The global Indian power tool market is anticipated to exhibit a lucrative growth opportunity over the projection period from 2022 to 2032 by registering a CAGR of 8.9%. The global market is expected to be valued at USD 5672.60 Mn by 2022 and is predicted to surpass a valuation of US$ 13306.41 Mn by 2032.
Owing to its widespread application, power equipment is in high demand. There are several features attached to these tools including extensive applicability, convenience, and efficacy in a variety of fields, in particular, because of the time and effort they save and the portability they afford.
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Key Takeaways
- Growth in the Indian economy can be attributed to major portions of the country’s efforts to develop its construction and manufacturing sectors. The rapid expansion of the Indian power tool market is responsible due to the booming building sector.
- Prominent market players in the industry are building both corded and cordless tools, giving construction employees more flexibility in their daily tasks. While selecting one out of corded and cordless tools, construction workers typically choose the latter. Owing to their rapid adaptability and capacity to give productive solutions to clients, these tools are expected to be widely adopted by small and medium-sized manufacturing firms.
- In addition, major power tool companies all around the globe are collaborating to enhance their products and services for consumers. They can then use that information to create useful tools, especially for people working in the building and manufacturing industries.
- Throughout the assessment period, the power tool market in India is expected to develop due to the country’s booming industrial sector. The Indian economy has shown phenomenal growth over the recent years and is projected to continue growing strongly over the next few years. Approximately a quarter of GDP at present is generated from the industrial sector, and that proportion is projected to rise dramatically by the end of the projection horizon.
- According to recent market research, the industrial sector in India is growing at a robust rate of around 6-10% and is likely to propel in the projection period due to increasing FDI equity inflows in automotive, construction, medicines & pharmaceuticals, and other sectors. In addition, the government of India has taken several aggressive measures, such as the “Make in India” campaign, which is likely to fuel the expansion of the power tool market in India during the coming years.
Competitive Landscape
Dominant market players are heavily investing in the R&D of energy-efficient and environmentally friendly industrial tools to obtain a competitive edge in the market and to differentiate their products. In addition to that, stringent environmental requirements in countries like Europe are focusing on creating safe products with decreased dust emissions, including low noise and vibration characteristics.
More Insights into the India Power Tool Market
Throughout the projection period, the power tool market in India is anticipated to develop owing to the country’s surging industrial sector. According to recent market research, the expansion of the power tool market in India is predicted to be hampered by the surging competition from Chinese imports. Owing to its competitive price, industrial tools made in China have a massive portion of the Indian market. According to the analysis done by Future Market Insights, it was estimated that by 2015, Chinese-made industrial tools accounted for 18-22% of India’s entire power tool market, a figure that has grown significantly over time. Recent years have seen a dramatic increase in the quantity of power equipment imported from China.
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