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India Power Tool Market Is Driven By Increasing Infrastructure Development
The India power tool market comprises of products such as drills, bandsaws, planers, sanders, and grinders that are used for various applications in industries such as construction, automotive, and shipbuilding. Power tools offer benefits such as improved efficiency, precision, and speed over conventional tools. They find wide use in drilling, cutting, shaping, routing, sanding, planing, grinding, and polishing of materials in various industries. The growing infrastructure development activities in India is one of the major drivers contributing to the increasing demand for power tools.
The India Power Tool Market is estimated to be valued at US$ 1006.27 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031.
Key Takeaways
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. The key players are focusing on new product launches and expansions to increase their market share. For instance, in 2021 Stanley Black & Decker launched its first manufacturing plant in Tamil Nadu to cater to the demand from infrastructure and industrial sectors.
The growing demand from end-use industries such as construction, automotive, and shipbuilding is one of the major drivers for the India Power Tool Market Growth. Rapid infrastructure development and increased investment in the construction sector in India have been propelling the demand. Various government initiatives such as Smart Cities Mission and Housing for All by 2022 have boosted construction activities.
The market is also witnessing growth owing to increasing exports of power tools from India. Major global players are setting up manufacturing bases in the country to cater to both domestic and international markets. Availability of low-cost labor and growth of the DIY culture in India provides huge opportunities for market expansion for players.
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