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Hardware tool industry how to fight the world market again
In the late 1980s, a core group of over 100 key enterprises and designated manufacturers in the tool industry had established an annual production capacity of 300 million high-speed steel cutting tools and more than 10 million measuring instruments. This impressive output placed China at the top of the global market. Meanwhile, in Japan, a neighboring country known for its strong manufacturing base, the annual output of high-speed steel cutters reached a record high of 120 million units. However, as manufacturing processes evolved, demand for standard cutting tools declined, leading to a gradual drop in production to around 90 million units.
In recent years, Chinese hardware tools have entered a period of strong growth. Previously, generic and unbranded tools were popular among African consumers. Now, with the rising number of affluent individuals in Africa, the popularity of these products has skyrocketed. Thanks to their competitive pricing and high quality, Chinese hardware tools have captured a significant share of both domestic and international markets.
According to industry research, the demand for kitchen-related hardware is growing by 16% annually. This indicates that there is still a lot of potential for expansion in the hardware sector. A survey of the hardware market revealed that about 70% of product demand comes from home decoration projects, while 40% of the products depend on the supply capabilities of certain domestic hardware suppliers. Globally, the hardware industry is shifting toward personalization, quality, and reasonable pricing. As a result, hardware is gradually moving away from being just a traditional tool industry and evolving into a more fashion-oriented sector.
To stay competitive, retailers must understand customer needs and offer tailored solutions. A survey of 80,000 consumers and the retail and hardware markets showed that 70% of hardware product demand is driven by home improvement, and 40% of the products rely on domestic suppliers. More households are looking for a wider variety of hardware products from retailers. Unfortunately, current market research is still limited, which makes it difficult to fully grasp consumer behavior and preferences.
As the industry evolves, hardware retailers are increasingly forced to provide innovative tools that meet individual customer needs. With global trends leaning toward personalized, high-quality, and affordable products, it's a smart move for retailers to focus on innovation to boost profitability. Some successful retailers have already started expanding into different international markets to build a more stable and sustainable business model.
Despite the large number of structural improvements aimed at enhancing products and services, only about 30% of the domestic market value comes from these efforts. Due to brand recognition and quality concerns, many of these products haven't been officially integrated into the global tool sales system. However, they have significantly impacted China’s tool export market. Poor strategic decisions within the industry have led to structural weaknesses, particularly in failing to respond effectively to technological advancements and changes in global manufacturing.
As China’s hardware tool industry moves toward modernization, it must also develop its own unique identity and take small, specialized steps. Large and medium-sized tool companies should not overestimate their capabilities. When it comes to technological innovation and improving competitiveness, they should focus on key areas and avoid making mistakes in the pursuit of rapid, large-scale development. Adopting a realistic and fact-based approach will allow these companies to leverage their overall strengths and accelerate the pace of industrial modernization.