The growth for the Power Tools Market is majorly attributed to the growing construction industry in the emerging economies such as China, India, across the globe. In the construction industry, power tools are used for such as drilling. For instance, according to Invest India, by the year 2025, the construction industry is expected to be the third-largest market, globally, and construction output is expected to grow on average by 6% each year. In addition, cordless power tool is majorly getting adopted in various industries, as they are flexible, compact, and are easy to use.
Power tools are precision tools that require frequent maintenance, and need to be recalibrated after a regular interval of time. Motors, batteries, rotor that requires a frequent maintenance is expected to be a challenging factor for the power tools market growth.
India Power Tools Market is estimated to be valued at US$ 1,588.8 Mn by 2030.
India Power Tools Market: Drivers
Growing applications of power tools in a multitude of industries to boost the India Power Tools Market growth over the forecast period
Power tools are highly sophisticated and efficient to use and thus, they are being adopted in a multitude of industries such as energy, automobile, construction, aerospace, and others. These tools are majorly actuated by electricity, and thus are highly energy efficient. Furthermore, significant demand for electric fastening tools in industrial environments is expected to boost the sales of power tools. Electric fastening tools play a vital role in the installation of wind turbines. These tools include gearboxes, rotor bearing tools, and bolts. Moreover, these tools are used in maintenance & repairing applications. Thus, these factors are expected to drive growth of the India Power Tools Market during the forecast period.
India Power Tools Market: Opportunities
Advent of connected power tools for Industry 4.0 can present significant growth opportunities in the India Power Tools Market
Industry 4.0 is the digital transformation of manufacturing and production-related industries. With Industry 4.0, business owners can gather and analyze data across machines, allowing faster, more efficient, and more flexible processes to produce greater quality goods at reduced costs. Connected power tools offer valuable insights to factory owners, where they can monitor the performance of a tool, via a smartphone app and can also prevent theft. It can also alert the company for timely repair & maintenance operations, which can avert unwarranted breakdowns. Connected power tools can be monitored via a smartphone app or web.
India Power Tools Market: Restraints
Stringent regulatory compliances to hamper the India Power Tools Market growth over the forecast period
Since power tools are used in a variety of sectors including automotive, construction, and household applications, manufacturers are required to comply with stringent regulations that may differ according to every industry. For instance, domestic and international channels along with end users demand safety and reliability. Therefore, manufacturers are required to comply with safety regulations. Furthermore, manufacturers are also required to address quality and environmental sustainability issues. Such parameters are challenging to fulfill, which in turn, is expected to hamper the India Power Tools Market growth over the forecast period.
India Power Tools Market Trends:
Advancement of Power Tools
The rapid expansion of the construction industry is a major element affecting India power tool market growth. Key players are developing both corded and cordless tools that construction workers can use in a variety of situations. In the construction industry, cordless tools are often favored over corded ones. Small and mid-sized manufacturing enterprises will definitely embrace these technologies due to their flexibility and ability to give productive solutions to their client.
Development of Multi-Purpose products and their accessories to lay foundation for future growth
Energy-efficient power tool equipment with innovative technologies are being developed by companies such as Robert Bosch Tool Corporation, Atlas Copco Ab, Techtronic Industries Co. Ltd., and others. Industry leaders are also working to develop multi-purpose devices that can be utilized precisely while performing many activities.
India Power Tools Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic impacted small and medium-sized enterprises as well as large enterprises all over the world. However, Power Tools is a solution for challenges resulted from the COVID-19 pandemic, such as need for tools to grow the infrastructure industry increased as purchasing power of people increased. Thus, during this period, the adoption of power tools increased among businesses, which further positively impacted growth of the India Power Tools Market.
India Power Tools Market: Competitive Landscape
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.
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The India Power Tools Market was valued at US$ 802.1 Mn in 2022 and is forecast to reach a value of US$ 1,588.8 Mn by 2030 at a CAGR of 8.9% between 2023 and 2030.
Electric Powered Tools segment held dominant position in the India Power Tools Market in 2022, accounting for 71% share, launch of new products is expected to propel growth of the segment during the forecast period.
India Power Tools Market: Recent Developments
On February 24 2020, Stanley Black & Decker, Inc. acquired Consolidated Aerospace Manufacturing, LLC (CAM), an industry-leading manufacturer of specialty fasteners and components for the aerospace and defense markets, to expand its portfolio of specialty fasteners in the aerospace and defense markets
On February 2, 2022, Robert Bosch GmbH launched GBH 18V-28 DC Professional 18V rotary hammer
On January 26, 2022, Robert Bosch GmbH launched Advanced Trim Router with 18V lithium-ion battery
In February 2022, RIDGID, a wholly-owned subsidiary of Emerson Electric Co., featured its products SeeSnake and microReel at the WWETT (Water & Wastewater Equipment, Treatment & Transport) Indianapolis, U.S., the world's largest annual trade show for wastewater and environmental service professionals.