ASEAN: Power Tool Market 2024

Power Tool Market Size in ASEAN

In 2023, after three years of growth, there was significant decline in the ASEAN power tool market, when its value decreased by X% to $X. Over the period under review, consumption recorded a abrupt downturn. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2023, consumption stood at a somewhat lower figure.

Power Tool Production in ASEAN

In value terms, power tool production expanded to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2023, production growth remained at a lower figure.

Power Tool Exports

Exports in ASEAN

After three years of growth, overseas shipments of power tools decreased by X% to X units in 2023. Over the period under review, exports showed a slight reduction. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X units in 2022, and then fell sharply in the following year.

In value terms, power tool exports shrank significantly to $X in 2023. In general, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2022, and then shrank markedly in the following year.

Exports by Country

Malaysia was the major exporter of power tools in ASEAN, with the volume of exports accounting for X units, which was near X% of total exports in 2023. Thailand (X units) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (X%).

From 2012 to 2023, the biggest increases were recorded for Thailand (with a CAGR of X%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Malaysia ($X) remains the largest power tool supplier in ASEAN, comprising X% of total exports. The second position in the ranking was held by Thailand ($X), with a X% share of total exports.

In Malaysia, power tool exports decreased by an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (X% per year) and Singapore (X% per year).

Export Prices by Country

In 2023, the export price in ASEAN amounted to $X per unit, shrinking by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2022 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced mixed trends in the export price figures.

Power Tool Imports

Imports in ASEAN

Power tool imports expanded rapidly to X units in 2023, rising by X% against the previous year. Total imports indicated buoyant growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports reached the peak of X units. From 2022 to 2023, the growth of imports remained at a lower figure.

In value terms, power tool imports totaled $X in 2023. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Thailand (X units) and the Philippines (X units) represented the key importers of power tools in ASEAN, together committing X% of total imports. Malaysia (X units) ranks next in terms of the total imports with an X% share, followed by Vietnam (X%), Indonesia (X%) and Singapore (X%). Myanmar (X units) held a minor share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Myanmar (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Indonesia ($X) and Vietnam ($X) were the countries with the highest levels of imports in 2023, together comprising X% of total imports. Malaysia, the Philippines, Singapore and Myanmar lagged somewhat behind, together accounting for a further X%.

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

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2023, falling by X% against the previous year. Overall, the import price showed a pronounced decline. The pace of growth was the most pronounced in 2022 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Indonesia ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform