Hungary: Power Tool Market 2024

Power Tool Market Size in Hungary

The Hungarian power tool market skyrocketed to $X in 2021, surging by 15% against the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the near future.

Power Tool Production in Hungary

In value terms, power tool production totaled $X in 2021 estimated in export price. Over the period under review, production continues to indicate a mild descent. The pace of growth appeared the most rapid in 2016 when the production volume increased by 21% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Power Tool Exports

Exports from Hungary

In 2021, the amount of power tools exported from Hungary rose markedly to X units, increasing by 11% compared with the previous year. The total export volume increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 24%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, power tool exports soared to $X in 2021. Overall, exports recorded a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by 31%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Germany (X units) was the main destination for power tool exports from Hungary, with a 68% share of total exports. Moreover, power tool exports to Germany exceeded the volume sent to the second major destination, the UK (X units), sixfold. Spain (X units) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume to Germany totaled +3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+5.0% per year) and Spain (+9.9% per year).

In value terms, Germany ($X) remains the key foreign market for power tools exports from Hungary, comprising 69% of total exports. The second position in the ranking was taken by the UK ($X), with an 8.4% share of total exports. It was followed by Spain, with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany amounted to +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+5.7% per year) and Spain (+12.3% per year).

Export Prices by Country

The average power tool export price stood at $X per unit in 2021, growing by 5.9% against the previous year. Overall, export price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the average export price increased by 36%. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the 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 Russia ($X per unit), while the average price for exports to Italy ($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 Poland (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Power Tool Imports

Imports into Hungary

In 2021, power tool imports into Hungary soared to X units, rising by 24% compared with 2020 figures. Over the period under review, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 106% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, power tool imports surged to $X in 2021. Overall, imports showed resilient growth. The growth pace was the most rapid in 2017 with an increase of 94% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

Germany (X units), China (X units) and Malaysia (X units) were the main suppliers of power tool imports to Hungary, together comprising 70% of total imports.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +153.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest power tool suppliers to Hungary were Malaysia ($X), Germany ($X) and China ($X), together comprising 75% of total imports.

Malaysia, with a CAGR of +106.2%, saw 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, picking up by 5.5% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced setback. Over the period under review, average import prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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