India Power Tools Market Is Estimated To Witness High Growth Owing To Development of Construction Industry

India power tools Market



Market Overview:

Power tools are motorized equipment including drills, saws, sanders, grinders, routers, and others that facilitate faster and easier completion of tasks related to woodworking, construction, household repair works and other DIY projects. Power tools provide advantages such as enhanced productivity, accuracy, and efficiency over conventional hand tools. Growing construction activities and infrastructure development projects in India are propelling the demand for power tools in the country.

Market key trends:
The construction industry in India has been witnessing significant growth over the past few years led by strong government emphasis on infrastructure development and housing projects. India accounts for over 1.5% of the global construction industry and is emerging as a potential global growth driver. Power tools such as drills, saws, grinders find widespread adoption on construction sites for activities such as cutting, grinding, fastening and others. Hence, strong growth outlook of the construction sector is expected to boost the demand for India Power Tools Market Share in India during the forecast period.

Porter's Analysis

Threat of new entrants: Low capital requirements and availability of skilled labor allows new players to enter the market easily. However, established brands have strong brand recognition and distribution networks.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and established suppliers.

Bargaining power of suppliers: Established global suppliers have significant influence over pricing and supply. Suppliers maintain long term relationships with buyers.

Threat of new substitutes: Threat from substitutes is moderate as alternate tools require significant investments and adoption is slow.

Competitive rivalry: Intense competition due to presence of global and local established players.

SWOT Analysis

Strengths: Large product portfolio, widespread distribution network, strong brand recognition of major players.

Weaknesses: Rising labor and raw material costs, heavy reliance on few dominant players.

Opportunities: Growth in infrastructure and construction industries, rising adoption of cordless power tools.

Threats: Intense price wars, threat from cheap Chinese imports.

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 investments in infrastructure and residential construction projects. The market size for India power tools stood at US$ 802.1 Mn in 2022.

Regionally, southern India dominates the market currently owing to rapid industrialization and urbanization. States such as Karnataka, Tamil Nadu and Telangana are major consumer markets. Western India is also expected to fastest growing region 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. Global brands such as Bosch and Makita have strong foothold while Techtronic Industries is rapidly expanding its market share.

Read More:

https://www.dailyprbulletin.com/india-power-tools-market-driven-by-growth-in-construction-sector/

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