Empowering India: Power Tool Market Poised to Surpass US$ 5672.60 Million by 2022, Fueled by 8.9% CAGR in 2032

Over the forecast period of 2022 to 2032, the global Indian power tool market is expected to exhibit a lucrative growth opportunity at a CAGR of 8.9%. By 2022, the global market is expected to be worth US$ 5672.60 million, and by 2032, it is expected to be worth US$ 13306.41 million.

Power equipment is in high demand due to its widespread application. These tools have a wide range of applications, convenience, and efficacy in a variety of fields, particularly because of the time and effort they save and the portability they provide.

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Sales in the global Indian power tool market are expected to bolster owing to these Macroeconomic factors, the booming Indian industrial sector, rising auto sales, a rising consumer confidence index, the introduction of reliable, reasonably priced multi-purpose industrial tools, the shift in consumer preference toward do-it-yourself values, and the expansion of the e-commerce market. These aforementioned factors are expected to bode well for the global market over the assessment years.

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.