by Market Overview:
Power tools are electrical or pneumatically operated tools used for different applications in industrial, commercial and household sectors. In India, the power tools market is gaining traction owing to rapid growth in infrastructure and construction activities. The country is witnessing heavy investments in road networks, smart cities, airports and rail projects which is driving demand for efficient power tools in sectors like construction, automotive and manufacturing. Cordless power tools are gaining popularity due to advantages such as mobility, ease of use and low noise levels.
Market Dynamics:
The India power tools market is expected to witness significant growth over the forecast period, owing to rapid industrialization and infrastructure development activities in the country. According to government sources, India aims to invest over $1.4 trillion in infrastructure development by 2025. This major initiative includes projects such as construction of roads, highways, airports and rail networks. Growing industrial and manufacturing sectors will further augment demand for power tools for applications such as metal cutting, grinding, polishing and material removal. Additionally, increasing disposable income and changing consumer preference towards cordless power tools for household and DIY (Do-It-Yourself) purposes will also support market growth. However, availability of cheaper Chinese power tools may hinder premium product sales. Nevertheless, major players are focusing on new product launches catering to various applications which will create new growth avenues.
Segment Analysis
The India Power Tools Market Share is dominated by corded power tools. Factors like affordability, availability, and reliability have made corded power tools popular among contractors and DIY users. However, cordless power tools are growing rapidly in popularity due to convenience of use. Advancements in lithium-ion battery technology have increased the runtime of cordless tools, addressing previous concerns related to their limited capacity.
PEST Analysis
Political: The government of India has implemented favorable foreign direct investment policies and ‘Make in India’ initiative to attract investments in the manufacturing sector and promote domestic production of power tools.
Economic: Rising disposable income, growing construction industry and surge in infrastructure development projects are driving the demand for power tools in India.
Social: Increasing home improvement and DIY activities among urban population is creating opportunities for power tool manufacturers.
Technological: Lithium-ion batteries have allowed manufacturers to develop lightweight and powerful cordless power tools. Technologies like brushless motors further enhance efficiency.
Key Takeaways
The India power tools market is expected to witness high growth, exhibiting a CAGR of 8.9% over the forecast period, backed by rapid urbanization and growth in construction and infrastructure development activities. The market size for 2022 was valued at US$ 802.1 Mn.
Regionally, Western India accounts for the largest share due to high concentration of engineering and construction firms in cities like Mumbai and Pune. Northern and Southern regions are also growing fast on account of expanding urban infrastructure and industrialization.
Key players operating in the India power tools 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. Players like Stanley Black & Decker and Bosch dominate the market with their wide product portfolio and established distribution network across the country.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
