Finland: Power Tool Market 2024

Power Tool Market Size in Finland

The Finnish power tool market soared to $X in 2021, picking up by 27% against the previous year. Overall, consumption posted a resilient increase. Over the period under review, the market attained the peak level in 2021 and is likely to see gradual growth in the immediate term.

Power Tool Production in Finland

In value terms, power tool production skyrocketed to $X in 2021 estimated in export price. In general, production saw a significant increase. The growth pace was the most rapid in 2017 with an increase of 121% against the previous year. Over the period under review, production hit record highs in 2021 and is expected to retain growth in the immediate term.

Power Tool Exports

Exports from Finland

In 2021, overseas shipments of power tools increased by 11% to X units, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, recorded a deep slump. The pace of growth was the most pronounced in 2020 when exports increased by 301%. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, power tool exports skyrocketed to $X in 2021. In general, exports, however, recorded a deep slump. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Belgium (X units) was the main destination for power tool exports from Finland, with a 75% share of total exports. Moreover, power tool exports to Belgium exceeded the volume sent to the second major destination, Estonia (X units), sevenfold. The third position in this ranking was taken by the United States (X units), with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Belgium amounted to +20.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+4.4% per year) and the United States (+35.8% per year).

In value terms, Belgium ($X) remains the key foreign market for power tools exports from Finland, comprising 69% of total exports. The second position in the ranking was taken by the United States ($X), with a 7.5% share of total exports. It was followed by Estonia, with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Belgium amounted to +24.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+23.0% per year) and Estonia (+6.9% per year).

Export Prices by Country

The average power tool export price stood at $X per unit in 2021, growing by 21% against the previous year. In general, the export price showed buoyant growth. The pace of growth appeared the most rapid in 2019 an increase of 249%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Norway ($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 Russia (+12.0%), while the prices for the other major destinations experienced more modest paces of growth.

Power Tool Imports

Imports into Finland

In 2021, supplies from abroad of power tools increased by 24% to X units, rising for the second year in a row after two years of decline. Over the period under review, imports, however, recorded a pronounced downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 25%. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, power tool imports surged to $X in 2021. Overall, imports, however, saw a mild reduction. The most prominent rate of growth was recorded in 2017 when imports increased by 24% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

China (X units), Germany (X units) and Sweden (X units) were the main suppliers of power tool imports to Finland, with a combined 80% share of total imports. These countries were followed by Austria, the Netherlands and the UK, which together accounted for a further 26%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +51.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest power tool suppliers to Finland were China ($X), Germany ($X) and Austria ($X), with a combined 61% share of total imports. Sweden, the Netherlands, the UK and Malaysia lagged somewhat behind, together accounting for a further 28%.

The Netherlands, with a CAGR of +40.8%, recorded the highest rates of growth with regard to 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

In 2021, the average power tool import price amounted to $X per unit, standing approx. at the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 22% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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