Global Drill Chuck Market

 

Global Drill Chuck Market size was valued at US$ XX Bn. in 2019 and the total revenue is expected to grow at 3.1 % through 2020 to 2026, reaching nearly US$ XX Bn.

Global Drill Chuck Market Overview:

A Chuck is a type of clamp used to hold a cylindrical object performing in circular symmetry at a high speed. Drill Chuck holds the rotating end of the drill machine providing stability to the user for operating it. Drill Chuck absorbs the temperature generated due to high friction and protects the body of the Drill Machine and the person operating it. A Drill Chuck has a hollow body that is mounted on the spinning end by using threads, keys, or soldering. Drill Chuck is a three-jaw chuck with a capacity in the range of 0.5-1 inch. Drill Chuck is used as a heat sink and stability provider tool for equipment ranging from professional to inexpensive household hand and power drills. The introduction of a new hybrid range of Drill Chuck that is easy to operate along with the increase in the use of drill and lathe machines in the industrial and domestic sector has resulted in growth in demand for Drill Chuck. An increase in the expendable income and rising demand for household maintenance equipment has resulted in the growth in the Global Drill Chuck Market.
Global Drill Chuck Market Dynamics:

Increasing population and urbanization have resulted in a rise in construction projects on a large scale. Drill Chuck is an important tool that is used on a large scale in construction-related works. A rise in the number of people relying on drill and lathe machines for precision has resulted in a growth in demand for Drill Chuck. The rising Construction business has boosted the demand for Drill Chuck throughout the world.

People teach their children about the basic use of handheld machinery like rotating machines and drill machines. This has resulted in a rise in the number of people with the knowledge to use basic machinery for any household issues. An increase in reliance on small equipment and self-work has resulted in an increased demand for Drill Chuck by the Domestic sector.
On December 7, 2017, Liu Yaoting received patent rights over the Gear Self Tightening Drill Chuck. This product is publicized by Chofn Intellectual Property as the best drilling chuck available in the market.

On January 7, 2017, Chicago Pneumatic launched a new range of Drill Chuck with added features to provide high torque and high durability.
The rise in the use of drill and lathe machines along with the shock and heat-absorbing capacities of Drill Chuck acts as the driving factors for the growth of the Global Drill Chuck Market.
Restraints:

The preference for old thread-based Drill Chuck by the expert technicians and their reluctance to purchase new and hybrid products is limiting the growth of the Global Drill Chuck Market.
Global Drill Chuck Market Segment Analysis:

The Global Drill Chuck Market is segmented on the basis of

By Type, It is observed that the use of traditional equipment by experts has resulted in a 3% increase in demand for Keyed Drill Chuck. An increase in the preference for easy to operate machinery by the Domestic sector has resulted in a 2.7% increase in the demand for Keyless Drill Chuck.

By Application, It is observed that the Industrial sector dealing in the metal works consumes more than 20% of the Drill Chuck produced in the market. A rise in the number of people with expendable income has resulted in an increased demand for goods that will provide comfort to their life. This has resulted in a 3.1% increase in demand for Drill Chuck by the Construction agencies and people dealing in the business of Carpentry. The use of drill machines in mining has resulted in a 2.3% increase in demand for Drill Chuck by the Mining Sector. Different people for domestic and small use along with different small-scale industries and business ventures use Drill Chuck as per need.

By Distribution Channel, It is observed that more than 75% of the purchase of Drill Chuck for industrial use has happened through the mediums of Direct Sales and firm-appointed Distributors. Different mediums like Supermarkets and Specialty Stores account for more than 52% of the sales and 64% of the total revenue generated by the Drill Chuck Market that targets the domestic sector. An increase in the use of the internet for purchasing hardware objects for domestic use has resulted in a 6% increase in the number of people visiting different E-Commerce platforms.

Global Drill Chuck Market

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It is observed that the use of Direct Sales medium by industries has resulted in a 2.1% increase in revenue for the Global Drill Chuck Market. Distributors appointed by manufacturing firms that come under the organized sector have reported a rise of 1.8% in sales of Drill Chuck. Supermarkets present in the US and Europe have observed a 2.4% increase in the sales of Drill Chuck.

Specialty Stores that come under the organized sector have observed a 3% increase in demand for Drill Chuck in the region of Asia-Pacific. The presence of a wide range of products and features like doorstep delivery has resulted in a 7% increase in the sales of Drill Chuck through different E-Commerce platforms. Different mediums are visited by people for purchasing Drill Chuck for industrial or domestic use.
Global Drill Chuck Market Regional Insights

Global Drill Chuck Market

North America is the biggest market for Drill Chuck. An established machinery industry and preference for self-work for household issues have resulted in a 4.1% and 3.2% increase in the sales of Drill Chuck to industrial and domestic sectors respectively. It is observed that demand for Keyless Drill Chuck has observed a 4.4% increase in demand in this region.

The presence of an established automobile industry and rising domestic use has resulted in a 3.4% increase in the consumption of Drill Chuck in Europe. The rising preference for artistic furniture has resulted in a 1.3% increase in the purchase of Drill Chuck by agencies dealing in carpentry. The Asia-Pacific has observed a growth rate of 3%. An increase in the urban construction projects and rising industries in this region has resulted in a 2.7% increase in demand for Drill Chuck by the construction industry present in this region.

The rise of manufacturing industries has resulted in a 2.5% increase in the consumption of Drill Chuck in South America. The Middle East and Africa’s market has shown a growth rate of 1.8% the reason for which is a rise in construction projects in this region.

The objective of the report is to present a comprehensive analysis of the global Drill Chuck market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Drill Chuck market dynamics, structure by analyzing the market segments and Project the global Drill Chuck market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Drill Chuck market make the report investor’s guide.
Global Drill Chuck Market Scope: Inquire before buying

Global Drill Chuck Market
Global Drill Chuck Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Drill Chuck Market Key Players

• ROHM Co., Ltd.
• Weida (M) Bhd.
• Jacobs Chuck Manufacturing Company
• Sanou Machinery Ltd.
• LFA Industries
• CHUMPOWER Machinery Corp.
• YUKIWA SEIKO Inc.
• ALBRECHT
• A Wollschlager & Co. GmbH
• Komet Group
• Kennametal Inc.
• Ann Way Machine Tools
• Leitz Tooling Systems Pvt. Ltd.
• Zhejiang Bried Machinery & Electric Co., Ltd.
• Llambrich Precision SL
• Vertex Machinery Works
• Glacern Machine Tools
• Hoffmann Group
• Evermore Machine Co., Ltd.
• BISON-BIAL S.A.

 

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