- Over 200 international exhibitors and 7000 trade buyers create a vibrant platform for cutting edge hardware products and solutions.
- In 2023, India’s hand and power tool industry impressively exhibits a robust performance, attaining a phenomenal export value of USD 952.38 million (INR 7900 crores).
International Hardware Fair India (IHF India) made a grand entry at Pragati Maidan, New Delhi. The show was held from 2nd to 4th Dec 2023.
Organized by Koelnmesse Pvt. Ltd., the inaugural edition was powered by EISENWARENMESSE –International Hardware Fair Cologne, Germany, the world’s largest hardware tools and accessories exhibitions and, propelling the hardware industry into a new epoch.
International Hardware Fair India was a focused event for the hardware community and embed German standards in facilitating the marketplace. The extensive hardware assembly brought together industry luminaries, leading manufacturers, the buyer’s community, policy influencers, and crucial stakeholders; providing professional platform for the entire hardware community. With over 200 international exhibitors and more than 7000 trade buyers, the IHF floor is a vibrant tapestry of cutting-edge products and solutions from around the world. Participating countries include India, Taiwan, Germany, China, Turkey, Korea and more.
The inauguration ceremony was marked by the presence of key dignitaries Mr. R. K. Rai, Director -Office of Development Commissioner, Ministry of Small & Medium Enterprises, Mr. Arun Kumar Garodia, Chairman, Engineering Export Promotion Council of India, and Mr. Milind Dixit – Managing Director, Koelnmesse Pvt Ltd in the presence of several prominent industry leaders.
Delving into the significance of the hardware industry in India’s manufacturing landscape, Mr. RK Rai, Director, Office of Development Commissioner Ministry of SME said, “The Indian hand tools market was valued at USD 342.8 million in 2022, with a projected CAGR of 4.3%, reaching USD 416.2 million by 2029. India is set to rival China in the Asia-Pacific hand tools market. Additionally, the industrial fasteners market is expected to hit INR 460 billion by 2023, growing at a strong 9.6% CAGR since 2018. 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. The government’s “Atmanirbhar Bharat” initiative also aims to elevate manufacturing standards, especially for MSMEs. We foresee IHF India 2023 as a catalyst for meaningful industry interactions, collaborations, and advancements, promising a vibrant future for India’s hardware sector.”
Mr. Arun Kumar Garodia, Chairman of the Engineering Exports Promotion Council (EEPC), emphasized “India’s ambitious goal of achieving a USD 1 trillion merchandise export target by 2030, with engineering exports aiming for 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% the highest among G20 nations. 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. With increasing global demand for hardware products, India is poised to emerge as a global leader in hardware manufacturing. We anticipate IHF 2023 to serve as a catalyst for industry growth and collaboration, firmly establishing India as a global powerhouse in the hardware industry.”
Mr. Milind Dixit, Managing Director, Koelnmesse Pvt Ltd, India’s ambitious goal to achieve a USD 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.
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. It’s 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 added.”
Addressing the burgeoning growth in the hardware industry, Mr. Ajay Kumar Goswami, Deputy Regional Chairman, EEPC India and Founder of Ajay Industries highlighted, “India’s hand tool industry exports have soared to approx. 1600 crores 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.”
Showcasing India’s Potential
The hardware industry in India is vast and diverse that encompasses a wide range of products. The high demand for hardware products, offering lucrative opportunities for international businesses to tap into varied consumer needs. The diverse representation of industry segments allows businesses to explore new market opportunities, expand their reach, and establish valuable connections with potential clients and partners. India’s consistent economic growth contributes to its attractiveness as a market for investment. The hardware industry, being an integral part of infrastructure development, aligns with the overall growth trajectory.
International Hardware Fair acts as a transformative force, bringing together global expertise, showcasing cutting-edge products, fostering networking opportunities, and contributing to the industry’s growth and recognition. Despite global challenges, the industry’s focus on innovation, government support, and rising demand paints a promising picture for its flourishing journey.