developing economies. The global housing industry has expanded rapidly in the last few years amid swelling urbanization, technological advancements, changing lifestyles, and population explosion. This, in turn, increases the demand for power tools, including electric screw guns.
Infrequent purchases due to longer average lifespan
The lifecycle of electric screw guns and other branded power tools is high as they are of good quality and can endure longer with minimum but regular maintenance. Some electric screw guns are expensive and are considered one-time investments. The longer average lifespan of electric screw guns lowers new sales. Hence, this is considered a significant challenge for the market.
For the detailed list of factors that will drive and challenge the growth of the electric screw gun market during the 2019-2023, view our report.
The global electric screw gun market is extremely fragmented due to the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.’
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