LONDON, Dec. 1, 2016 /PRNewswire/ -- 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 FMI offers detailed insights in the report.
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.