Posted On: 2020-07-06
Metal power tools acquired the largest revenue share in the overall India power tools market in 2019 – 6Wresearch
India power tools market is anticipated to register growth during the forecast period 2020-2026. With the growing automation and 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 commercial, industrial, and automotive. Further, initiatives such as the “Make in India” and “Smart Cities Mission” would help in expanding the manufacturing and construction sector augmenting the growth of power tools in the country over the coming years.
According to 6Wresearch, India Power Tools Market size is projected to grow at a CAGR of 8.4% during 2020-2026. Strengthening the manufacturing sector, growing the automotive sector, and expanding the construction sector are the key drivers propelling the growth of power tools in India. Furthermore, due to the growing number of DIY users in the country, who prefer to invest in power tools and complete their jobs on their own rather than hiring professional workers frequently, would present growth opportunities for power tools market in India. However, the lack of after-sales services and the unavailability of spare parts pose a threat to this market. Moreover, the emergence of cheap Chinese power tools also gives a tough competition to the established market of branded power tools.
According to Apoorva Sawhney, Research Analyst, Research and Consulting, 6Wresearch, “In terms of technology type, electric power tools have emerged as a major market shareholder in India power tools market in 2019, as they are cheap, convenient, and easy to handle as compared to pneumatic power tools. Electric power tools usage is currently growing at a very fast pace in India, especially across the construction and industrial segments."
“Moreover, a visible shift from corded to cordless power tools using lithium-ion batteries and dust control technology is seen among end-users. Hence, the cordless power tools segment is projected to witness substantial growth and high user acceptance during the forecast period owing to its certain key advantages such as portability, light-weight, and efficiency.”, Apoorva further added.
According to Eshita Goel, Research Associate, Research and Consulting, 6Wresearch, “Industrial sector emerged as the dominant revenue share contributor in the India power tools market for the year 2019. The segment is projected to lead the market during the forecast period as well, attributed to significant industrial development in the country. An upsurge in manufacturing, mining, and utility segment would catalyze the growth of the power tools market in the country during the forecast period.”
“The Southern Region of India acquired the largest revenue share in the power tools market in the year 2019. The presence of a robust industrial sector in the region resulted in substantial demand for power tools in the region. The region is also expected to witness healthy growth in the future due to forthcoming developmental projects and government policies towards industrial development.”, Eshita concluded.
Some of the major companies in the India power tools market include Bosch, Stanley Black and Decker, Hilti, Hikoki, and Makita Power Tools.
“India Power Tools Market (2020-2026)” report provides an in-depth analysis with 38 figures and 12 tables, covered in more than 110 pages. The report estimates and forecasts the overall India power tools by technology, tool types, verticals, regions, and market type. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.