Power Tool Market to Witness Exponential Growth by 2026

SAN JOSE, United States, 2020-Mar-30 — /EPR Network/ —

Power tools utilise a power source mechanism, which is different from the ones used for manually operated tools. Power tools are used for construction and gardening, household tasks, for drilling, cutting, shaping, sanding, grinding, routing, polishing, painting and heating. Power tools are categorised on the basis of power source into electric power operated tools (circular saws and drill machines), pneumatic power tools (jack hammers, chippers and compressed air guns), liquid fuel (gas), powered tools (saws), hydraulic power tools (jacks) and powder-actuated tools (nail guns).

India power tools market is anticipated to register healthy CAGR of 8.9% in terms of value, and 9.5% in terms of volume over the forecast period (2016–2026). Growth of the power tools market in terms of revenue is attributed to various factors, regarding which XMR offers detailed insights in the report.

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Market Dynamics

Growth in power tools sales in India is influenced by macroeconomics, robust growth of the industrial sector in India, increasing automotive sales, increasing consumer confidence index, emergence of durable, cost-effective multi-functional power tools, transition of consumer preference towards DIY ethics and increasing online retail sales.

Key trends identified in the India power tools market are increasing sales of professional power tools, shift from nickel-cadmium to lithium-ion powered tools and move from cord-based to cordless power tools. Furthermore, in order to gain the competitive edge in the market and for product differentiation, companies are investing substantially in research and development of energy-efficient and environmental-friendly power tools.

Factors such as unavailability of skilled labour and high costs involved in hiring professionals for basic services in major cities across the country are anticipated to create significant opportunities and drive demand for power tools in the domestic market.

Currently, the Indian power tools market is swamped with Chinese products. This has adversely affected market share of existing local and international players in the country.

Market Segmentation

India power tools market is segmented on the basis of end-user, mode of operation and region.

On the basis of end-user, the market is segmented into industrial power tools and household power tools. With increasing industrialization, the industrial sector is estimated to dominate in terms of demand for power tools. Industrial segment is estimated to account for 55.8% in terms of value share by end of 2016. The household segment is estimated to account for 44.2% in terms of value share by 2016, and is expected to expand at a CAGR of 8.9% over the forecast period.

The electric power tools segment is anticipated to dominate the market throughout the forecast period, owing to ease of operation and low operational costs. The segment is expected to be most attractive between 2016 and 2026, and witness significant investment in product development. Electric segment is estimated to account for 56.6% in terms of value share by end of 2026. Pneumatic and others segments are estimated to collectively account for 46.4% in terms of value share by end of 2016.

On the basis of region, the market is segmented into North India, South India, East India and West India. With large number of industries concentrated in the region, the market in South India and West India is expected to account for maximum demand for power tools over the forecast period. Market in South India is expected to account for 38.2% of the total India market by the end of 2026. Market in North India is estimated to be growing rapidly, expanding at a CAGR of 9.7% over the forecast period.

Competitive Landscape

The report includes market share analysis of the existing international, China-based and domestic players in the market. The report also profiles both global and domestic players in the India power tools market.

Global Players in the market include Atlas Copco AB, Snap-on International, Techtronic Industries Co. Ltd., Danaher Corporation, Actuant Corporation and SKF AB. Regional players in the market include Stanley Black & Decker, Hitachi Koki Co. Ltd., Makita Corporation, Robert Bosch GmbH and Kulkarni Power Tools.

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