Report Code: A16778 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Specialty Screwdriver Market
Request Now !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
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
Key Benefits of the Report
Specialty Screwdriver Market Report Highlights
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