Pistol Grip Drill Market Size, Share, Growth, and Industry Analysis, By Type (Wired & Wireless), By Application (Commercial & Home Use) and Regional Forecast to 2032

PISTOL GRIP DRILL MARKET REPORT OVERVIEW

• 

•  Request a Free Sample to learn more about this report

The global pistol grip drill market size was USD 64 million in 2023 and the market is projected to touch USD 87 million by 2030, exhibiting a CAGR of 4.3% during the forecast period.

Pistol grip tool is used to drill into things. It is basically a cordless power drill. It is generally used for most repairs up in space. A pistol drill positions the user’s hand behind the bit-holding chuck that keeps the tool steady. It controls the amount of pressure applied to the bit during drilling and driving. They present ergonomic handling when working in a range of positions on vertical and horizontal objects. It is used to drill wood, ceramics, plastics, fiberglass, laminates, hard and soft materials.

Rising appliance of machines in several industries is increasing demand for the product which pushes companies to produce advanced drilling tools. Extensive technological evolution is providing many options for companies to expand their market growth.

COVID-19 Impact: Market Growth Hampered by Pandemic due to Supply Chain Interruption

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic has caused supply chain interruption. This has an affected delivery of raw materials, parts, and equipment required for manufacturing. The production and supply of drilling tools and equipment were affected by delays and shortages in supply chain operation. Limitations on international trade and transportation have hampered assembly of devices. Industries such as automobile, aerospace, and other sectors have hugely decreased demand for machines which has slowed down the market growth. Declined investments in capital equipment and cancellations of works have reduced demand for the tool and hence influence the market growth.

LATEST TRENDS

"Advanced Drilling Technologies Enhances Market Advancement"

Present trend in the market is the growing focus on advanced drilling technologies which is fueling market growth. These technologies include better tooling materials, coating, and geometries. These developments are meant to shorten cycle times and lower manufacturing costs while improving productivity, accuracy, and tool life. The incorporation of automation and robotics are offering advantages such as safety, shorter cycle times, better accuracy, and the ability to work in dark manufacturing conditions.

PISTOL GRIP DRILL MARKET SEGMENTATION

• 

•  Request a Free Sample to learn more about this report

By Type

Based on type the global market can be categorized into wired & wireless.

• Wired: This type of drilling machine is operated using electric power which is connected using wire and is mainly used in industries.

• Wireless: This type of drilling machine is operated using a battery which is a wireless machine and mainly used for DIY and household purposes.

By Application

Based on application the global market can be categorized into commercial & home use.

• Commercial: These machines are used in commercial sectors such as automotive, construction, and other industries for drilling on things.

• Home Use: These devices are used in household purposes which help in drilling of objects for smaller purposes such as decoration, and others.

DRIVING FACTORS

"Growing Automotive Sector to Elevate Market Progress"

One of the key driving factors in the global pistol grip drill market growth is the increasing automobile sector which increases demand for the machine and hence propelling the market growth. The need for drilling for different components such as engine blocks, cylinder heads, and fuel injection systems is anticipated to rise as the industry develops with the introduction of electric vehicles, lightweight materials, and improved engine technology. The rise in significant demand for metal cutting tools by the manufacturers is enhancing the market growth.

"Increasing Adoption of Tools for Household Applications Boosts Market Expansion"

Another growing factor for the market growth is the growing adoption of machines for household and DIY applications are impelling the market growth. The high living standards and lifestyle changes in developing countries are influencing consumer inclination towards DIY interior designing. Moreover, in the emerging region, the increasing population coupled with rising disposable incomes is fueling the DIY industry and correspondingly boosting the sales of power devices. The use of DIY products lowers long-term costs compared to work outsourced to expensive labor, resulting in an increased demand for devices. Additionally, the advent of e-commerce has enabled easy access and discounts for consumers. These factors are encouraging market expansion.

RESTRAINING FACTORS

"Lack of Skilled and Proficient Operator Hinder Market Expansion"

Limiting factor for the market expansion is the lack of skilled and proficient operators which is hindering the market growth. The equipment is operated manually and used to perform numerous operations considered under the processes. To achieve flawless and precise operation, it is important that operations must be performed by skilled and experienced professionals. Furthermore, the high maintenance cost is deterring customers from purchasing the devices. Consumers, particularly in developing countries are reluctant to spend on the maintenance of tools due to the availability of low-cost manual labor. Thus, these factors are hindering the market growth.

PISTOL GRIP DRILL MARKET REGIONAL INSIGHTS

• 

•  Request a Free Sample to learn more about this report

"Asia Pacific Region Dominating the Market due to Increasing Infrastructure Development"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Asia Pacific has emerged as the most dominant region in the global pistol grip drill market share due to the growing infrastructure development. The region is expected to dominate the market owing to high demand from countries such as China, India, and Japan. Increasing investment by governments for infrastructure development is anticipated to drive product demand across various applications. Rising demand across various industries such as construction industry and mining industry thereby fueling growth of the market expansion significantly. North America is the second largest revenue share holder owing to the growing number of drilling projects undertaken in the U.S.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Investment in R&D and Market Expansion"

Many prominent industry players are operating in this market focused on providing high performance and creating advanced tools by investing in research and development. There are many companies in the market that use some techniques such as merger, acquisitions, partnership and using new advanced technologies for producing and developing new products and stay ahead in the market.

 List of Market Players Profiled

• DEWALT (U.S.)
• PORTER CABLE (U.S.)
• MILWAUKEE (U.S.)
• Koki Holdings America Ltd (U.S.)
• Ingersoll Rand (U.S.)
• Taylor Pneumatic Tool Company (U.S.)
• Makita Corporation (Japan)
• Bosch (Germany)
• Fein GmbH (Germany)
• HMP Group (India)
• GISON Machinery Co., Ltd. (Taiwan)
• Master Air Tool Companies (Taiwan)
• ECHO (U.S.)

INDUSTRIAL DEVELOPMENT

February 2022: TTI brand Ryobi launched a novel line of 2 AH rechargeable lithium-ion batteries that power handheld tools. The battery is accessible with a USB-C port which will save the cost of the custom battery charger. The brand is planning tools such as cordless screwdrivers, power cravers, and rotary tools for this USB lithium line..

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.