by Power tools are machinery equipment powered by electric motors or internal combustion engines used for construction, woodworking, repair, household and automotive repair. Power tools provide greater speed, efficiency, reliability, durability and accuracy than manual tools and enable users to perform tasks requiring high torque or a high rotation rate like drilling, cutting, shaping, sanding and grinding.
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 6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing trend of Do-It-Yourself (DIY) activities among individuals for various repair and construction work around the house has led to a significant demand for power tools in the country. Power tools allow these individuals to efficiently complete both small and large tasks related to home repair and maintenance independently. The ease of use and effective functionality of power tools even for basic requirements has made them a popular choice for carrying out DIY work over traditional hand tools. This growing trend of self-reliance for household repair works is expected to continue driving the growth of the India power tools market over the forecast period.
SWOT Analysis
Strength: India is witnessing rapid infrastructural and industrial development which is driving the demand for power tools in construction sector. Growing housing and real estate sector is also propelling the power tools market.
Weakness: Availability of cheap Chinese power tool imports is a challenge for domestic manufacturers. Lack of supply chain integration and quality certifications limits expansion of domestic players.
Opportunity: Rising demand from agricultural sectors for farm electrification presents new opportunities. Market has potential to grow in rural areas with development programs. Development of lithium-ion batteries based advanced power tools will open new segments.
Threats: Slowdown in economic activity due to Covid-19 pandemic impacted various end use industries negatively affecting market. Supply chain disruptions are a major threat due to international dependencies.
Key Takeaways
The Global India Power Tool Market Size is expected to witness high growth. 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 6% over the forecast period 2023 to 2030.
Power tools find wide applications in construction, manufacturing and automotive industries which are witnessing rapid growth in the country. The infrastructure sector has over 13,000 under development projects offering huge opportunities for power tools. Northern and Western regions have emerged as major hubs of industrialization and urbanization driving maximum demand currently.
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 , Lonza Group. Low-cost power tools available from Chinese manufacturers pose threat to domestic players. Adoption of new technologies like battery powered tools and evolving consumer preferences presents new growth opportunities. Collaboration with e-commerce firms can help penetrate rural markets and expand product reach.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
