The Indian Hand Tools and allied products market is showing clear signs of moving from a price-sensitive bracket to a quality-conscious era with an “industry” or “application” oriented requirements. The growth in Industry sectors like Aviation, Heavy Engineering, Automobile/ Auto Service, Gardening / Horticulture, Woodworking & Furniture, Construction / Infrastructure has necessitated a growing need for quality / specialty tools.
Personnel / Workers in the Manufacturing, Operations Maintenance, Repair and Overhaul in above mentioned industry sectors are now seeking quality and high-end and special Hand Tools, Power Tools, Specialty Tools, Fasteners and allied products.
Trends in the Industry (for Hand Tools, Power Tools, Fasteners and Specialty Tools)
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The Indian hand tools market is anticipated to grow at a CAGR of 7.9% during the forecast period. India is expected to be one of the well-established markets for conventional hand tools market in the in the Asia-Pacific region alongside China
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The global power tools market is estimated to grow to a whopping USD 65.5 billion by 2027, at a CAGR of 8.9%.
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The global industrial fasteners market size was valued at USD 88.43 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2022 to 2030.
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The growth is driven through various industries like, automotive demand, increasing infrastructure & construction activities, developing heavy engineering industry and increase in disposable income of consumers.
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Construction and automotive are the two main industries where the demand for hand tools is witnessing steady growth in recent years.
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Indian Automotive industry (including component manufacturing) is expected to reach US$ 251.4-282.8 billion by 2026.
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The demand for highly sophisticated precision tools has been increasing in industries like aerospace, defense, energy, shipbuilding, and manufacturing industries in the country.
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The manufacturing sector of India has the potential to reach US$ 1 trillion by 2025