New Delhi, August 24 (KNN) The power tools market is anticipated to reach over Rs. 150 billion by FY’2021 due to PPP investment in smart cities in the country, increase in penetration rate of power tools in Tier 2 and 3 cities and rising number of entry of international companies in the country, according to a research report.

The report was released by Ken Research in its latest publication on “India Power Tools Market Forecast to 2021 - Rise in Infrastructural Projects and Expansion of Manufacturing Industry to Drive Market” which provides a comprehensive analysis of power tools market in India.

The report covers market size and segmentation of overall power tools and each type of tools, by type of technology, by source of energy, by regions, by application, by end user, by distribution channel and by organized and unorganized market.

The power tools market in India has witnessed robust growth over the period FY’2011-FY’2016. The market has witnessed a double digit CAGR during the period FY’2011-FY’2016 in terms of revenue. The massive growth in manufacturing, construction, DIY Segment and e-commerce sector had majorly driven the market of power tools. Additionally, Make-In-India initiative by the government, many companies are attracted to open their offices and start operations in India.

According to the research paper, most of the demands for electric power tools were witnessed from the construction sector as the industry accounted for generating more than 40% share in the overall revenues in FY’2016.

The organized sector had dominated the market in FY’2016. In FY’2016, Bosch was the market leader in electric power tools market. Stanley was the second largest player in this segment and registered a robust market share in FY’2016.

In FY’2016, more than 20% of the total revenues from power tools were generated from pneumatic segment of power tools. Presence of large number of power tools in pneumatic tools and bestselling tools such as grinders, hammers, stapling guns are the major revenue drivers in this category. They are light weight, easier to operate and deliver higher power and torque as compared to electrical counterparts. These products found wide scale applications in the construction industry. Increased construction activities in the country necessitated the demand for these tools.

“Focus on innovative and cordless power tools has emerged as a necessity across many sectors in the country. Leading players are opting for online sales through various portals to increase their focus on sales generation by revenue and volume. The rapid increase in the demand of power tools by organized and unorganized private players and also by the government sector will widen the market opportunities for the power tools vendors in India”, according to the Research Analyst, Ken Research. (KNN Bureau)