Asia: Power Tool Market 2024

Power Tool Market Size in Asia

The Asian power tool market was estimated at $X in 2021, increasing by 8.7% against the previous year. The market value increased at an average annual rate of +4.4% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Power Tool Production in Asia

In value terms, power tool production surged to $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +52.9% against 2016 indices. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Power Tool Exports

Exports in Asia

Power tool exports expanded sharply to X units in 2021, increasing by 10% against the previous year. Total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +82.5% against 2012 indices. The most prominent rate of growth was recorded in 2020 with an increase of 12% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in the near future.

In value terms, power tool exports surged to $X in 2021. Total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +89.8% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in exports structure, finishing at X units, which was near 95% of total exports in 2021. Malaysia (X units) held a minor share of total exports.

China was also the fastest-growing in terms of the power tools exports, with a CAGR of +7.1% from 2012 to 2021. At the same time, Malaysia (+2.6%) displayed positive paces of growth. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest power tool supplier in Asia, comprising 91% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 2.3% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China totaled +9.3%.

Export Prices by Country

The export price in Asia stood at $X per unit in 2021, rising by 22% against the previous year. Over the last nine years, it increased at an average annual rate of +1.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while China stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+2.4%).

Power Tool Imports

Imports in Asia

In 2021, imports of power tools in Asia skyrocketed to X units, picking up by 39% on the year before. Total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +8.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +56.0% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, power tool imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +5.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, India (X units), distantly followed by Japan (X units), Turkey (X units), Thailand (X units), Singapore (X units), South Korea (X units) and China (X units) were the largest importers of power tools, together committing 65% of total imports. The following importers - Malaysia (X units), Hong Kong SAR (X units), Kazakhstan (X units), the United Arab Emirates (X units), Indonesia (X units) and the Philippines (X units) - together made up 18% of total imports.

India was also the fastest-growing in terms of the power tools imports, with a CAGR of +22.6% from 2012 to 2021. At the same time, China (+19.0%), Malaysia (+13.1%), Indonesia (+13.1%), Thailand (+12.9%), the Philippines (+9.3%), Japan (+9.0%), South Korea (+8.0%), Singapore (+6.3%), Turkey (+5.2%) and Hong Kong SAR (+4.5%) displayed positive paces of growth. By contrast, Kazakhstan (-3.3%) and the United Arab Emirates (-3.9%) illustrated a downward trend over the same period. While the share of India (+13 p.p.), China (+3.2 p.p.) and Thailand (+2.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Singapore (-1.6 p.p.), Turkey (-3.4 p.p.), Kazakhstan (-5.4 p.p.) and the United Arab Emirates (-5.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported power tools in Asia, comprising 19% of total imports. The second position in the ranking was taken by South Korea ($X), with a 9.4% share of total imports. It was followed by China, with an 8.9% share.

In Japan, power tool imports expanded at an average annual rate of +8.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: South Korea (+7.4% per year) and China (+9.6% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per unit, waning by -3.2% against the previous year. Overall, the import price saw a noticeable slump. The pace of growth appeared the most rapid in 2013 when the import price increased by 11% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Indonesia ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kazakhstan (+5.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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