Norway: Power Tool Market 2024

Power Tool Market Size in Norway

The Norwegian power tool market surged to $X in 2021, jumping by 21% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +49.1% against 2019 indices. Power tool consumption peaked in 2021 and is likely to continue growth in the immediate term.

Power Tool Exports

Exports from Norway

In 2021, exports of power tools from Norway dropped slightly to X units, remaining stable against 2020. Overall, total exports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +4.9% 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 +7.6% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 37%. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, power tool exports expanded markedly to $X in 2021. In general, total exports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 40%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Sweden (X units) was the main destination for power tool exports from Norway, accounting for a 56% share of total exports. Moreover, power tool exports to Sweden exceeded the volume sent to the second major destination, Finland (X units), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Sweden was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+31.3% per year) and Denmark (+27.4% per year).

In value terms, Sweden ($X) remains the key foreign market for power tools exports from Norway, comprising 59% of total exports. The second position in the ranking was held by Finland ($X), with a 26% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Sweden stood at -1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+29.2% per year) and Denmark (+23.0% per year).

Export Prices by Country

The average power tool export price stood at $X per unit in 2021, growing by 12% against the previous year. Overall, the export price, however, showed a slight decrease. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Sweden ($X per unit), while the average price for exports to Denmark ($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 Sweden (-1.1%), while the prices for the other major destinations experienced a decline.

Power Tool Imports

Imports into Norway

In 2021, overseas purchases of power tools increased by 4.3% to X units, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 23% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the near future.

In value terms, power tool imports soared to $X in 2021. In general, total imports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +50.3% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest supplier of power tool to Norway, accounting for a 73% share of total imports. Moreover, power tool imports from China exceeded the figures recorded by the second-largest supplier, Hungary (X units), more than tenfold. The third position in this ranking was held by Germany (X units), with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (-1.3% per year) and Germany (-3.2% per year).

In value terms, China ($X) constituted the largest supplier of power tools to Norway, comprising 63% of total imports. The second position in the ranking was held by Germany ($X), with a 7.8% share of total imports. It was followed by Hungary, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.0% per year) and Hungary (+0.2% per year).

Import Prices by Country

In 2021, the average power tool import price amounted to $X per unit, with an increase of 19% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Sweden ($X per unit), while the price for Hungary ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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