Vietnam: Non-Electric Motor Handtools Market 2024

Non-Electric Motor Handtools Market Size in Vietnam

In 2022, the Vietnamese non-electric motor handtools market increased by 51% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption saw a significant increase. Non-electric motor handtools consumption peaked in 2022 and is likely to continue growth in the near future.

Non-Electric Motor Handtools Production in Vietnam

In value terms, non-electric motor handtools production totaled $X in 2022 estimated in export price. Over the period under review, the total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +93.0% against 2018 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 36%. Non-electric motor handtools production peaked in 2022 and is likely to continue growth in years to come.

Non-Electric Motor Handtools Exports

Exports from Vietnam

In 2022, after five years of growth, there was significant decline in shipments abroad of handtools, hydraulic or with a self-contained non-electric motor, when their volume decreased by -38.6% to X units. Overall, exports showed a drastic downturn. The pace of growth was the most pronounced in 2018 with an increase of 167% against the previous year. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, non-electric motor handtools exports dropped sharply to $X in 2022. Over the period under review, exports recorded a deep slump. The most prominent rate of growth was recorded in 2019 with an increase of 118% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico (X units), South Korea (X units) and Canada (X units) were the main destinations of non-electric motor handtools exports from Vietnam, together comprising 62% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +329.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for non-electric motor handtools exported from Vietnam were China ($X), Australia ($X) and Mexico ($X), with a combined 59% share of total exports.

Mexico, with a CAGR of +241.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average non-electric motor handtools export price amounted to $X per unit, rising by 19% against the previous year. In general, the export price recorded buoyant growth. The most prominent rate of growth was recorded in 2019 an increase of 74%. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+25.6%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Motor Handtools Imports

Imports into Vietnam

For the third consecutive year, Vietnam recorded growth in overseas purchases of handtools, hydraulic or with a self-contained non-electric motor, which increased by 101% to X units in 2022. In general, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 253%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, non-electric motor handtools imports dropped significantly to $X in 2022. Over the period under review, imports enjoyed a significant expansion. The pace of growth was the most pronounced in 2013 when imports increased by 228%. Over the period under review, imports hit record highs at $X in 2021, and then contracted dramatically in the following year.

Imports by Country

In 2022, China (X units) was the main supplier of non-electric motor handtools to Vietnam, with a 96% share of total imports. Moreover, non-electric motor handtools imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China totaled +46.5%.

In value terms, China ($X) constituted the largest supplier of handtools, hydraulic or with a self-contained non-electric motor to Vietnam, comprising 75% of total imports. The second position in the ranking was held by Japan ($X), with a 10% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to +44.9%.

Import Prices by Country

In 2022, the average non-electric motor handtools import price amounted to $X per unit, declining by -58% against the previous year. Over the period under review, the import price faced a abrupt decrease. The most prominent rate of growth was recorded in 2016 an increase of 57%. Over the period under review, average import prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, 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 Japan ($X per unit), while the price for China stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+9.8%).

Source: IndexBox Platform

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