by Power tools refer to the hand held powered devices that can increase torque or speed to complete mechanical tasks faster. Some common types of power tools include drills, saws, sanders, routers and impacts wrenches. These tools are integral for construction activities and find wide application for drilling, cutting, sanding, grinding and assembling components in infrastructure and buildings. The power tools market in India has witnessed rapid growth owing to the strong emphasis on infrastructure development and housing projects. The government’s initiatives like ‘Housing for All’ and expansion of metro rail networks have fueled the adoption of power tools among contractors and individual home owners.
The global India Power Tool Market is estimated to be valued at US$ 873.49 Bn in 2023 and is expected to exhibit a CAGR of 2.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key growth driver for the India power tool market has been the rising demand from infrastructure and construction sector. The Indian government has given a major impetus to infrastructure development through initiatives like Bharatmala, Sagarmala projects and dedicated freight corridors. The infrastructure sector is currently a major employment generator and is poised to emerge as one of the largest sectors of the Indian economy in terms of investment opportunities. The growing investment in infrastructure modernization and expansion is propelling the demand for power tools from contractors for activities like drilling, sawing, grinding which is driving the power tools market growth over the forecast period. The easy availability of power tools on e-commerce platforms and lucrative finance schemes are also boosting the market penetration in construction as well as individual home improvement sector.
SWOT Analysis
Strength: The power tool market in India is driven by increasing infrastructure and construction activities. Various government initiatives such as Smart Cities Mission and Housing for All by 2022 are contributing to growth.
Weakness: Availability of cheaper Chinese imported power tools is a challenge for domestic manufacturers. Low brand awareness and penetration in rural areas is also a weakness.
Opportunity: Rising disposable incomes and changing consumer preferences present an opportunity for premium power tools with advanced features. Growth in industrialization and automotive sector will augment demand.
Threats: Economic slowdowns can negatively impact sector growth. Stringent environmental regulations on noise and pollution levels pose a threat to older technology tools.
Key Takeaways
The Global India Power Tool Market Size is expected to witness high growth over the forecast period supported by increasing infrastructure activities in the country. The Western region currently dominates the market owing to large infrastructure projects and industrial activity clustered in states like Maharashtra and Gujarat. The Southern region is also expanding rapidly in line with construction and industrialization across states like Tamil Nadu, Karnataka and Telangana.
Key players operating in the Indian power tool market are Apex Tool Group LLC, Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation, Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings Co., Ltd., and Makita Corporation. These companies are focused on expanding their distribution networks and product portfolios in India. Additionally, they are launching compact and lightweight power tools with Li-ion batteries to target professional users in construction as well as DIY homeowners.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
