Hardware and Hand Tool Show in India Opens Door for Global Buyers

As India's largest and dedicated trade fair for hardware and tools, the 6th India International Hardware & Tools Expo (IIHT Expo), held December 17 to 19, 2007 in the Bombay Exhibition Center in Mumbai in tandem with Fastener Expo 2007, likely opened the door to the Indian market for foreign companies during the three-day event.

Until the recent stock market adjustment and relatively high inflation reported late June in a major global English paper, the Indian economy had been one of the fastest growing worldwide, one that posted GDP (gross domestic product) totaling US$1.09 trillion for fiscal 2007, up sharply 9.2% from a year earlier, according to statistics compiled by the Government of India Ministry of Statistics and Programme Implementation; while the country's annual GDP growth rate for fiscal 2008 is estimated at 10%.

Besides, the Indian government's Central Public Sector Enterprises has already decided to budget some Rs.165,000 crore (around US$37.95 billion at Rs.1: US$0.023) into internal resources for fiscal 2008; while ongoing major infrastructural construction projects, an influx of global speculative capital, and the reportedly booming domestic automotive market assure the country of comparatively robust economic growth in the next few years.

Fueling Economic Growth

Playing a positive role to fuel the vigorous growth of the Indian economy and gaining support of the government, IIHT Expo has fast paved a path for global suppliers, investors and entrepreneurs to effectively tap this niche market since the first staging in 2002. The 2007 show occupied a gross exhibition area of 4,500 square meters, attracted 135 exhibitors from within Indian as well as many foreign countries, including China, Taiwan, Germany, Japan and Singapore.

The volume of visitors has also grown over the years, totaling some 5,000 in 2007 and representing a wide industry cross-section, including traders, distributors and retailers, OEMs (original equipment manufacturer), suppliers, automakers, builders, furniture makers, interior designers, carpenters, locksmiths, plumbers and professional gardeners. Noteworthy was that major Indian firms sent procurement representatives, including big-names as Reliance Industries, TATA, Hyundai, Bajaj Auto, Indian Railways and Shipyards, etc., indicative of the show's growing importance at home.

Huge Product Range

Being a two-in-one show, IIHT Expo 2007 and Fastener Expo 2007 showcased an enormous product range, including hand tools, power tools, DIY (do it yourself) tools, pneumatic tools, hydraulic tools, scissors and knives, gardening tools, electrician's tools, packaging tools and supplies, auto repair and garage tools, handling and conveying tools, craftsmen tools, builders, hardware, furniture hardware, fasteners and nails, locks and keys, rollers, castors and guides, tapes and adhesives, ladders, rust prevention and lubrication aerosols and paints and painting supplies.

With the automotive and construction sectors in India booming in recent years as a result of rising levels of affluence, local buyers were especially drawn to auto repair tools, building materials and related hand tools. Industry observers believe that profitability in the market would be generally safeguarded seeing that critical, key features are built in such products, including ergonomic design, mechanical efficiencies, durability and competitive pricing.

Always eager to tap markets with promising potential, suppliers from Taiwan were well represented at IIHT, occupying 62 booths at IIHT Expo 2007, which was still shy of the mainland Chinese effort that totaled 70 booths. Both contingents, however, succeeded in attracting ample local buyers by offering products that showed dedication to quality manufacturing. Reflecting the collective effort of the Taiwan exhibitors was that the show management set up two dedicated pavilions of the four in total, namely the Taiwan Pavilion and Taichung World Trade Centre, Taiwan.

As a designated media for both IIHT Expo 2007 and Fastener Expo 2007, CENS, a major export-oriented media in Taiwan, promoted CENS Hardware, Guide Book to Taiwan Hand Tools and TTG (Taiwan Transportation Equipment Guide) at the show, aiming to put Taiwan-based suppliers atop Indian buyers' lists. CENS, besides promoting its own publications and services, also optimized building synergy with Taiwan exhibitors at the show to effectively place at center stage their display of excellent hand tools and fasteners.

With the Indian economy seemingly set for steady growth in the next few years, hence driving further growth of the hardware, hand tools and auto repair tools sectors, IIHT Expo will again be a significant venue for global suppliers and buyers, with the next annual staging scheduled for December 19 to 21, 2008 at the Chennai Trade Center in Chennai.