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
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SOURCE The Freedonia Group