U.S.: Household Hand Tools Market 2024

Household Hand Tools Market Size in the U.S.

The U.S. household hand tools market soared to $X in 2021, with an increase of 16% 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 remained relatively stable, with only minor fluctuations in certain years. Household hand tools consumption peaked in 2021 and is expected to retain growth in the near future.

Household Hand Tools Production in the U.S.

In value terms, household hand tools production stood at $X in 2021. Overall, production showed a abrupt downturn. The most prominent rate of growth was recorded in 2017 with an increase of 406% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Household Hand Tools Exports

Exports from the U.S.

In 2021, overseas shipments of household hand tools were finally on the rise to reach X tons after six years of decline. Over the period under review, exports, however, continue to indicate a noticeable setback. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, household hand tools exports soared to $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico (X tons) was the main destination for household hand tools exports from the United States, with a 49% share of total exports. Moreover, household hand tools exports to Mexico exceeded the volume sent to the second major destination, Canada (X tons), threefold. Australia (X tons) ranked third in terms of total exports with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mexico totaled +19.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-8.8% per year) and Australia (-4.5% per year).

In value terms, Canada ($X), Mexico ($X) and Venezuela ($X) constituted the largest markets for household hand tools exported from the United States worldwide, with a combined 57% share of total exports. Guatemala, Australia, the Netherlands, France and Hong Kong SAR lagged somewhat behind, together accounting for a further 10%.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +21.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average household hand tools export price amounted to $X per ton, dropping by -19.4% against the previous year. Over the last nine years, it increased at an average annual rate of +2.5%. The pace of growth appeared the most rapid in 2020 when the average export price increased by 16%. As a result, the export price attained the peak level of $X per ton, and then declined markedly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Household Hand Tools Imports

Imports into the U.S.

In 2021, overseas purchases of household hand tools increased by 9.9% to X tons, rising for the second consecutive year after four years of decline. Overall, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +6.5% 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 +109.6% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 91% against the previous year. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, household hand tools imports amounted to $X in 2021. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 16%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest household hand tools supplier to the United States, with a 89% share of total imports. Moreover, household hand tools imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), more than tenfold. The third position in this ranking was taken by Vietnam (X tons), with a 1.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+0.0% per year) and Vietnam (+64.7% per year).

In value terms, China ($X) constituted the largest supplier of household hand tools to the United States, comprising 82% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 4.8% share of total imports. It was followed by Vietnam, with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-2.8% per year) and Vietnam (+61.2% per year).

Import Prices by Country

In 2021, the average household hand tools import price amounted to $X per ton, flattening at the previous year. Overall, the import price saw a deep reduction. The pace of growth was the most pronounced in 2018 an increase of 13%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained 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 Mexico ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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