Market Overview:
Power tools are used for cutting, shaping, grinding and assembling various materials in construction, automotive, manufacturing and several other industries. Power tools provide advantages such as enhanced precision, productivity and safety over traditional hand tools. The power tools market in India has witnessed significant growth over the past few years driven by booming construction and infrastructure development activities in the country.
Market key trends:
One of the key trends in the India power tools market is the shift towards cordless power tools. Earlier, most power tools ran on corded electric supply but increasing adoption of battery-powered tools is being witnessed. Cordless tools offer improved mobility and flexibility at construction sites. Lithium-ion batteries with higher power capacity and longer life have enabled effective performance of cordless power tools. Manufacturers have launched innovative cordless solutions such as screwdrivers, drills, saws, sanders, etc. to capture the growing demand. Furthermore, increasing penetration of power tools in rural construction is another trend aiding market growth in India.
Porter’s Analysis
Threat of new entrants: The India Power Tools Market Share witnesses moderate threat of new entrants due to large capital investments required to enter the market and presence of major established players.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of numerous suppliers and brand alternatives offering similar power tools.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to the availability of substitute components and less differentiation in components.
Threat of new substitutes: The threat of substitutes is moderate as there are no close substitutes for power tools used mainly in the construction industry.
Competitive rivalry: The competitive rivalry in the India power tools market is high owing to the presence of numerous regional and international players offering similar products.
Key Takeaways
The global India power tools market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing investment in infrastructure development and growth of residential construction sector.
Regionally, southern region dominated the India power tools market in 2022 with a share of around 35%, owing to rising industrial and infrastructure activities in states like Tamil Nadu and Andhra Pradesh. The western region is anticipated to witness fastest growth during the forecast period.
Key players operating in the India power tools market are Apex Tool Group LLC, Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation, Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings Co., Ltd., and Makita Corporation. Stanley Black & Decker accounted for largest revenue share of over 15% in 2022 owing to its diversified product portfolio and widespread distribution network across India.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
