Tools & Machines - Asia | Statista Market Forecast

In 2024, the Tools & Machines market in Asia is projected to generate a substantial revenue of US$130.20bn.
This market segment is expected to experience an annual growth rate of 2.42% (CAGR 2024-2029).
When compared to other countries worldwide, China stands out as the highest revenue generator, with an estimated revenue of US$78bn in 2024.
Taking into account the total population figures, the per person revenue for 2024 is approximately US$28.66.
In Japan, the market for precision electronics tools is thriving, driven by the country's reputation for technological innovation and high-quality craftsmanship.

Definition:

In the segment Tools & Machines, the focus lies on the different types of tools that can be used for DIY & Hardware. This includes the most common types of tools such as hand tools and power tools as well as measuring and marking tools. Also, tools accessories such as replaceable parts of tools are covered by this segment.

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.

Hand tools
Power tools
Measuring & marking tools
Tool accessories

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
Car accessories
Workwear & protective clothing

The DIY & Hardware Store Market in Asia nan is experiencing slow growth, influenced by factors such as limited technological advancements, low consumer awareness, and lack of convenience in online shopping.

Customer preferences: Consumer preferences in the Tools & Machines Market within the DIY & Hardware Store Market in Asia have shifted towards eco-friendly and sustainable options. This trend is driven by increasing awareness of environmental issues and a desire for long-term cost savings. As a result, there is a growing demand for energy-efficient tools and machines, as well as products made from sustainable materials. This trend is also influenced by the growing millennial population in Asia, who prioritize sustainable living and responsible consumerism.

Trends in the market: In Asia, the Tools & Machines Market within the DIY & Hardware Store Market is witnessing a rising demand for eco-friendly and energy-efficient tools and machines. This trend is driven by the growing awareness about environmental sustainability and the government's initiatives promoting the use of green technology. Additionally, there is a shift towards automation and digitization in the tools and machines industry, as manufacturers are investing in advanced technologies like Internet of Things (IoT) and Artificial Intelligence (AI) to improve efficiency and productivity. These trends present significant opportunities for industry stakeholders to tap into the burgeoning market for eco-friendly and technology-driven tools and machines.

Local special circumstances: In Asia, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by cultural factors. For example, in Japan, where DIY culture is not as prevalent as in other Asian countries, retailers have focused on providing high-quality, ready-to-use products to cater to customer needs. In China, however, the market is driven by fast-paced urbanization and the growing demand for affordable and efficient tools for home improvement projects. Additionally, regulatory policies in each country play a crucial role in shaping the competitive landscape of the market, with some countries having strict import regulations, while others have more relaxed policies to encourage market growth.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market market in Asia is influenced by macroeconomic factors such as economic growth, government policies, and investment in infrastructure. Countries with strong economic growth and favorable government policies, such as tax incentives and subsidies, are experiencing higher market demand for tools and machines. Additionally, the increasing urbanization and industrialization in Asia have led to the growth of the construction and manufacturing sectors, driving the demand for tools and machines in DIY & hardware stores. Furthermore, the rising disposable income and consumer spending in countries like China and India are also contributing to the growth of the market. On the other hand, countries with economic challenges and lack of investment in infrastructure may experience slower market growth. Overall, the macroeconomic environment in Asia plays a significant role in shaping the Tools & Machines Market within the DIY & Hardware Store Market, and businesses should closely monitor economic conditions to make informed decisions.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

For those who want to start a do-it-yourself project to improve their home or give it a new style, the Home Depot might be considered a shopping paradise. Whether consumers prefer to buy in-store or online, the Home Depot offers a wide range of products such as appliances, building materials, hardware, indoor garden furniture, paint, kitchen, and bath decorating items, among other important products for home improvement projects. With stores across North America, the company is the leading DIY and home improvement chain in the United States and Canada. By the end of the fiscal year 2023, Home Depot had generated over 152 billion U.S. dollars in revenue, and its revenue in the previous year placed it as the home improvement leader worldwide.