May 18, 2024
India Power Tool Market

India Power Tool Market Is Expected to be Flourished by the Growing Demand from Construction Sector

The power tools market in India includes power tools that are used in various industries like construction, automotive, aerospace, electronics and ship building. Power tools deliver higher efficiency, accuracy and speed as compared to manual tools. In India, the construction industry has been growing rapidly and acts as a key driver for power tools market. There has been increased investments in housing sector, road projects and commercial construction leading to higher demand for power tools such as drills, saws, grinders and sanders.

The global India Power Tool Market is estimated to be valued at US$ 873.49 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
The growing demand for power tools from construction sector has been a key driver for India power tool market. The construction industry in India has been witnessing strong growth on the back of increased public investment in infrastructure development and housing sector. Various projects under Smart City Mission, AMRUT Yojana and Metro projects have augmented the demand for power tools for applications such as drilling, sawing and material removal. Moreover, the rapid urbanization and rising disposable income have also increased residential construction activities, thereby boosting the need for power tools. Another key driver has been the rising awareness about safety benefits of using power tools in industrial environment compared to manual tools. Power tools offer higher precision and efficiency along with better safety by reducing exposure to hazardous conditions at workplace.

Segment Analysis
The India Power Tool Market can be segmented based on the Type into Portable drilling and fastening power tools, sawing power tools, dust extraction power tools, air compressors, and other power tools. The dominant segment is portable drilling and fastening power tools which holds more than 35% share in 2022. This is due to the wide application in construction and woodworking industries.

PEST Analysis
Political: The government of India has introduced schemes like ‘Housing for All’ to boost infrastructure development which will positively impact the power tools market. Economic: Growth of the construction and infrastructure industries supported by rising FDI inflows will drive demand for power tools in the country. Social: Increasing disposable income and purchase power is encouraging home improvement and DIY activities among individuals. Technological: Power tool manufacturers are focusing on developing innovative products with advanced technologies like cordless tools and AI-assisted tools.

Key Takeaways
The Global India Power Tool Market Size is expected to witness high growth at a CAGR of 6.0% during the forecast period of 2023 to 2030.

Regional analysis: The western region dominates the India power tools market holding around 30% share due to massive investment in real estate and infrastructure projects.

Key players: Key players operating in the India Power Tool Market are BASF SE, Chevron Phillips Chemical Company, LLC, Exxon Mobil Corporation, Ineos Group Ltd, LyondellBasell Industries N.V., Royal Dutch Shell plc, Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation (Sinopec), The Dow Chemical Company, and Lonza Group.

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