In recent years, as economic globalization has accelerated, the hand tool industry has become the main source in hardware tool manufacturers throughout the world. The wide application and larger demands in hand tools are beyond imagination and as a result of this, there is an increase of more than 10% every year.
Globally, manual hand tool and power tool market is expected to reach $13-14 billion and $38-40 billion respectively by 2023
Hand tools are products with good profits and competition of hand tool products is mainly decided by the quality of raw material which in this case is steel quality, used for manufacturing.
Hand tools in the world market can be distinctly divided into two types: (a) Developed markets (b) Developing areas
The Indian hand tool market is estimated to cross USD 200 million which is growing at a rate of 12% annually. India’s advantage is low labor, low cost, and availability of raw materials. There are more than 2500 manufacturers of Hand Tools in India only and out of which 95% are in small scale sectors catering to the demand for local markets as well as exports.
Hand tools comprise of general-purpose tools (spanners, wrenches, pipe cutters, woodworking tools, pliers), watch making tools, goldsmith tools, automotive tools, agricultural tools, industrial tools, garden tools, non sparking tools and so on.
As the demand is increasing and customers getting more quality conscious, the technological improvement for manufacturing in India requires sophisticated tools and equipment. Industries like defense, railways, agriculture, automobiles, and aerospace are expecting good quality products for ease of operation due to which small manufacturers have upgraded themselves and are now competing with established organized players but the market is still open for high-quality application hand tools.
The global hand tools market is classified into type, end-user, distribution channel, and region.
By type, the market is segmented into
By End User
An initiative from the government like Make in India is going to bring more foreign manufacturing hubs in India due to which demand for good quality tools is definitely going to increase more. Good quality hand tools manufacturers are now entering the Indian market because of the growing demand for brands, better quality, zero error, global reputation and recommendations from other industrial sectors from different countries.
Central Institute of Hand Tools (MSME Tool Room, Jalandhar) is a premier organization responsible for the development of Hand Tool Industry in the country. Government of India has set up Central Institute of Hand Tools as a National Institute in Jalandhar (Punjab) as an autonomous organization with the assistance of U.N.D.P. and Govt. of Punjab in the year 1983, with a view to provide trained manpower and technology support services to engineering industry in general & the hand tools industries in particular. The institute is ISO-9001:2008, ISO-14001:2004 certified and having NABL accredited Lab.
CIHT, Jalandhar imparting Engineering Education in various skill development courses which has greater demand in the industries in the field of Product Design & Development, CAD/CAM, CNC Programming & Machining, Mechatronics/ Automation with PLC, Welding, Electrician and Quality Control etc. and providing services to the Engineering industries in various areas such as Tool Room, Heat Treatment, Testing & Quality Control.
There is a good concentration of high quality hand tools manufacturers in Delhi and Maharashtra too. Most of the manufacturers are located around Mumbai, Pune, Aurangabad and Nashik.
EEPC India has taken various initiatives to promote the Indian Hand Tools industry and support the manufacturers who largely fall into the small scale category. EEPC India is regularly setting up India Pavilion in the International Hardware Fair. Held in Cologne, Germany every two years, this is the largest fair in the world for this industry. Besides this, the sector has always been highlighted and promoted in the EEPC India signature exhibition - INDEE, held across the globe.
|1||Indian Pavilion in International Hardware Fair, Cologne, Germany|
|2||China International Hardware Show, Shanghai|