Rising Demand Drives India Power Tools Market to US$ 1,563.1...

Rising Demand Drives India Power Tools Market to US$ 1,563.1 Million by 2033

Posted 2024-07-15 13:39:36

The India power tools market value is forecast to increase from US$ 686.0 million in 2023 to US$ 1,563.1 million by 2033. Over the assessment period, demand for power tools in India is projected to surge at a CAGR of 8.6%.

The construction segment is expected to dominate the India power tools industry through 2033, likely holding a volume share of 31.5% by 2023. On the other hand, the impact wrench segment is set to thrive at a robust CAGR of 10.7% through 2033.

Due to their effortless and efficient task execution across various sectors, power tools are witnessing tremendous expansion in the Indian industry. Driven by the growing use of automation and robotics, the manufacturing sector, a significant customer, uses power tools for a variety of operations, including drilling and cutting. Power tools are essential to the maintenance, repair, and overhaul (MRO) industry because they speed up repairs, reduce downtime, and maximize maintenance costs.

The construction industry in India, propelled by infrastructure development initiatives, relies heavily on power tools for tasks ranging from drilling to grinding. Government programs like the National Infrastructure Pipeline and Smart Cities Mission, along with metro projects, contribute to the escalating demand.

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There are many fresh opportunities for power tool use in manufacturing, building, and repair positions within the space industry. This is expected to develop with the entry of private operators. The wood processing and manufacturing industries see power tools as crucial for turning raw materials into refined forms like veneers and lumber, as the demand for round wood develops. This means that complex and efficient solutions are required to fully realize the potential of the raw material.

Key Takeaways from the Report:

· The adoption of power tools in India is projected to thrive at 8.6% CAGR through 2033.

· By tools type, the impact wrench segment is expected to total a valuation of US$ 239.0 million by 2033.

· By application, the construction segment is set to hold an industry share of 31.5% in 2023.

· South India is expected to account for a significant share of about 31.8% in 2033.

· The West India power tools industry value is anticipated to reach US$ 474.7 million by 2033.

· Gujrat is projected to attain a valuation of US$ 205.4 million by 2033.

"India's power tool industry is growing, driven by their efficiency and accuracy across industries. The manufacturing sector leads the demand, fueled by automation needs. From DIY trends to infrastructure development, power tools play an important role. Even in the emerging space sector, they are transforming India's industrial landscape and demanding sophisticated solutions for optimal performance in diverse applications.”- opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape

The India power tools industry is fragmented, with leading players accounting for about 40% to 45% of the share. Key power tools companies in India are investing in continuous research to produce new products and increase their production capacity to meet end-user demand. They are also showing an inclination toward adopting strategies, including acquisitions, partnerships, mergers, and facility expansions to strengthen their footprint.

Key Industry Players

1. Kulkarni Power Tools Ltd.

2. CUMI

3. Ralli Wolf

4. Aegon

5. Electrex India Ltd.

6. Metabo AG

7. Techtronic Industries Company Limited

8. JK Files & Engineering Limited

9. ENDICO POWER TOOLS

10. ITW

11. Robert Bosch Power Tools GmbH

12. Stanley Black & Decker, Inc.

13. Atlas Copco AB

14. Caterpillar Inc.

15. Apex Tool Group

16. Koki Holdings Co., Ltd.

17. DeWalt, Milwaukee Electric Tool Corporation

18. Hilti Corporation

19. Makita Corporation

20. Panasonic Corporation

21. Kyocera Corporation

22. Ingersoll Rand, Inc.

Recent Developments in India Power Tools Industry:

In July 2019, Snap-on launched its 14.4-volt cordless In-Line Drill, providing 65 inch-pounds of torque for tight, hard-to-reach applications in manufacturing, aviation, and industrial environments.

In April 2020, Metabo Corporation launched its Power-up metalworking & concrete grinder. Metabo's new professional heavy-duty metalworking grinder line is designed for weld cleaning and removal, pipefitting, metal fabrication, shipbuilding, and beveling. The grinders are also ideal for many applications in the shop, such as cutting bars, rods, and bolts.

More Insights into the India Power Tools Industry Report

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the India power tools industry, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand India’s industry potential, growth, and scope, the market is segmented based on tool type, technology, application, sales type and region.

India Power Tools Industry Segmentation

By Tools Type: