China: Power Tool Market 2024

Power Tool Market Size in China

The Chinese power tool market soared to $X in 2021, surging by 20% against the previous year. The market value increased at an average annual rate of +3.9% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Power Tool Production in China

In value terms, power tool production surged to $X in 2021 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.4% 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 +72.6% against 2016 indices. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Power Tool Exports

Exports from China

In 2021, power tool exports from China expanded notably to X units, picking up by 9.4% on the previous year's figure. Overall, total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +7.1% 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 +84.7% against 2012 indices. The growth pace was the most rapid in 2020 with an increase of 12% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, power tool exports surged to $X in 2021. Over the period under review, exports posted a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for power tool exports from China, accounting for a 24% share of total exports. Moreover, power tool exports to the United States exceeded the volume sent to the second major destination, Germany (X units), threefold. Russia (X units) ranked third in terms of total exports with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+10.4% per year) and Russia (+12.0% per year).

In value terms, the United States ($X) remains the key foreign market for power tools exports from China, comprising 29% of total exports. The second position in the ranking was held by Germany ($X), with a 9% share of total exports. It was followed by the UK, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+12.1% per year) and the UK (+13.4% per year).

Export Prices by Country

The average power tool export price stood at $X per unit in 2021, with an increase of 23% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Power Tool Imports

Imports into China

In 2021, the amount of power tools imported into China soared to X units, rising by 35% compared with 2020. Over the period under review, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2020 when imports increased by 118% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in the near future.

In value terms, power tool imports skyrocketed to $X in 2021. Overall, imports posted a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Vietnam (X units) constituted the largest power tool supplier to China, accounting for a 66% share of total imports. Moreover, power tool imports from Vietnam exceeded the figures recorded by the second-largest supplier, Malaysia (X units), threefold. Germany (X units) ranked third in terms of total imports with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam stood at +260.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+5.6% per year) and Germany (+1.8% per year).

In value terms, the largest power tool suppliers to China were Vietnam ($X), Malaysia ($X) and Germany ($X), together comprising 57% of total imports.

Vietnam, with a CAGR of +220.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average power tool import price stood at $X per unit in 2021, declining by -4.8% against the previous year. Overall, the import price continues to indicate a deep slump. The most prominent rate of growth was recorded in 2018 an increase of 80% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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