Vietnam: Electric Soldering Iron Market 2024

Electric Soldering Iron Market Size in Vietnam

The Vietnamese electric soldering iron market was estimated at $X in 2023, therefore, remained relatively stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded strong growth. Electric soldering iron consumption peaked in 2023 and is likely to continue growth in years to come.

Electric Soldering Iron Exports

Exports from Vietnam

In 2023, approx. X units of electric soldering irons and guns were exported from Vietnam; reducing by X% against the previous year's figure. In general, exports, however, saw resilient growth. The pace of growth appeared the most rapid in 2022 when exports increased by X% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

In value terms, electric soldering iron exports fell dramatically to $X in 2023. Over the period under review, exports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

Exports by Country

The Philippines (X units) was the main destination for electric soldering iron exports from Vietnam, accounting for a X% share of total exports. It was followed by Angola (X units), with a X% share of total exports. Singapore (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the Philippines amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (X% per year) and Singapore (X% per year).

In value terms, the Philippines ($X) remains the key foreign market for electric soldering irons and guns exports from Vietnam, comprising X% of total exports. The second position in the ranking was taken by Angola ($X), with a X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to the Philippines stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (X% per year) and the United States (X% per year).

Export Prices by Country

In 2023, the average electric soldering iron export price amounted to $X per unit, with an increase of X% against the previous year. In general, the export price posted significant growth. The pace of growth was the most pronounced in 2019 when the average export price increased by X%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2020; however, from 2021 to 2023, the export prices remained at a lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Electric Soldering Iron Imports

Imports into Vietnam

After two years of decline, purchases abroad of electric soldering irons and guns increased by X% to X units in 2023. Over the period under review, imports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. Imports peaked at X units in 2020; however, from 2021 to 2023, imports remained at a lower figure.

In value terms, electric soldering iron imports shrank to $X in 2023. Overall, imports showed a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, China (X units) constituted the largest electric soldering iron supplier to Vietnam, with a X% share of total imports. Moreover, electric soldering iron imports from China exceeded the figures recorded by the second-largest supplier, the Czech Republic (X units), fourfold. Spain (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (X% per year) and Spain (X% per year).

In value terms, South Korea ($X), China ($X) and Japan ($X) were the largest electric soldering iron suppliers to Vietnam, with a combined X% share of total imports. Spain, Israel, the United States, Taiwan (Chinese), the Czech Republic, Indonesia and Germany lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Spain, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average electric soldering iron import price stood at $X per unit in 2023, shrinking by X% against the previous year. In general, the import price showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2016 an increase of X%. As a result, import price attained the peak level of $X per unit. From 2017 to 2023, the average 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 ($X per unit), while the price for the Czech Republic ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform