Cordless Power Tools to Exhibit Nearly Twofold Growth as Compared to the Corded Ones in India Power Tools Market During 2018-24 – 6Wresearch
With growing automation & time-efficiency requirements, there is a radical shift from hand tools towards power tools in India. Over the past few years, power tools have gained acceptance across all major verticals including construction, industrial, and automotive. Further, to fulfill the continuously growing demand for power tools in the country, manufacturers are coming up with innovative products which offer application-specific power tools as per end user requirements.
According to 6Wresearch, India Power Tools market is projected to grow at a CAGR of 8.4% during 2018-24. Among different types of power tools, electric power tools bagged the maximum revenue share in 2017. Although, corded electric power tools contributed majority of the revenue share in 2017, however, the segment is anticipated to continuously lose its market share over the cordless electric power tools owing to its portability and zero cabling issues.
According to Mr. Varun Sikand, Director-Marketing, Hilti India, “Electric power tools usage is currently growing at a very fast pace in India, especially across the construction and industrial segments. Manufacturers are coming up with advanced products to gain further consumer acceptance. Cordless power tools using lithium-ion batteries and dust control technology are already established in the U.S. and Europe and would complement the exponential market growth in India over the coming years.”
According to Anuj Mehrotra, Senior Research Analyst, Research and Consulting, 6Wresearch, “Power tools market in India is projected to grow steadily over the coming years on the back of continuously increasing construction & industrial activities in the country. Additionally, automotive sector, deploying pneumatic power tools has emerged as another key growth contributor towards the overall power tools market in the country.”
“Moreover, there is a visible shift from corded to cordless tools among end users. Cordless power tools segment is anticipated to exhibit high growth and high user acceptance by 2024 backed by certain key advantages such as portability, light-weight, and efficiency,” Anuj concluded.
According to Suman Gautam, Research Associate, Research and Consulting, 6Wresearch, “India power tools market is an import driven market, dominated by international brands including Bosch, Stanley, Makita, Hilti, and Hitachi. Majority of these companies import power tools from their manufacturing bases outside India and reach end users via varied sales channels within the country”
“Chinese products are in huge demand in the Indian market over the past few years, for instance Doncheng is selling its power tool products at lower prices in India and has gained significant adoption in the country which is posing further challenge to the market players,” Suman added.
Some of the major players in India Power Tools market include- Bosch Limited, Stanley Black & Decker India Pvt. Ltd, Makita Power Tools India Pvt. Ltd, Hitachi Koki India Pvt. Ltd, and Hilti India Pvt. Ltd, Kulkarni Power Tools Ltd. (KPT), FEIN Power Tools India Pvt. Ltd, Atlas Copco (India) Ltd, Techtronic Industries Co. Ltd, Snap-on Inc.
“India Power Tools Market (2018-2024)” provides in-depth analysis with 48 figures and 11 tables covered in 118 pages. The report estimates and forecast the overall India power tools market by technology, tool types, verticals, and regions. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers, and restraints.
For Sample Pages & Detailed Report Description Visit : http://www.6wresearch.com/market-reports/india-power-tools-market-2018-2024-forecast-by-technology-electric-corded-cordless-pneumatic-types-metal-concrete-wood-verticals-regions-competitive-landscape.html
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