15 Jul, 2020, 11:36 ET
CLEVELAND, July 15, 2020 /PRNewswire/ -- Shipments of screwdrivers are expected to return to growth through 2024, rising 2.1% annually to $140 million. Although competition from lower cost imports continues to weigh on US producers, domestic shipments have been bolstered to an extent by US-imposed tariffs on screwdrivers imported from China. In May 2020, however, the USTR announced that certain select classes of screwdrivers are retroactively excluded from the tariff schedule. Given the limited scope of these exclusions, the trend toward some level of reshoring is expected to continue.
Learn more about all hand tool trends in the new Hand Tools study. https://www.freedoniagroup.com/industry-study/hand-tools-3833.htm
The US is a net importer of screwdrivers, with imports accounting for 58% of demand in 2019. Countries such as China and Taiwan are important suppliers due to the low labor costs and extensive tool manufacturing infrastructures in these countries:
- China supplies lower cost, commodity-type models – which appeal in particular to consumers, who are less likely to need specialized, value-added, or powered screwdrivers – on the basis of its lower manufacturing costs.
- While Taiwan also has lower manufacturing costs than the US, savings are not as great as for Chinese products. However, screwdrivers made in Taiwan enjoy a greater reputation for quality, which will bolster US imports from this country.
Hand Tools analyzes US supply and demand for hand tools and parts and associated attachments by product, market, and distribution channel. See a full list of Consumer Goods studies here: https://www.freedoniagroup.com/industry-category/cons/consumer-goods.htm
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group
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