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Screwdriver Market Trends

Report ID: GMI12345
Published Date: Nov 2024
Report Format: PDF

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Screwdriver Market Trends

The screwdriver industry is rapidly expanding, driven by the demand for smart tools and automation. Industries and consumers seek efficient, precise, and user-friendly solutions, leading to increased adoption of smart screwdrivers with features like torque control, adjustable speed, and automatic tightening. These tools are essential in electronics assembly, automotive manufacturing, and construction, where precision is crucial. Automated screwdriver systems enhance efficiency and reduce human error in industrial settings. Additionally, smart screwdrivers are popular among DIY enthusiasts for their convenience and accuracy, often integrating with IoT for data analysis, remote monitoring, and predictive maintenance.

Authors: Avinash Singh , Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for screwdriver was valued at USD 4.5 billion in 2023 and is estimated to grow at a 4.7% CAGR from 2024 to 2032, driven by the rise in DIY and home improvement activities.

The manual screwdriver segment recorded USD 1.9 billion in 2023 and is expected to grow at a 4.2% CAGR up to 2032, due to their simplicity, affordability, and durability.

The DIY and home improvement segment held approximately 29.7% of the market share in 2023 and is projected to grow at a 5.4% CAGR through 2032, fueled by the post-COVID-19 surge in DIY culture.

The U.S. screwdriver market recorded a 55.4% share in 2023 and is expected to grow at a 5.7% CAGR up to 2032, led by the strong manufacturing sector and diverse industrial base.

Key players in the screwdriver industry include Bosch Power Tools, C.K Tools, Endevco, Felo Tools, Husky Tools, Irwin Tools, Klein Tools, Makita, Park Tool, Proto Tool, Snap-On, Stanley Black & Decker, Tajima Tools, Vessel, and Wiha Tools.