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India’s Hand Tool Market To Touch $416.2 Mn By 2029

Mumbai, Dec 5 (KNN) The hand tools market of India is estimated to reach USD 416.2 million by 2028 with a CAGR growth of 4.3 per cent, said R.K. Rai, Director, Office of the Development Commissioner, Ministry of MSME. Currently the market is valued at USD 342.8 million in 2022 and the protection is for 7 years.

Speaking at International Hardware Fair 2023 organised by Koelnmesse Pvt. Ltd., he said, “India is set to rival China in the Asia-Pacific hand tools market. Additionally, the industrial fasteners market is expected to hit Rs 460 billion by 2023, growing at a strong 9.6 per cent CAGR since 2018.”

“India’s Hardware & Building Materials market is also thriving, with a projected 1.68 per cent growth rate (CAGR 2023-28) globally, contributing a 1.2 per cent 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 USD 1 trillion in merchandise export by 2030, engineering exports must have a significant share of USD 300 billion.

“Despite facing global challenges like the pandemic and geopolitical conflicts, Moody’s projects India’s 2023 growth at 6.7 per cent 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

Press Coverage By:knnindia.co.in