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Analysis of the market status and development trend of China's electric tool industry in 2020

Views:101     Author:Site Editor     Publish Time: 2022-01-04      Origin:Site

In recent years, China is undergoing industrial upgrading. The development environment of the power tool industry is extremely important. This article will interpret the development environment and future trends of the power tool industry from four aspects of PEST.

 

Policy environment

 

The precision of electric power tools is one of the important indicators that reflect a country's manufacturing capacity and industrialization capacity. It plays a very important role in improving the national economy, energy utilization, environmental protection, and people's quality of life. In order to consolidate the industrial foundation, improve the quality and efficiency of industrial development, and promote country's transformation from a large manufacturing country to a strong manufacturing country, the state has successively issued a series of industrial policies.

 

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In recent years, the promulgation of relevant policies has made it obvious that foreign sales have turned to domestic sales. Since the financial tsunami occurred in 2008, some enterprises and merchants focusing on foreign trade production and sales have changed their business strategies in time and began to focus on the development and innovation of the domestic power tool kits market.

 

 

Macro environment

 

China’s manufacturing industry is developing rapidly. According to data from IHS Global Insight, China’s share of global manufacturing output in 2010 was slightly higher than that of the United States for the first time, becoming the world’s largest manufacturing country. Despite its huge size, the overall strength of Chinese manufacturing still lags far behind that of developed countries. At present, labor-intensive low-end manufacturing is the mainstay, which limits the long-term development of Chinese manufacturing to a certain extent. Insufficient high-end manufacturing capabilities, weak innovation and manufacturing capabilities, the return of manufacturing in developed countries, the transfer of low-end manufacturing capacity in Southeast Asia and other countries, and the decline in domestic demographic dividends have brought huge challenges to the development of China's manufacturing industry. In the long run, China's aging population will inevitably lead to an increase in labor costs, weaken the cost competitiveness of domestic manufacturing, and accelerate the transfer of manufacturing to low labor cost countries.

 

 

Social environment

 

In the 70 years since the founding of the People’s Republic of China, Chinese urban and rural residents have gone through a tortuous journey from getting rid of poverty, resolving food and clothing, to becoming well-off. The people’s lives have undergone earth-shaking changes, and their consumption levels and quality have improved significantly. For the power tool combo kits industry, the improvement of the quality of life means that people’s demand for consumer goods will continue to increase, and power tools are an important part of the manufacturing industry, whether it is from real estate or ordinary household tool maintenance, etc., power tools such as mini electric grinder and small wood grinder are needed as an aid. Therefore, the improvement of the quality of life also makes the society's demand for electric power tools for sale further expand.

 

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Technical environment

 

Since 2006, the number of patent applications in my country's power tool industry has shown a fluctuating and rising trend. In 2012, the number of patent applications in my country's power tool industry was 2,490, which was the largest in recent years; in 2019, the number of patent applications dropped to 2,212. As of November 2020, the number of power tool patent applications is 550.

 

As a kind of "low-value consumables", ideal power tools have always been an indispensable good helper for families. With the continuous expansion of the power tool market, China has become the world's major cheap power tools product exporter and global best power tools production base, and the industry has great potential for development. However, domestic woodworking power tools are not very competitive in the mid-to-high-end field, and the price war is very fierce. In order to comply with the development trend of miniaturization, lightness, and cordless power tools, companies are facing new technical challenges.


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