Power tools have become extremely useful equipment for industrial and domestic applications. They improve efficiency and productivity while reducing human effort and time. Power tools are used extensively across industries like construction, automotive, shipbuilding, and manufacturing for various tasks like drilling, sawing, sanding, planing, routing, and grinding. They offer advantages like control, precision, consistency and ability to work in confined spaces. The growing infrastructure development and construction activities in India have augmented the demand for power tools from various end-use industries.
The global India Power Tool Market is estimated to be valued at US$ 873.49 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the India power tool market is the increasing automation and advancement of power tools. Leading manufacturers are focusing on developing smart power tools with improved ergonomics, control, and safety. For instance, tools integrated with sensors, IoT, and artificial intelligence are gaining traction as they offer usage analytics, remote monitoring, predictive maintenance, and flexibility. Smart power tools enhance workflow, reduce errors, protect workers from injury, and optimize productivity. The incorporation of advanced technologies is expected to boost the demand and open lucrative opportunities for market players. Moreover, the market is witnessing increasing demand for cordless power tools owing to their portability, convenience, and operational flexibility compared to corded tools. Strong growth in residential construction and renovation activities along with rising home improvement and remodeling expenditures will further propel the India power tool market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established distribution channels lower barriers to entry in the industry. However, established brands have significant customer loyalty and economies of scale.
Bargaining power of buyers: Individual buyers have low bargaining power due to the availability of substitute tools. However, industrial buyers and big retail chains have significant influence on prices due to large volume purchases.
Bargaining power of suppliers: Major raw material suppliers like oil producers and chemical companies have moderate bargaining power due to the availability of substitute materials and less dependence of power tool companies on a single supplier.
Threat of new substitutes: Technological advancements have increased substitute threats like cordless tools and easy availability of alternatives increase competition.
Competitive rivalry: Strong competition exists among established players. Brand image, product quality, service, and pricing determine success.
Key Takeaways
The India Power Tool Market Size is expected to witness high growth over the forecast period owing to rapid industrialization and infrastructure development activities across the country. The global India Power Tool Market is estimated to be valued at US$ 873.49 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
Regional analysis: The western region currently dominates India’s power tool market led by states like Maharashtra and Gujarat. However, northern and southern regions are expected to witness fastest growth due to strong government investments in industrial and residential construction sectors.
Key players: Key players operating in the India Power Tool Market are BASF SE, Chevron Phillips Chemical Company, LLC, Exxon Mobil Corporation, Ineos Group Ltd, LyondellBasell Industries N.V., Royal Dutch Shell plc, Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation (Sinopec), The Dow Chemical Company , Lonza Group. These companies are focusing on new product launches, enhancing digital capabilities and expanding dealership networks to strengthen their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it