Tools & Machines - India | Statista Market Forecast

The Tools & Machines market in India is projected to generate a revenue of US$17.26bn in 2024.
It is anticipated to experience an annual growth rate of 1.81% (CAGR 2024-2029).
When compared globally, China leads the pack with a revenue of US$78bn in 2024.
In terms of per capita figures, each individual in India is expected to contribute US$11.97 in revenue in 2024.
The demand for high-quality power tools in India has surged due to the country's rapid urbanization and infrastructure development.

Definition:

In the segment Tools & Machines, the focus lies on the different types of tools that can be used for DIY & Hardware. This includes the most common types of tools such as hand tools and power tools as well as measuring and marking tools. Also, tools accessories such as replaceable parts of tools are covered by this segment.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Hand tools
Power tools
Measuring & marking tools
Tool accessories

Tool storage & work surfaces
Power & electrical supplies (power inlets, solar energy kits, extension cords, etc.)
Professional construction machinery and masonry tools (cement mixer, power trowels)
Industrial gases & accessories
Vacuum cleaners
Car accessories
Workwear & protective clothing

The Tools & Machines market has seen stagnant growth in the DIY & Hardware Store market in India, due to factors like low consumer awareness and limited access to digital tools.

Customer preferences: As India continues to undergo urbanization and a burgeoning middle class, there has been a rise in home DIY projects, driving growth in the Tools & Machines Market within the DIY & Hardware Store Market. This trend is also being fueled by consumers' increasing preference for self-sufficiency and cost-effective solutions. Additionally, the growing popularity of home renovation and decoration among Indian millennials is contributing to the growth of the market.

Trends in the market: In India, the DIY & Hardware Store Market has seen a significant increase in e-commerce sales, with more consumers turning to online platforms for purchasing tools and machines. This trend is expected to continue, driven by the rising internet penetration and increasing disposable income of the population. Industry stakeholders can leverage this trend by investing in online marketing and enhancing their online presence to cater to the growing demand. Additionally, with the government's focus on improving the country's infrastructure, there is a rising demand for advanced tools and machines, further propelling the growth of this market. This presents a lucrative opportunity for industry players to expand their product offerings and tap into new markets.

Local special circumstances: In India, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by the country's diverse and challenging geographic landscape, as well as its rich cultural heritage. For example, specific tools and machines may be more in demand in certain regions due to their traditional industries, such as woodworking in the northern states. Additionally, strict regulations on the import and use of certain tools may also impact the market dynamics. These unique local factors play a significant role in shaping the market and creating opportunities for niche players to thrive.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in India is heavily influenced by macroeconomic factors such as the country's economic growth, government policies, and technological advancements. With a rapidly growing economy and increasing disposable income, there is a high demand for home improvement and DIY projects, leading to a rise in the demand for tools and machines. The government's initiatives towards promoting infrastructure development and facilitating foreign investments have also contributed to the growth of this market. Additionally, the increasing adoption of automation and digitization in the manufacturing sector has led to the introduction of more advanced and efficient tools and machines, further driving the market's growth.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

For those who want to start a do-it-yourself project to improve their home or give it a new style, the Home Depot might be considered a shopping paradise. Whether consumers prefer to buy in-store or online, the Home Depot offers a wide range of products such as appliances, building materials, hardware, indoor garden furniture, paint, kitchen, and bath decorating items, among other important products for home improvement projects. With stores across North America, the company is the leading DIY and home improvement chain in the United States and Canada. By the end of the fiscal year 2023, Home Depot had generated over 152 billion U.S. dollars in revenue, and its revenue in the previous year placed it as the home improvement leader worldwide.