Global Electric Screwdriver Market By Type (Corded Electric Screw Driver and Cordless Electric Screw Driver), By Electric Current (DC Electric Screw Driver and AC Electric Screw Driver), By Application (Commercial, Industrial, and Residential), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the Global Electric Screwdriver Market was valued at US$ 337.1 Million and is expected to reach USD 568.2 Million by 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 5.5%.

An electric screwdriver is a mechanical power tool that removes or tightens the screws. A rechargeable battery powers them and is motor-driven. Also, they are employed in various industries for smooth and quick screwing operations.

The growth of the electric screwdriver was due to various features such as an anti-slip egg-shaped design to ensure ease of handling and comfortable operation, high efficiency & low noise, and torque control. Also, the use of electric screwdrivers, along with the adjustments, is certainly shaping manufacturing projects in countries such as Italy, Germany, Malaysia, the US, India, and China.

Key Takeaways

1. Market Growth Projection: The Electric Screwdriver Market is expected to reach USD 568.2 million by 2032, with a projected Compound Annual Growth Rate (CAGR) of 5.5% from 2023 to 2032. In 2022, the market was valued at USD 337.1 million.
2. Definition of Electric Screwdriver: An electric screwdriver is a mechanical power tool that utilizes a rechargeable battery to remove or tighten screws. It is widely used in various industries for efficient and rapid screwing operations.
3. Driving Factors: The market’s growth is driven by the increasing demand for electric screwdrivers in manufacturing industries. These tools enhance efficiency, speed, and accuracy in various industrial projects, especially in construction and assembly.
4. Restraining Factors: The high cost of electric screwdrivers compared to traditional screwdrivers is a potential hindrance to market growth. Additionally, battery life limitations and the competitive nature of the market can affect user productivity and profit margins.
5. Types of Electric Screwdrivers: The market is divided into corded electric screwdrivers and cordless electric screwdrivers. Cordless electric screwdrivers, powered by rechargeable lithium-ion batteries, dominate the market with a 67% share.
6. Electric Current Types: Electric screwdrivers can be categorized as AC and DC electric screwdrivers. AC electric screwdrivers are prevalent in commercial and industrial settings due to their reliable power source, while DC electric screwdrivers are favored for DIY projects and home repairs.
7. Applications: Electric screwdrivers are used in industrial, commercial, and residential applications. Industries like electronics, manufacturing, and automotive drive the demand for these tools due to their precision and speed.
8. Growth Opportunities: The automotive sector’s increasing use of electric screwdrivers and the rising popularity of DIY activities among individuals present growth opportunities for the market.
9. Latest Trends: Cordless electric screwdrivers are gaining popularity due to their portability and convenience. Manufacturers are incorporating smart features like Bluetooth connectivity and digital torque control to enhance user experience.
10. Regional Analysis: Asia-Pacific holds the largest share of the global Electric Screwdriver Market, with 37%. North America is expected to experience the fastest growth, while Europe is anticipated to have steady growth.
11. Key Players: Major players in the market include Robert Bosch Tool Corporation, Kolver srl, Hitachi, Ltd., Makita Corporation, and others. These companies implement various strategies for market growth.

Driving Factors

Increasing Demand for Electric Screwdrivers in Manufacturing Industries

The frequent increase in demand for electric screwdrivers because of the implementation of large or small projects will drive the market’s growth during the forecast period. The electric screwdriver increases the efficiency of a range of industrial projects globally. This will propel the development of the global electric screwdriver market.

Additionally, The construction industry is expanding globally, creating a higher demand for electric screwdrivers for various applications such as fastening, assembly, and installation. The growth of infrastructure projects and residential construction positively impacts the market.

Furthermore, With the growing trend of industrial automation, electric screwdrivers are widely used in manufacturing and assembly lines. These industries’ need for precision, speed, and accuracy drives the demand for electric screwdrivers.

Restraining Factors

High Cost of Electric Screwdriver

An electric screwdriver costs comparatively high compared to a regular screwdriver. Thus, this may hinder the growth of the global electric screwdriver market during the forecast period 2023-2032. Additionally, electric screwdrivers still face limitations in terms of battery life. Frequent charging or replacing batteries may affect users’ productivity, especially in demanding applications.

The electric screwdriver market is highly competitive, with several established players and new entrants offering similar products. This intense competition can lead to pricing pressure and reduced profit margins for manufacturers and suppliers.

