Vietnam: Power Tool Market 2024

Power Tool Market Size in Vietnam

The Vietnamese power tool market reached $X in 2021, with an increase of 5.1% against the previous year. Over the period under review, consumption enjoyed slight growth. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Power Tool Production in Vietnam

In value terms, power tool production totaled $X in 2021 estimated in export price. Over the period under review, production recorded a mild expansion. The growth pace was the most rapid in 2018 with an increase of 69% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Power Tool Exports

Exports from Vietnam

In 2021, power tool exports from Vietnam fell remarkably to X units, waning by -20% on the previous year's figure. Overall, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 3,996% against the previous year. As a result, the exports reached the peak of X units. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, power tool exports shrank to $X in 2021. Over the period under review, exports saw a deep contraction. The growth pace was the most rapid in 2019 when exports increased by 1,169%. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for power tool exports from Vietnam, accounting for a 60,908% share of total exports. Moreover, power tool exports to the United States exceeded the volume sent to the second major destination, Canada (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +197.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+154.4% per year) and Russia (-49.4% per year).

In value terms, the United States ($X) remains the key foreign market for power tools exports from Vietnam, comprising 35,019% of total exports. The second position in the ranking was taken by Canada ($X), with a 3,752% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +191.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+148.8% per year) and Russia (-31.2% per year).

Export Prices by Country

The average power tool export price stood at $X per unit in 2021, picking up by 12% against the previous year. Overall, the export price, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2018 when the average export price increased by 310% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to the United States ($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 (+35.8%), while the prices for the other major destinations experienced a decline.

Power Tool Imports

Imports into Vietnam

In 2021, purchases abroad of power tools decreased by -6.8% to X units for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 37% against the previous year. Over the period under review, imports attained the peak figure at X units in 2020, and then dropped in the following year.

In value terms, power tool imports rose modestly to $X in 2021. Overall, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +9.9% 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 +22.2% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 35%. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, China (X units) was the main supplier of power tool to Vietnam, accounting for a 449% share of total imports. Moreover, power tool imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. Malaysia (X units) ranked third in terms of total imports with a 20% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+55.9% per year) and Malaysia (+22.7% per year).

In value terms, China ($X) constituted the largest supplier of power tools to Vietnam, comprising 169% of total imports. The second position in the ranking was taken by Thailand ($X), with a 24% share of total imports. It was followed by Malaysia, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +14.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+49.7% per year) and Malaysia (+24.2% per year).

Import Prices by Country

The average power tool import price stood at $X per unit in 2021, rising by 9.5% against the previous year. Overall, import price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +10.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, power tool import price increased by +4.7% against 2018 indices. The pace of growth appeared the most rapid in 2013 an increase of 144%. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($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 (+1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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