Vietnam: Market for Pneumatic Or Hydraulic Hand Tools 2024

Market Size for Pneumatic Or Hydraulic Hand Tools in Vietnam

The Vietnamese market for pneumatic or hydraulic hand tools totaled $X in 2021, with an increase of 3% against the previous year. In general, consumption continues to indicate a strong expansion. Pneumatic or hydraulic hand tool consumption peaked in 2021 and is expected to retain growth in the near future.

Production of Pneumatic Or Hydraulic Hand Tools in Vietnam

In value terms, pneumatic or hydraulic hand tool production reached $X in 2021 estimated in export price. Over the period under review, production saw a buoyant increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 76% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Exports of Pneumatic Or Hydraulic Hand Tools

Exports from Vietnam

In 2021, approx. X tons of pneumatic or hydraulic hand tools were exported from Vietnam; surging by 6.2% compared with 2020 figures. Overall, exports posted a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 1,640%. The exports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, pneumatic or hydraulic hand tool exports rose remarkably to $X in 2021. Over the period under review, exports showed significant growth. The growth pace was the most rapid in 2019 when exports increased by 1,242% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for pneumatic or hydraulic hand tool exports from Vietnam, accounting for a 86% share of total exports. Moreover, pneumatic or hydraulic hand tool exports to the United States exceeded the volume sent to the second major destination, China (X tons), tenfold. Mexico (X tons) ranked third in terms of total exports with a 1.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +79.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+127.5% per year) and Mexico (+177.5% per year).

In value terms, the United States ($X) remains the key foreign market for pneumatic or hydraulic hand tools exports from Vietnam, comprising 93% of total exports. The second position in the ranking was held by China ($X), with a 2.2% share of total exports. It was followed by Mexico, with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +84.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+112.9% per year) and Mexico (+176.8% per year).

Export Prices by Country

In 2021, the average export price for pneumatic or hydraulic hand tools amounted to $X per ton, leveling off at the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 105%. As a result, the export price attained the peak level of $X per ton, leveling off in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 the United States (+2.7%), while the prices for the other major destinations experienced a decline.

Imports of Pneumatic Or Hydraulic Hand Tools

Imports into Vietnam

In 2021, purchases abroad of pneumatic or hydraulic hand tools was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 41%. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, pneumatic or hydraulic hand tool imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of pneumatic or hydraulic hand tool to Vietnam, with a 33% share of total imports. Moreover, pneumatic or hydraulic hand tool imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was held by Sweden (X tons), with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+7.7% per year) and Sweden (+4.4% per year).

In value terms, China ($X) constituted the largest supplier of pneumatic or hydraulic hand tools to Vietnam, comprising 33% of total imports. The second position in the ranking was taken by Japan ($X), with a 13% share of total imports. It was followed by Sweden, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+5.0% per year) and Sweden (+3.7% per year).

Import Prices by Country

In 2021, the average import price for pneumatic or hydraulic hand tools amounted to $X per ton, which is down by -5.3% against the previous year. Overall, the import price showed a mild decline. The pace of growth was the most pronounced in 2019 when the average import price increased by 19% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Japan ($X per ton) and the United States ($X per ton), while the price for Singapore ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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