U.S. Power-Driven Handtool Market. Analysis And Forecast to 2025
U.S. Power-Driven Handtool Market Shows Steady Growth, with China as the Largest and the Fastest-Growing Supplier
Photo: © leaf / Bigstockphoto
The U.S. leads the way in global imports of power-driven handtools, accounting for a 17% share (based on USD). Germany (9%), France (5%), and the UK (4%) followed. In 2015, U.S. power-driven handtool imports totaled 7,676 million USD, which was 755 million USD (11%) more than the year before.
From 2007 to 2015, U.S. power-driven handtool imports showed mixed dynamics. A significant drop in 2009 was followed by steady growth over the next six years, with a deceleration from 2012 to 2014, followed by another hike in 2015. There was an annual increase of +8.8% throughout the post-recession period of 2009-2015. In 2011, U.S. power-driven handtool imports surpassed the pre-recession level of 2007.
Since the US is not only the largest importer of power-driven handtools in the world, but has also shown steady import growth, the U.S. remains one of the most attractive destinations for overseas suppliers.
China was the main supplier of power-driven handtools into the U.S., with a 51% share of total U.S. imports in 2015, based on USD. It was distantly followed by Mexico (12%) and Germany (8%). China was the fastest growing supplier (+7.2% per year) from 2007 to 2015, while imports from Mexico remained relatively stable. China strengthened its position in the U.S. import structure by +12 percentage points from 2007 to 2015, while Mexico saw its share reduced by -4 percentage points over the same period.
From 2007 to 2015, the U.S. was a net importer of power-driven handtools. Moreover, imports grew faster than exports on average over the period under review.
The U.S. trade deficit in this sector worsened over the period under review, growing from 2,977 million USD in 2007 to 4,821 million USD in 2015. The negative trend accelerated sharply in 2012-2015, with the trade deficit increasing by +13.7% annually.
Source: IndexBox AI Platform
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Import Supplying Countries
The Largest Destinations for Exports
The Largest Producers on The Market and Their Profiles
We can help you conduct market research and write a report using the most reliable data