By Type Analysis

Cordless Electric Screw Driver Segment Held the Highest Share

The type segment is divided into cordless electric screwdrivers and corded electric screwdrivers. The cordless electric screwdriver segment accounted for the majority of the share of 67% of the market. It consists of a rechargeable lithium-ion battery used to power up the motor.

Also, they are portable and compact. Thus they are vastly adopted in commercial and residential applications.

By Electric Current Analysis

AC Electric Screw Driver Accounted for the Largest Share of the Market

The electric current segment is divided into AC and DC electric screwdrivers. The AC electric screwdriver held the most of share of 58% of the market. The AC electric screwdrivers are mostly used in commercial as well as industrial settings because there is a reliable power source, and heavy-duty work is needed in these places.

It is mostly used in construction sites, assembly lines, and other applications that require high power and torque. At the same time, DC electric screwdrivers are mostly used in DIY projects and home repairs where convenience is required.

By Application Analysis

Industry Segment Dominated the Electric Screwdriver Market

The application segment is divided into industrial, commercial, and residential. The increasing adoption of electric screwdrivers in most industries was estimated to boost the segment’s growth during the forecast period. The increasing automation in these industries is estimated to propel the demand for electric screwdrivers.

The rising need for efficient and smooth screwing operations in industries including electronics, manufacturing, automotive, and others is estimated to boost the segment’s growth during the forecast period.

Key Market Segments

By Type

• Corded Electric Screw Driver
• Cordless Electric Screw Driver

By Electric Current

• DC Electric Screw Driver
• AC Electric Screw Driver

By Application

• Commercial
• Industrial
• Residential

Growth Opportunity

Increasing Use of Electric Screwdrivers in the Automotive Sector

The growing use of electric screwdrivers in the emerging automotive sector and the increasing adoption in numerous industries are estimated to create lucrative opportunities for the global electric screwdriver market during the forecast period. Furthermore, increasing implementation and awareness of multifunctional electric screwdrivers is estimated to create new scenarios for growth during the forecast period.

Furthermore, The increasing popularity of DIY activities among individuals has created a significant opportunity for electric screwdriver manufacturers. DIY enthusiasts and hobbyists actively seek reliable and efficient tools, including electric screwdrivers, to support their projects.

Latest Trends

Growing Adoption of Cordless Electric Screwdrivers

Due to their better portability and convenience, cordless electric screwdrivers are becoming popular. They can be used in numerous settings without a power outlet because rechargeable batteries power them. Also, technological advancements have made electric screwdrivers more compact and lighter. This makes it easy to use in a tight space.

Moreover, electric screwdrivers incorporate smart features such as Bluetooth connectivity, digital torque control, and programmable settings. These features enhance user experience, provide real-time feedback, and enable integration with other smart devices or automation systems.

Also, manufacturers are developing electric screwdrivers with lightweight and compact designs to improve portability and ease of handling. This trend caters to the needs of professionals who require mobility and work in tight spaces.

Regional Analysis

Asia-Pacific Held the Largest Share of the Global Electric Screwdriver Market

Asia-Pacific accounted for the largest share of 37% of the overall market during the forecast period. The region’s dominance is due to the development in the construction sector around industrial, commercial, and residential applications in China, India, and other countries. Also, the increasing government initiatives to increase the efficacy of industrial projects will propel the demand for the global electric screwdriver market.

North America is estimated to have the fastest growth during the forecast period due to the growing market with increasing expenditure. Additionally, the players in the market across Canada and US have the potential to enhance the business portfolio in the nearby countries.

Europe is expected to have steady growth during the forecast period of 2023-2032. This is due to commercial projects’ increasing demand for precision electric screwdrivers. Also, the presence of key players will propel the market growth in this region.

Key Regions and Countries

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Various key strategies are implemented by major market players, such as corporations & developments, investments, new product launches, and acquisitions & launches, to ensure the growth of the global electric screwdriver market.

Top Key Players

• Robert Bosch Tool Corporation
• Kolver srl
• Hitachi, Ltd.
• Makita Corporation
• Kilews Industrial Co., Ltd.
• Harbor Freight Tools
• Mountz, Inc.
• Stanley Black & Decker, Inc.
• Other Key Players

Recent Developments

• March 2023- Youfu Tools have launched KS-882046-20, KS-882048-24, and KS-882047-35. These high-quality tools are necessary for anyone who needs to complete tasks quickly and efficiently.
• January 2023- Panasonic enters into the market for insulated power tools by presenting its reliably insulated, Li-Ion driven, and lightweight screwdriver EYED11SA. The tool was designed for single-handed operation as the reverse or forward mode button is ultimately easy to reach.

Report Scope