Market Insights Consumer
- United States
- In the United States, the revenue in the Tools & Machines market reached a significant amount of US$42.02bn in 2024.
- It is projected that the market will experience an annual growth rate of 2.85% (CAGR 2024-2028).
- When compared globally, in China generates the highest revenue in this market segment, with an estimated value of US$78bn in 2024.
- Considering the population figures, the per person revenue in the United States stands at US$124.10 in 2024.
- The United States is experiencing a surge in demand for high-tech power tools and machinery, driven by the growing DIY culture and the need for advanced manufacturing equipment.
Key regions: Turkey, China, Worldwide, United States, Brazil
Definition:
The Tools & Machines market focuses on different types of tools that enable individuals to complete a wide range of do-it-yourself (DIY) projects around the home. Tools include products such as hand tools, power tools, measuring and cutting tools, etc. These tools allow individuals to undertake a variety of tasks, such as installing shelves, assembling furniture, repairing plumbing or electrical systems, and painting or decorating, among other things.
Additional Information:
The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.
in-scope
- Hand tools such as pliers and screwdrivers
- Power tools such as drills and circular saws
- Measuring & marking tools such as measuring tape and bevel gauge
out-of-scope
- Tool storage & work surfaces
- Power & electrical supplies (power inlets, solar energy kits, extension cords, etc.)
- Professional construction machinery and masonry tools (cement mixer, power trowels)
- Industrial gases & accessories
- Vacuum cleaners
- Bathroom Hardware
- Floor Covering
Related markets:
Alcoholic Drinks
Non-Alcoholic Drinks
Hot Drinks
Food
Tobacco Products
Apparel
Footwear
Eyewear
Accessories
Consumer Electronics
Household Appliances
Furniture
OTC Pharmaceuticals
Luxury Goods
Smart Home
Download PDF FAQs and more info on the methodology
Market
Region
Region comparison
Currency
Analyst Opinion
Despite global supply chain issues and a raging pandemic, key players in the DIY & Hardware Store market experienced double-digit year-over-year growth. These numbers are the result of COVID-19 restrictions, which required many people to stay home and provided them with the opportunity to carry out home improvement activities.
Over the past two years, these restrictions have led to a decrease in out-of-home spending on activities such as travel and restaurant dining as well as an increase in household spending, such as grocery purchases and do-it-yourself (DIY) projects. The DIY & Hardware Store market benefited significantly from this shift in behavior; however, many are beginning to question whether this increasing interest in DIY activities will continue as countries begin to lift COVID-19 restrictions.
There is evidence that suggests that the growth that occurred during the pandemic may now be slowing down. Top DIY and home improvement retailers revealed single-digit growth rates in the fourth quarter of 2021, a much slower pace than the double-digit growth rates reported at the same time in the previous year. As more discretionary spending shifts from household to out-of-home, we will continue to see DIY & Hardware Store market growth return to pre-pandemic levels. While this may sound like bad news to some, we see it as something positive and predict steady growth between 2023 and 2027 due to growing demand for housing and the continued desire to renovate homes.
Methodology
Data coverage:
Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.
Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.
Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
Overview
- Revenue
- Analyst Opinion
- Global Comparison
- Key Players
- Methodology
- Key Market Indicators
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