by Corinne Gangloff
July 17, 2020
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:
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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