India’s power tools market is expected to check a wholesome CAGR of 8.9% in phrases of value, and 9.5% in phrases of quantity over the forecast period (2016–2026). The boom of the strength gear marketplace in phrases of sales is attributed to diverse factors, concerning which FMI gives particular insights withinside the report.
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Robust development in the industrial sector and growing automotive sales are key factors driving the growth of the Indian power tools market. Moreover, increasing consumer confidence index (CCI) in India is projected to play a key role in escalating demand for power tools in the Indian market.
The emergence of a variety of cost-effective, durable and multi-functional power tools is anticipated to fuel demand in future. In addition, shifting consumer behaviour toward DIY hacks is also expected to boost demand for power tools in India.
Professional power tools will continue to gain traction, and a major shift from nickel-cadmium to lithium-ion powered tools will create new opportunities for power tools manufacturers in the country.
However, increasing the import of power tools from China may negatively impact the market share of domestic and international players in the Indian power tools market.
The Indian power tools market is expected to witness increasing demand for industrial power tools as compared to household power tools. The industrial power tools segment is anticipated to contribute over 55.8% in terms of revenue to the market; whereas the household power tools segment is expected to account for 44.2% in terms of value share by end of 2016.
Low operational costs and ease of use will continue to drive the electric power tools segment, which is anticipated to dominate the Indian power tools market by 2016 end. Pneumatics and others segments are projected to collectively contribute over 46% in terms of value share to India’s power tools market in 2016.
The markets in South India and West India represent the highest penetration of power tools, owing to the concentration of a large number of industries. South and North India markets are expected to expand significantly in terms of revenue as compared to moderately thriving East India and North India markets.
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Competitive Landscape
The report includes a market share analysis of the existing international, China-based and domestic players in the market. The report also profiles both global and domestic players in the Indian power tools market.
Global Players in the market include Atlas Copco AB, Snap-on International, Techtronic Industries Co. Ltd., Danaher Corporation, Actuant Corporation and SKF AB. Regional players in the market include Stanley Black & Decker, Hitachi Koki Co. Ltd., Makita Corporation, Robert Bosch GmbH and Kulkarni Power Tools.
Long-term Outlook: Indian power tools market is anticipated to register a healthy CAGR of 9.5% in terms of volume and 8.9% in terms of value over the forecast period, 2016–2026. The electric power tools market is estimated to account for 56.6% in terms of the revenue share by end of 2026.
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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