Drill Press Market Challenges, Key Players, Market Segments,...

Drill Press Market Challenges, Key Players, Market Segments, Development, Opportunities, Forecasts 2023-2030

Posted 2023-03-22 10:31:59

Drill Press Market Highlights

A drill press includes base, column (or pillar), table, spindle (or quill), and drill head, usually driven by an induction motor, and is used to drill or enlarge a cylindrical hole in a workpiece or part. A drill press primarily uses hydraulic, electric, or magnetic methods for operating. The global drill press market is expected to witness a 4.15% CAGR during the forecast period. The market size is expected to reach 825 Million units by 2030.

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Key Players

Some of the major players in the global drill press market are JEI Drilling & Cutting Solutions Ltd (India), Dongcheng Power Tools (India), Alfra Tools LLC. (US), Hougen Manufacturing Inc (US), Milwaukee Tool (US), CS Unitec, Inc. (US), Champion Cutting Tool Corp (US), DeWalt (US), Metabowerke GmbH (Germany), Steelmax Tools LLC (US), Evolution Power Tools (UK), PROMOTECH (Poland), Rotabroach (UK), G&J Hall Tools Inc. (US), Universal Cutting & Drilling Equipment Ltd (UK), C. & E. Fein GmbH (Germany), and RUKO GmbH Präzisionswerkzeuge (Germany).

The Global Drill Press Market is segmented based on type, drilling diameter, and region. Based on type, the global market has been segmented into hydraulic, electric, and magnetic. Based on drilling diameter, the global market has been segmented into below 2”, 2” to 5”, and above 5”.

Based on type, the electric drill press segment is expected to register the higher growth rate during the forecast period in the global drill press market. This growth is attributed to the increasing demand for electric drill press machines as they offer numerous advantages like high speeds up to 800 mm/sec and faster clamp motion, shorter startup time and up to 20% faster cycle times, and lower unit cost with less material waste.

The global drill press market is primarily driven by factors such as the manufacturing industry growth and increasing automotive industry investments.

Market Research Analysis

In terms of region, the global market for drill press is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to witness the highest CAGR in the global drill press market. The growth of the manufacturing and automotive industries in countries such as India, South Korea, and China, combined with the recent government initiatives to increase the investments in the manufacturing sector is expected to drive the growth of the drill press market in Asia-Pacific.

Furthermore, the drill press market in Europe is anticipated to expand at a significant rate during the forecast period, mainly due to the increase in the adoption of advanced technology and increase in import & export activities in Europe. The region is the hub of major automobile manufacturers such as Audi AG, Bayerische Motoren Werke AG, and the Volvo Group. This also encourages the growth of the market. Moreover, increasing upgrades and renovation of existing infrastructure provide further boost to the growth of the drill press market.

Scope of the Report

This study provides an overview of the global drill press market growth, tracking two market segments across four geographic regions. The report studies key players and provide a nine-year annual trend analysis, which highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, which focuses on the market opportunities for the next nine years for each region. The scope of the study segments the global drill press market by type and region.

By Type

Hydraulic

Electric

Magnetic

By Drilling Diameter

Below 2”

2” to 5”

Above 5”

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By Regions

North America

Asia-Pacific