Power Bits Market Size, Share, Growth, and Industry Growth by Type (Single Head and Double Head) By Application (Automotive Industry, Aerospace Industry, Equipment Manufacturing, Home Appliance Assembly Industry and Other) Regional Forecast To 2031

Updated On: 22 April 2024

Power Bits Market REPORT OVERVIEW

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The global power bits market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

A mechanical power tool with an electric motor is called a power bit. It is a small, portable tool used mostly for screwing and unscrewing tasks. The power bit's head has a bit holder that makes it easy to swiftly attach the bit to the screw head. While a corded electric screw driver is frequently used in industrial assembly lines or in a mechanic's shop, a cordless electric screw driver exhibits a greater tightening torque while assembling furniture.

The need for power bits has increased as the DIY (do it yourself) culture has spread around the world among individuals who repair and improve their own houses, tools, and appliances. The amount of electronic equipment that an individual owns has grown with an increase in disposable income. The power bits market's demand and expansion are predicted to increase as a result. They are also more desired than any other common form of screwdriver due to the power bits' swappable bits functionality. The market for power bits is driven by demand since this characteristic makes them simple to control.

COVID-19 Impact: Disrupted Transportation to Hamper the Market Growth

The COVID-19 pandemic has had a significant impact on the power bit driver’s industry internationally. As a result of the transportation systems being disrupted by lockdown, the manufacturing and remanufacturing units have suspended operations. Furthermore, due to the aforementioned outbreak's paralysis of global economic activity, industry activities are stymied in the majority of the countries. Because to the abrupt COVID-19 breakouts, several businesses, such as the automotive and construction sectors, experienced delays in project work. Also, the building activities in the residential and commercial sectors have been suspended for an unknown period of time, which is indirectly impacting the expansion of the power bit market globally. In light of all these variables, a significant decline in the power bits market is predicted for 2020. The market in question appears to have a dynamic outlook over the long term, with appealing expansion potential for market participants in the years to come.

LATEST TRENDS

"Strategic Mergers and Acquisitions to Augment the Market"

In recent years, power bits have been more widely used. It is because of its unique qualities and capacities in several industrial applications, including information technology and communications, aerospace and defense, manufacturing, the automobile, and energy. As a result, the market is growing as significant manufacturers concentrate on strategic mergers and acquisitions with regional and local businesses to expand the product's use in residential applications. Taking into account all of these aspects, the worldwide market for power bits is anticipated to experience strengthening growth throughout the projected period.

Competitors in the power bit industry used acquisition as their primary developmental strategy to increase their regional presence and advance the technology of their products. For instance, General Tools & Instruments Company LLC was bought by Worthington Industries, Inc. The corporation will be able to enhance its present product offerings with the aid of this move.

Business expansion plans also help the company expand geographically and obtain a sizable market share for power bits. For instance, Milwaukee Tool announced plans to expand further in the United States by constructing a new manufacturing site in Grenada, Mississippi. The facility is anticipated to enhance the service options available to power bit users in the area.

Power Bits Market Segmentation

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• By Type Analysis

By type, market is segmented into single head and double head. The single head type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into automotive industry, aerospace industry, equipment manufacturing, home appliance assembly industry and other. The automotive industry segment will lead the global share through 2031.

DRIVING FACTORS

"Consumer Electronics Sector to Push the Market"

Because the consumer electronics sector has been growing quickly over the past few years, there is a growing need for power bits in this sector, which is fueling market expansion. The demand for items like electronic power bits is rising as a result of improved access to financing as well as an increase in demand from commercial and domestic markets.

"Technological Advancements to Impel the Market"

The production of power bits is simple. In the near future, it is anticipated that a large number of small- and medium-sized power bit producers in emerging nations would boost the market's outlook. There will be a sizable market potential due to technological advancement in the power bits sector. In a variety of manufacturing sectors, power bits are very common.

RESTRAINING FACTORS

"Strong Negotiating Leverage to Impede the Market Growth"

Several product categories of power bits are offered on the market. Moreover, this product is sold at a lesser cost by other small-scale producers. Because of this, purchasers have very strong negotiating leverage. Large-scale producers see a slowdown in the market as a result of this.

Power Bits Market REGIONAL INSIGHTS

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"Asia Pacific’s Power Bits Market to Grow Exponentially with the Forecasted Period"

The projection period is likely to have the greatest compound annual growth rate (CAGR) in Asia Pacific. It is due to growth in the residential, commercial, and industrial building sectors throughout India, China, and Oceania nations. Government efforts to make industrial projects more efficient are also promoting the expansion of the world market for power bits.

Given that the construction industry in North America is quite mature and has a high level of spending, the region is predicted to experience significant growth. Also, market participants in the United States and Canada have the opportunity to diversify their company in cross-border markets.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Apex (U.S.)
• Atlas (Sweden)
• Jiangsu Dong Cheng (China)
• Vessel (China)
• Action (Netherlands)
• NAC (India)
• Bosch (Germany)
• Wiha (Germany)
• Stanley (U.S.)
• Wera (Germany)
• Makita (Japan)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.