India Hand Tools Market Size Set to Touch USD 416.2 Million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India hand tools market size at USD 342.8 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India hand tools market size to grow at a CAGR of 4.3% reaching a value of USD 416.2 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India hand tools market size at USD 342.8 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India hand tools market size to grow at a CAGR of 4.3% reaching a value of USD 416.2 million by 2029. Major growth drivers for the India hand tools market include the increasing number of infrastructure projects, spurring demand for automobiles, an expansion of infrastructure and construction projects, the growth of the heavy engineering sector, and an upward trend in consumer disposable income. Also, the growing do-it-yourself (DIY) culture contributes to the demand for hand tools among individuals. E-commerce platforms offer wider access to products, influencing market dynamics. The market's future hinges on innovation, ergonomic design, and durability, aligning with users' evolving preferences. As India's industries expand and consumer demands shift, the hand tools market showcases adaptability and potential for sustained growth. However, competition from cheap Chinese imports and unorganized sector are anticipated to restrain the overall market during the forecast period.
India Hand Tools Market – Overview
India hand tools market pertains to the trade, production, and distribution of a wide range of manual tools designed for various tasks across industries such as manufacturing, construction, automotive, and more. These tools encompass a diverse array of products like wrenches, hammers, screwdrivers, pliers, and cutting tools, among others. The market is characterized by the growing demand for these tools driven by factors such as expanding infrastructure projects, increased manufacturing activities, rising do-it-yourself (DIY) culture, and the need for maintenance services. The market landscape is marked by competition among manufacturers, innovations in product design and durability, and the influence of e-commerce platforms in expanding consumer access.
Impact of COVID-19 on India Hand Tools Market
COVID-19 pandemic had a mixed impact on the India hand tools market. Lockdowns and disruptions in the supply chain led to reduced production and distribution. With construction and manufacturing sectors affected, demand waned. However, as restrictions eased, the market showed resilience. Manufacturers adopted safety measures and digitization accelerated, aiding recovery. The DIY trend during lockdowns boosted demand for certain tools. While challenges persisted, the market adapted, emphasizing online sales and reimagining operational strategies. The pandemic highlighted the sector's adaptability and underscored the importance of agility and innovation for the post-COVID-19 market landscape.
India Hand Tools Market – By Tool Type
By tool type, the India hand tools market is divided into General Purpose Tools, Cutting Tools, Layout & Measuring Tools, and Taps & Dies segments. The general-purpose tools segment held the highest share in the India hand tools market by tool type due to their versatility, widespread use among diverse user groups, cost-effectiveness, easy availability, and adaptability to changing needs. These tools are often the entry point for beginners, meet basic maintenance requirements, and cater to a broader range of applications compared to specialized tools. Also, the general-purpose tools include hammers, clamps & vises, pliers, ratchets & sockets, riveters, screwdrivers & nut, wrecking bars, and wrenches. Meanwhile the cutting tools segment is expected to witness the fastest growth rate during the forecast period. It can be attributed to increased industrialization, expansion in manufacturing sectors, infrastructure development, and technological advancements. As industries demand precision in cutting and shaping materials, the need for efficient cutting tools rises. Moreover, sectors like automotive, aerospace, and construction continuously require advanced cutting solutions to enhance productivity and product quality. This heightened demand for specialized tools is likely to drive the growth of the cutting tools segment at an accelerated rate. Also, the cutting tools segment includes chisel & files, cable & wire cutting tools, knives & blades, and saw.
Major players operating in the India hand tools market include Ajay Industries, Akar Tools Ltd, Alok International Pvt Ltd, Eastman Hand Tools, JCBL Group, JK Files (India) Limited, Venus Industrial Corp, Taparia Tools, Stanley Black & Decker, Hindustan Everest Tools Ltd, Makita India, Bosch Power Tools, and KPT Industries. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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