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INDUSTRY REPORT

Anticipating Future Trends for Next Peak of Trend Three: High-Valued Innovation Moves
Economic Growth Towards a Niche Market

Trend One: Opening International Channels Finally, as hand tool manufacturing ability has reached
a mature level, room for improvement is limited. Before
Due to the small domestic demand in Taiwan, the only suppliers can consider incorporating Industry 4.0 into their
way to expand exports is to receive orders from international DNA or developing high-end products, manufacturers
markets. Notably, Brighton-Best International (Taiwan) Inc., must strengthen their fundamentals to move forward into
which owns the largest online ordering website for socket professional niche markets.
screw products in the U.S., has provided a distribution
channel for countless Taiwan hand tool manufacturers to With the advent of globalized competition and low-
jointly promote their branding projects and increase their profit era approaching, the shortened product life cycle and
market shares. increasing demand for customization paints a pessimistic
picture for enterprises. As such, combining hardware
Trend Two: Fulfill Customer Demands expertise with ICT-know how has become the primary
choice for many manufacturers when it comes to their
Reducing costs was a hallmark of the traditional industry
mindset; now industry members must move to anticipate and transformation.
fulfill consumers’ needs from manufacturing perspectives. In response to marketing specialization, Taiwanese
It is high time for suppliers to prioritize product diversity enterprises are anticipating a future where it transforms
and uniqueness. If hand tools are made more user-friendly, hand tools to high-end products in highly added-value
consumers would be more inclined to purchase the products, industries like medical equipment, aerospace, digital, 3C,
rather than feel intimidated. Hand tools made in Taiwan gardening, vehicle, and construction tools.
are produced with excellent material and designed for
performance, but can be improved in terms of appearance
and ease of use. Manufacturers should integrate information
and communications technology, design aesthetics, and
eco-friendly elements into the product to increase the added
value of hand tool products.

Taiwan Hand tools 2020 Issue