India's Stand In It Intake
Global power tools market is expected to garner $39,639 million by 2022. What kind of industrial trends should we watch for?
Global power tools market is expected to have diverse applications in commercial as well as residential sectors. The implementation of power tools is enabled by work efficiency achieved through advanced sensors, which is used to analyze and perform tasks with minimum or absolutely no errors. The revenue of the Global power tools market has increased brilliantly over the years, al-most CAGR of 4.6 percent between 2017 and 2023. The trend of automation enabling enhanced returns on investments along with cost optimization. India's manufacturing companies are undergoing a paradigm shift due to reformative and transformative projects undertaken by the government and private segments. We, at Bosch Power Tools India, believe that individuals should be empowered and equipped with state-of-the-art equipment because these are the men who create visions into reality at the operational level.
One of Bosch Power Tools' recent user campaigns for cordless products, `Cordless matlab BOSCH' was launched country-wide to enable users to get a hands-on experience of the cordless range in autonomous demo zones spread across multi-cities. In smart manufacturing and automation technology, all tools are connected, and real-time data is acquired for complete job monitoring and operation. Wireless power tools connected through Wi-Fi and Bluetooth will be beneficial in in-creasing productivity and flexibility of work in the long run.
Initiatives like `Make in India' have directly challenged the manufacturing sector to encourage efficiency and quality delivery of products
How is India going to con-tribute to this massive number? What are the odds of India becoming an organized market in the near future and what will be the driving factor?
The sales for power tools in India have largely been influenced by macroeconomics and the vigorous industrial growth in the automobile and manufacturing industry in recent years. The sales figures have improved through increasing consumer confidence index and cost-effective multi-purpose power tools including the new cordless range launch. The uptick in online retail sales have been an added bonus for the industry, the consumer's preference for DIY and easy availability of products are in-creasing sales in both the DIY and professional power tools segment. In terms of battery, the shift from nick-el-cadmium to lithium-ion powered tools and from corded to cordless tools are milestones in the automotive industry. One of the challenges in the Indian power tools segment was cost, as the market is filled with China-made products which are inexpensive. This in turn had adversely affected the market growth, but with changing trends, the conditions are likely to reverse. Consumers are now shifting their focus from cost-effective to quality and result-driven tools. Reputed companies have begun investing heavily in research and consumer data to innovate and further organize the availability of quality products which are durable, safe and efficient.
What are some of the latest technologies driving the industry and how are these advancements making the lives of consumers easier?
The rapid growth of smart automation technologies has been a boon for the industry at large. This coupled with the latest innovations in cordless power tools give tradesmen the freedom of workspace without compromising on efficiency and results, further driving growth in the segment.
With a focus on environment-friendly work tools and techniques, we are also witnessing a shift toward energy-efficient and green-certified products, which are likely to make a good impact in the automobile industry, leading the sec-tor toward a carbon-neutrality.
What is the scope of influence by the union government's initiatives like `Make in India'?
Initiatives like `Make in India' have directly challenged the manufacturing sector to encourage efficiency and quality delivery of products. Untapped potential in India, in terms of the labour force and infrastructural growth, motivates the industry to adopt better ways to tackle everyday tasks. This may serve as an impetus for manufacturers to switch to user-friendly power tools that recognize and take into account the needs and requirements of a professional at work. Such initiatives boost competitiveness between the domestic and international markets while giving the Indian manufacturing sector an edge over its rivals.
Where are we headed in terms of the future of the industry, market behavior and technology advancements?
The increasing penetration of Artificial Intelligence is palpable in almost every sector today. The manufacturing sector does not narrate a contradictory story. Owing to the user convenience and time efficiency that power tools offer, it is no surprise the traditional hand tools are facing a recline in the race against its evolved successors. The advent of cordless tools has conveniently enhanced user flexibility, leading to an increase in its sales.
The growing environmental concerns and need for environmental conservation have inspired brands to adopt sustainable practices. Technology and innovations along with user-convenience will now include waste management and eco-conscious manufacturing techniques. As already mentioned, the introduction of lithium-ion batteries has marked the first step towards better energy-saving solutions at work sites. The Indian power tools segment is currently witnessing a surge in consumers opting for long-lasting, efficient tools over their inexpensive counterparts, which will further amplify growth in the Indian power tools segment in the years to come.