Global Power Drill Market 2019-2023
About this market
The high fuel prices and growing environmental concern among consumers have increased the demand for battery-powered power drilling machines. The technological advancements and low price of lead iron and Li-ion rechargeable batteries have allowed the development of cordless power drills which provide enhanced mobility. Therefore, the increasing innovations in power drills through advanced technologies has been one of the driving factor responsible for power drills market growth. The global power drill market is expected to register a CAGR of close to 5% during the forecast period.
Increased innovations in power drills through advanced technologies
Advances in technology have enabled them to provide innovative products. Consumers prefer battery- powered products influenced by environmental concerns and high fuel price. Improving performance and advances in battery technologies, including lower prices of lead acid and Li- ion rechargeable battery packs, have enable manufactures to develop cordless power drills to enable mobility.
Uncertain cost of raw material
Fluctuations in raw materials prices and intense competition among the market players are responsible for such uncertainties. Therefore, uncertainty in raw material prices is expected to affect the growth of the power tools market including power drills, during the forecast period, even as manufactures make efforts to provide efficient power drills at affordable prices to sustain in an intensely competitive environment.
For the detailed list of factors that will drive and challenge the growth of the power drill market during the 2019-2023, view our report.
The global power drill market is moderately fragmented and the market being in growth phase, the competition among companies is intense. Our market research experts expect the market to remain highly fragmented throughout the next five years. This power drill industry research report focuses on the competitive landscape and lists the various products and services offered by the leading companies. global power drill market analysis report will also help clients in gauging the market competition and identifying new growth opportunities.
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