The organizer of the exhibition is Hyve Exhibition Group,this exhibition attracted nearly 300 enterprises to participate in the exhibition.
According to the organizers, the Indian Hardware tools and fasteners exhibition is not only well-known in India, but also has a great influence in the global hardware market. The exhibition has been successfully held for 20 sessions since 2002, and this is the 21st session. The exhibition area is 15,000 square meters, and more than 12,000 professional visitors are expected. Products on display include a variety of power tools, hand tools, fasteners and hardware. As an international exhibition, India Hardware tools and fasteners exhibition has not only attracted many exhibitors from all over the world, but also gathered tens of thousands of professional buyers from India and neighboring countries, such as Sri Lanka, Bangladesh, Pakistan and other countries to visit and negotiate business, including machinery manufacturing, construction, furniture manufacturing. As well as manufacturers, importers and exporters, traders and wholesalers in other industries.
India is one of the important export markets for Chinese fasteners. China's General Administration of Customs data show that from January to June 2023, China exported fastener products worth $185,646,276 to India, an increase of 8.11 percent , ranking seventh in China's fastener export market ranking. In the first half of this year, the top three fasteners imported by India mainly from China are: self-tapping screws (73181400), other screws and bolts, tensile strength of less than 800 mpa (73181590), other screws and bolts, tensile strength of 800 mpa and above (73181510).
In addition, the related industry report pointed out that it is expected that by 2023, the demand of India's fastener industry will reach 460 billion rupees, with a compound annual growth rate of about 9.6 percent . The automotive, construction, machinery, aviation, railway and aerospace industries will drive the growth of the Indian fastener industry. India's economic and industrial policies, under the promotion of "Make in India", have also given strong support to fastener demand. According to the Fastener Association of India, there are more than 10,000 fastener manufacturers in India. The automotive industry is the largest user of industrial fasteners in India, accounting for about 75 percent of the fastener market share. United Road Transport and Highways Minister Nitin Gadkari said early this year that India aims to double the size of its auto industry from the current $91 billion (Rs 7.5 trillion) to $180 billion (Rs 15 trillion) by the end of 2024, making it one of the largest automakers in the world.
On August 14, Canalys Research reported that the Indian light vehicle market surged 9.8 percent to 2 million units in the first half of 2023 compared with the same period. New energy vehicles (EVs) accounted for 2.4 percent of the market share in India, achieving a whopping 137 percent year-on-year growth with 48,000 units sold. Canalys forecasts that India's new energy vehicle market will grow to more than 300,000 units by 2025, accounting for more than 6 percent of the light vehicle market, with a compound annual growth rate of 59 percent . Maruti Suzuki, India's largest automaker, plans to invest 450 billion Indian rupees ($5.4 billion) to double annual production to 4 million vehicles by 2031, chairman R.C. Bhargava said at the company's annual general meeting on Aug. 29.
It can be seen that the potential of the Indian automotive fastener market is very considerable. In addition, the demand for hand tools in India is also very huge. The organizers said that at present, whether it is hand tools or other hardware products in India, they are changing from price sensitive to quality considerations. The rapid development of aerospace industry, heavy construction machinery industry, automobile industry, furniture industry, construction industry, etc. is putting forward higher requirements for hand tools and hardware products. The Indian hand tools market is growing at a CAGR of 7.9 percent ; The global power tools market is also growing at a CAGR of 8.9 percent , with demand expected to reach $65.5 billion by 2027.
India's economic presence is now growing, with a growth rate of 7.2 percent in 2022. According to the International Monetary Fund (IMF), India has overtaken the UK in terms of nominal GDP in 2021 to become the fifth largest country in the world, and is expected to overtake Japan to become the third largest country in 2027. Data released by the Indian government on August 31 showed that the real gross domestic product (GDP) growth rate for April-June 2023 was 7.8 percent . Strong services and private consumption are leading the way. Inflation will be a concern in the future.
