Page 37 - Taiwan Hand Tools 2023-01 Edition

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INDUSTRY TRENDS

Matur
Maturing trends challenged by ing trends challenged by

global stressors
global stressors

Stephanie Chao

he hand tools and hardware industries, like many other important than ever. For Eclatorq, as markets reopen,
Tareas, are pressured to remain competitive as large- having acquired new clients in the U.S. and Europe, and
scale trends like digitalization and increasing awareness targeting high-end, higher-valued products, has allowed the
of carbon impact among customers have grown over the company to maintain competitiveness in the near future.
years. Other trends that signal, along with many others,
are here to stay, and will shape the market in the future as On the other hand, in terms of product designs, due
these trends have matured over the years. to an aging workforce and the need to attract the younger
generation of workers into the industry, companies are
Added-Valued Markets and Features on the Rise more aware of designing products for longer use and
improving ergonomic features to reduce strain on the user.
In the search for better profi ts and pastures, companies
sought out demand in lucrative markets like automotive, Digital Transformation and Carbon Impact
aerospace, and medical-related industries that provide
higher added value to the products, as these fi elds require Taiwan’s hand tools have built up decades of
greater accuracy and precision. experience and a global reputation as suppliers offering
customizable options at quality, and aff ordable prices. As a
For companies like Eclatorq, Taiwan’s top digital tool traditional industry, challenges like digitalizing business and
maker, choosing to invest in developing digital tools has production operations have become primary concerns for
positioned the company better, as it has directed resources hardware and hand tool suppliers.
into the aforementioned industries. In Q3 of 2022, the
company reported record profits for a single quarter. We spoke to a leading socket wrench maker in Taiwan,
While the traditional busy season in Q4 was reported to Hans Tools, to share more of their insights and experiences
be less certain and growing slower, Eclatorq told local on their own implementation of digital transformation
media that visibility remains to be around 2.5 to 3 months, solutions and to attempt to mitigate their carbon footprint on
signaling that customer order insights had not shown any the environment.
abnormalities.
CEO Chang Cheng-tsung said with the efforts of the
However, with the economic situation looking less previous generation of hand tool suppliers owner in building
positive for 2023, positioning in a market will become more up the industry reputation in overseas markets, the primary

Taiwan Hand Tools 2023 Issue