The Indian hand tools market, valued at $342.8 million in 2022, is projected to reach $416.2 million by 2029, growing at a CAGR of 4.3%, said R.K. Rai, Director, Office of the Development Commissioner, Ministry of MSME.
“India is set to rival China in the Asia-Pacific hand tools market. Additionally, the industrial fasteners market is expected to hit ₹460 billion by 2023, growing at a strong 9.6% CAGR since 2018,” he said, speaking at the International Hardware Fair 2023 organised by Koelnmesse Pvt. Ltd.
“India’s Hardware & Building Materials market is also thriving, with a projected 1.68% growth rate (CAGR 2023-28) globally, contributing a 1.2% share in global exports,” he added.
Speaking at the event powered by EISENWARENMESSE – International Hardware Fair Cologne, Arun Kumar Garodia, Chairman of the Engineering Exports Promotion Council (EEPC), said for India to achieve a goal of $1 trillion in merchandise export by 2030, engineering exports must have a significant share of $300 billion.
“Despite facing global challenges like the pandemic and geopolitical conflicts, Moody’s projects India’s 2023 growth at 6.7% the highest among G20 nations,” he emphasised.
The Indian engineering sector, particularly the hardware industry, is a rapidly growing and diverse segment, making a substantial contribution to the country’s development and manufacturing sector, experts said.
With increasing global demand for hardware products, India is poised to emerge as a global leader in hardware manufacturing, they added.
Milind Dixit, Managing Director, Koelnmesse Pvt. Ltd., said, “India’s ambitious goal to achieve a $ 1 trillion manufacturing sector by 2030 is not just a numerical target; it’s a testament to the nation’s commitment to economic growth and industrial prowess.”
“As this sector is poised to grow at a robust CAGR of 11% from 2020 to 2030, the hand tools and power tools market play a pivotal role in shaping this trajectory,” he said.
“Hand tools, often the unsung heroes behind manufacturing, are the linchpin for every industry, driving efficiency and precision. The raw material transformation in every sector relies on the craftsmanship enabled by these tools, making them indispensable contributors to the overall growth of industries,” he added.
“It is not just about numbers, it’s about the essential tools that empower our industries and workforce on the journey to a trillion-dollar manufacturing landscape,” he further said.
According to Ajay Kumar Goswami, Deputy Regional Chairman, EEPC India and Founder of Ajay Industries, India’s hand tool industry exports have soared to approximately ₹1,600 crore currently.
“Anticipating a minimum growth of 10% over the next five years, this trajectory is made feasible by leading companies engaging in substantial bulk purchases, elevating the industry to new heights,” he said.