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Over the forecast year 2026, the India Power Tools Market is expected to grow at an 8.9 percent CAGR: FMI.
The power tools market in India is expected to expand by 6.7 % year on year by the end of 2016, reaching INR 3,532.8 crore in revenue. Growing industrialisation and widespread availability of a diverse range of power tools will fuel the industry’s growth in the future. India power tools market.
The marketplaces in South and North India are expected to dominate the Indian market.
Power tool market expansion in India is being driven by robust industrial development and rising automobile sales. Furthermore, rising consumer confidence (CCI) in India is expected to have a significant impact in raising demand for power tools in the Indian market. The emergence of a wide range of cost-effective, long-lasting, and multi-functional power tools is expected to drive future demand. Furthermore, growing consumer behaviour toward DIY hacks is likely to increase demand for power tools in India.
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Professional power tools will continue to gain pace, and the transition from nickel-cadmium to lithium-ion powered tools will open up new prospects for the country’s power tool makers.
However, rising Chinese imports of power tools may have a detrimental influence on the market share of domestic and international competitors in India’s power tools market.
The industrial power tools market in India is predicted to grow faster than the domestic power tools industry. By the end of 2016, the industrial power tools segment is forecast to account for more than 55.8 percent of market revenue, while the residential power tools segment is expected to account for 44.2 percent of market value.
Low operational costs and convenience of use will drive the electric power tools sector, which is expected to dominate the India power tools market until the end of 2016. Pneumatics and other divisions are expected to provide more than 46 percent of the value share to the India power tools market in 2016.
Because of the concentration of a large number of businesses, the markets in South and West India have the largest penetration of power tools. South and North India markets are predicted to grow significantly in terms of revenue, whereas East and North India markets are expected to grow somewhat.
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Atlas Copco AB, Snap-on International, Techtronic Industries Co. Ltd., Danaher Corporation, Actuant Corporation, and SKF AB are among the major worldwide competitors in the India power tools industry. Stanley Black & Decker, Hitachi Koki Co. Ltd., Makita Corporation, Robert Bosch GmbH, and Kulkarni Power Tools are among the key regional companies.
Long-term Outlook: The India power tools market is expected to grow at a high CAGR of 9.5 percent in terms of volume and 8.9 percent in terms of value from 2016 to 2026. By the end of 2026, the electric power tools market is expected to account for 56.6 percent of total revenue.
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