July 15, 2024
India Power Tool Market
Ict

India Power Tool Market is Expected to be Flourished by Rising Demand from Construction Industry

The power tools market in India comprises products including drill machines, saw machines, lawn equipment, sanders, and routers that are used for applications in woodworking, metalworking, construction, and household. Power tools provide output torque or rotational force higher than hand tools and are powered by electricity or internal combustion engines. They are either portable or stationary and intended to increase the efficiency and productivity of DIY and professional tasks. The power tools industry has witnessed considerable growth in India supported by increased infrastructure development, housing construction, and home improvement activities. Both private housing and government’s investment in urban infrastructure projects are fueling the demand for power tools from construction industry.

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 Dynamics:
Rising demand from construction industry is one of the key drivers of India power tool market. Government initiatives such as ‘Housing for All by 2022’ is creating significant opportunities in infrastructure and residential construction sectors. This rising demand for construction activities is increasing the sales of power tools like drills, grinders, saws which are extensively used on construction sites. Further, increasing disposable income and improving living standards is fueling the demand for power tools from households for DIY projects and home improvement activities. However, availability of counterfeit and low-quality products in local markets pose a major challenge for established brands. Stringent regulations regarding product quality and safety can help reducing the impact of counterfeiting on brand image and genuine product sales.

Segment Analysis
The India power tool market is dominated by the industrial power tools segment which holds around 60% market share. Industrial power tools are extensively used across industries like construction, automotive, metalworking etc in India. The growing infrastructure and manufacturing sector in the country is driving demand for industrial power tools for construction activities, metal cutting and fabrication works. Drilling machines, sawing machines are some of the commonly used industrial power tools. The domestic power tools segment is the second largest and accounts for around 35% share. Domestic power tools such as drills, grinders are seeing higher adoption among homeowners and DIY enthusiasts for household maintenance activities and small repair works.

PEST Analysis
Political: The growth of the manufacturing and construction industries in India is backed by supportive government policies like ‘Make in India’. Large infrastructure projects are being undertaken which is increasing demand for power tools.
Economic: India has one of the fastest growing economies in the world. Growth in GDP, rising disposable incomes is driving consumer demand for power tools. The development of industrial and business sectors is propelling demand from professional contractors.
Social: Changing lifestyles and increased spending on home improvement has led to rising popularity of DIY culture in India. More people are taking up small repair works at homes which is boosting domestic power tools sales.
Technological: Power tool manufacturers are investing in product innovation and incorporating technologies like lithium-ion batteries, brushless motors to develop advanced power tools with higher efficiencies. Cordless power tools are gaining traction over corded due to convenience.

Key Takeaways
The Global India Power Tool Market Size is expected to witness high growth over the forecast period supported by robust growth of end use industries in the country. Regionally, southern and western parts of India dominate the power tools market. The states of Tamil Nadu, Karnataka, Gujarat, and Maharashtra account for around 60% market share due to strong presence of manufacturing units and infrastructure activities.

Key players operating in the India 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. Stanley Black & Decker leads the Indian power tools market with over 20% value share owing to its diversified product portfolio and widespread distribution network across the country. The key players are focusing on launching innovative cordless power tools with advanced lithium-ion batteries to drive future growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it