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According to technical research consulting firm TechNavio, the global hand tool market will have reached US$125.5 billion in scale by 2022. Over 50% of this is taken up by the North American and Europe markets, home of the world’s largest hand tool import and export countries, with vibrant DIY cultures.
Germany is an important export expansion market for Taiwan’s hardware hand tools and DIY applications. According to the Taiwan External Trade Development Council’s iTrade platform, Germany is Taiwan’s third largest export market in this sector. In 2017, the output value of Taiwan’s exports to Germany reached US$218 million, an increase of 4.8%, second only to the United States and China. In addition, Germany is also Taiwan’s second largest export market of fasteners. In 2017, fasteners exported to Germany accounted for about 9.5% of the island’s total export value, amounting to nearly US$400 million, or US$2.6 per kilogram, and a 10.5% increase in average unit price compared to the previous year. German products with Taiwanese fasteners have long held leading positions in the global automotive, healthcare, and machinery and equipment manufacturing industries, an indication of Taiwan’s importance in Germany’s fastener market.