The global specialty screwdriver market is experiencing significant growth and is expected to grow considerably in the next few years. A screw is available in a wide range, having different sizes and head types such as Philips type screws and Torx types, to serve different applications. This wide range of screws requires specifically designed screwdrivers. This causes a problem for the operators, as they are required to keep many types of screwdrivers on hand. To address this issue, specialty screwdrivers have been introduced. A specialty screwdriver consists of a handle, a port to insert screwdriver bits, and many screw bits to serve different screw types. These screw bits are swappable, and a single handle can be coupled with different screw bits or screwing blades. This makes the whole tool box lighter. These features make this tool very versatile and are responsible for its high demand among professionals and hobbyists. Specialty screwdrivers are largely used in industries for renovation services, electronics repair services, manufacturing, and utilities. Moreover, a specialty screw driver is a very common tool and is available at any hardware store. Major players in the specialty screwdriver industry adopt different ways to stand out in the market by adding extra features, by making very attractive designs, or by many other means to sustain the competition in the specialty screwdriver market.
Market Scope and Structure Analysis
Description
Specialty screwdrivers are designed to be compatible with custom-made screws and bolts by enabling them to have a swappable screw bit feature. These screwdriver types include jeweler's screwdrivers, computer screwdrivers, and screwdrivers with features such as cushion grip and handle modifications. In addition, specialty screwdrivers come in various forms, such as having a T-shaped body, a straight body, or their combination. They are either electrically powered or are manual.
COVID-19 Impact Analysis
- The COVID-19 pandemic ceased the production of various products in the specialty screwdriver industry, which is attributed to the global lockdown. This has hampered the growth of specialty screw driver market in the year and a similar trend is expected to be seen in the first half of 2022.
- The major demand for specialty screwdrivers was previously noticed from giant developed and developing countries including the U.S., Germany, Italy, UK, India, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for specialty screwdrivers.
- Further, potential long-term impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Specialty screwdriver manufacturers can afford a lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis
- Specialty screwdriver manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
Increase in the global trend of a DIY (do it yourself) culture among people who repair and renovate their own appliances, tools, and homes, has boosted the demand for specialty screwdrivers. Rise in disposable income increased the number of electronic items an individual holds. This is anticipated to boost the demand and growth of the specialty screwdriver market. Moreover, the swappable-bits feature of the specialty screws makes them more desirable than any other ordinary type of screwdriver. This feature makes them easily manageable, thereby driving demand in the specialty screwdriver market. However, the fluctuating cost of raw materials used in manufacturing these screwdrivers is one of the restraining factors hindering the growth of the specialty screwdriver market. On the contrary, advancements in battery technology and light weight screwdriver construction can increase the product's efficiency. This is expected to create lucrative opportunities for the growth of the specialty screwdriver market during the forecast period.
Market Trends
- New products that contain improved capabilities are launched by leading market players. They take necessary steps to improve overall functionality. For instance, in October 2020, Klover SRL, a specialty screw driver manufacturer, launched KBL30FR/ANG and KBL40FR/ANG screwdrivers with a new angle head, to enhance its usability in tight spaces. The product launch enhanced the product offerings by Klover SRL to stay competitive in the specialty screw driver market.
- Similarly, competitors in the specialty screw driver market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in Feb. 2021, Worthington Industries, Inc. acquired General Tools & Instruments Company LLC. This move will help the company to complement its current product offerings.
- Moreover, business expansion strategies assist in enhancing the geographic footprint of the company and help in gaining significant market share for mobile specialty screwdriver products. For instance, in April 2021, Milwaukee Tool announced further expansion in the U.S. by building a new manufacturing facility in Grenada, Mississippi. The facility is expected to improve the service offerings for specialty screw driver consumers in the region.
Key Benefits of the Report
- This study presents the analytical depiction of the specialty screwdriver industry along with the current trends and future estimations to determine the future investment pockets.
- The report presents information related to key drivers, restraints, and opportunities, along with detailed analysis of the specialty screwdriver market share.
- The current market is quantitatively analyzed to highlight the specialty screwdriver market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed specialty screwdriver market analysis based on competitive intensity and how the competition will take shape in coming years
Specialty Screwdriver Market Report Highlights
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