What is market size? Market size refers to the maximum total number of sales or customers your business can see, often measured over the course of a year. It's helpful to know the potential market size before launching a new product line or line of business, since that can help you understand if it's a worthwhile investment of your time and money. With market size information, one may not only invest in wrong product, but also can seize new product opportunity.
For example, if you want to export your products to other countries but you don’t know how to start from which one, at this moment, you should check the market size first.
We could take a reference of the market size though Google Trends, the searching exposure of “Utility knife” “Cutting Knife” “Cutting blade” at the past 5 years in the Internet. And the search volume of terms related to tools has increased.
What is the Great Market of the Cutter Knife?
If you want to explore which countries around the world have more demand for cutting tools, you can analyze the amount of import and export cutting tools in each country. The 6 great country market are America, Germany, Canada, France, Mexico, United Kingdom. (Based on data analysis of HS code 821193: cutting knife)
- Top 1: USA Market Size
Starting from 2010, America has increased from $1.766 Billions to $2.815 Billions in 2018, a total increase of 59.39% in 9 years. If you refer to the America export data, you can find that exported knives are far lower than imported ones, which indicates that America has a relatively large domestic demand for knives, and it is also the country with the largest demand for knives in the world.
Increasing shift towards DIY culture on account of increasing labor cost, more people need more tools. Also with the development of social media, more people are willing to start their own repair or DIY projects. Women's desire to buy tools is also increasing.
- Top 2 : Germany Market Size
From the data, we can see that from 2010 to 2018, Germany global imports of knives have increased from $50.79millions to $75.95 millions, an increase of 33.12%. But at the same time, the proportion of German export value of cutting tools is also increasing year by year. In 2018, the difference between the import value and the export value of cutting tools was only 23%, compared with the difference of 65.3% in 2010. The reason for this is that German local brands are gradually expanding overseas markets.
Top 3: Canada market size
Canada is the world's third largest importer of knives. The highest import value is 45.8% lower than the lowest value, of which more than 94% are exported to the United States. The Tool and Hardware Wholesaling industry in Canada relies on strong construction activity to generate revenue.
- Top 4: France Market Size
France import value of knives from 2010 to 2018 was relatively close to that of Canada, but the annual increase in import value was not large. The export value has been increasing year by year, and the difference in import and export value in 2018 was only 25%. To develop the French market, you need to know the local tool manufacturer.
Top 5： Mexico market size
Mexico has increased the value of imported knives by 80% in the past 8 years, becoming the country with the largest increase. The export value has remained at around $5 millions. Mexico is the country with the largest auto production among North American countries，This can also reflect the increase in the import value of Mexican tool products.
Top 6: United Kingdom Market Size
United Kingdom import value has been fluctuating at $14 millions, while the export value has remained at $ 4 millions.
It shoes the market has relatively stable demand for tools
After study the cutting knife market size, we could know that the cutting knife ‘s demand is growing and if you are considering investing in the knife market, don’t miss the chance and action now.
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