Global power and hand tools market $190bn by 2035
India’s Hand & Power Tools Sector has the potential of generating US$25 billion from exports, according to a NITI Aayog report launched on 15 April https://www.commerce.gov.in/.
The report, ‘Unlocking $25+ Billion Export Potential – India’s Hand & Power Tools Sector’, underscores the transformative potential of hand and power tools industry for India’s economic growth, delving into the challenges, policy headwinds, and necessary interventions vital for strengthening the Indian hand and power tool ecosystem.
It outlines a strategic path for the sector to enhance its global competitiveness and capture a significantly larger share of the international market https://fieo.org/.
The report was launched by Suman Bery, Vice Chairman, NITI Aayog, in the presence of Dr. V.K. Saraswat, Member, Dr Arvind Virmani, Member, and BVR Subrahmanyam, CEO, NITI Aayog https://www.makeinindia.com/home/.
The report noted that the global trade market for power and hand tools, currently valued at approximately US$100 billion, is projected to grow significantly, reaching around US$190 billion by 2035.
Within this market, hand tools account for US$34 billion and are expected to expand to US$60 billion by 2035, while power tools, including tool accessories, represent US$63 billion and are anticipated to surge to US$134 billion, with electrical tools comprising the majority.
China dominates global exports, holding about 50% of the hand tools market with US$13 billion and 40% of the power tools market with US$22 billion, whereas India has a smaller presence, exporting US$600 million in hand tools (1.8% market share) and US$470 million in power tools (0.7% market share). Fiinews.com
