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Key regions: Turkey, China, Worldwide, United States, Brazil
The Tools & Machines segment has experienced significant growth in the past decade. One of the main drivers for this has been strong growth in the real estate market. Home improvement television shows has also been a powerful driver as it has given people ideas and inspiration for their own projects. Another driver that cannot be ignored is social media. It has empowered people around the world by providing tutorials, videos, and forums to make it easier for them to undertake do-it-yourself (DIY) projects. All these drivers have contributed to the steady increase in demand for power tools, hand tools, and other machinery used for DIY projects.
The Covid-19 pandemic had a significant impact on the Tools & Machines segment. The lockdowns and disruptions in supply chains resulted in a decline in demand, particularly in the construction sector. However, the market saw a surge in demand for home improvement tools as people resorted to DIY projects during the lockdown. The pandemic also accelerated the shift towards e-commerce, leading to an increase in online sales of tools and machinery.
Despite the impact of Covid, the Tools & Machines segment is expected to grow in the coming years. One of the main reasons for the optimistic outlook is the rise in the number of DIY enthusiasts. Additionally, advancements in technology, such as the increasing use of smart tools and connected machinery, are expected to drive this segment’s growth.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)