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 2033
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POWER BITS MARKET OVERVIEW
The global power bits market was valued at approximately USD 11.42 billion in 2024 and is expected to grow to USD 11.95 billion in 2025, reaching USD 17.05 billion by 2033, with a projected CAGR of 4.6% from 2025 to 2033.
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
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 forecast period.
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.
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POWER BITS MARKET REGIONAL INSIGHTS
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 Top Power Bits Companies
- 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.
Attributes | Details |
---|---|
Market Size Value In |
US$ 10.92 Billion in 2024 |
Market Size Value By |
US$ 16.3 Billion by 2033 |
Growth Rate |
CAGR of 4.6% from 2025to2033 |
Forecast Period |
2025-2033 |
Base Year |
2024 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
|
By Type
|
|
By Application
|
FAQs
The global power bits market is expected to touch USD 17.05 billion by 2033.
The power bits market is expected to exhibit a CAGR of 4.6% over forecast period.
Consumer electronics sector and technological advancements are some of the driving factors of the power bits market.
Asia Pacific is the leading region in the market for power bits.
Jiangsu Dong Cheng, Apex, Atlas, NAC, Makita and Bosch are some of the leading players in the power bits market.