Tools & Machines - Burkina Faso | Statista Market Forecast

In Burkina Faso, the Tools & Machines market generated a revenue of US$281.20m in 2024.
It is projected to experience an annual growth rate of 3.35% (CAGR 2024-2029).
When compared globally, China leads the market with a revenue of US$78bn in 2024.
Considering the population size, the per person revenue in Burkina Faso amounts to US$11.80 in 2024.
The tools and machines market in Burkina Faso is experiencing a growing demand for agriculture equipment due to the country's reliance on the agricultural sector.

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 Burkina Faso has witnessed stagnant growth due to various factors, such as low consumer awareness and limited access to digital tools and machines. Despite this, the market is slowly embracing digitalization for improved efficiency and convenience.

Customer preferences: As home renovation and DIY projects become more popular in Burkina Faso, the demand for high-quality tools and machines is on the rise. Consumers are increasingly looking for durable and efficient equipment that can withstand tough conditions and long hours of use. This trend is also fueled by changes in lifestyle, as more people turn to DIY solutions for cost savings and a sense of accomplishment. Additionally, as the population becomes more tech-savvy, there is a growing interest in smart tools that can streamline and simplify the repair and maintenance process.

Trends in the market: In Burkina Faso, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a shift towards more affordable and sustainable products. This trend is driven by the rising awareness and demand for environmentally-friendly options. Additionally, there is a growing preference for locally made tools and machines, as they are seen as more durable and suitable for the country's specific needs. These trends have significant implications for industry stakeholders, as they will need to adapt their product offerings and strategies to cater to these changing consumer preferences. Moreover, there is potential for partnerships with local manufacturers to capitalize on the demand for locally made products.

Local special circumstances: In Burkina Faso, the DIY & Hardware Store Market faces unique challenges due to limited access to tools and machines in remote areas. This has led to the development of local businesses that cater to these specific needs, such as repairing and renting tools and machines. Additionally, the market is heavily influenced by traditional cultural practices, such as using hand tools for woodworking. Regulatory barriers, such as import regulations and quality control, also play a significant role in shaping the tools & machines market within the DIY & Hardware Store Market in Burkina Faso.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Burkina Faso is strongly influenced by macroeconomic factors such as national economic health, fiscal policies, and global economic trends. The country's stable economic growth and increasing consumer spending power have led to a growing demand for home improvement and DIY projects, thereby driving the growth of the Tools & Machines Market. Additionally, government initiatives to promote small and medium-sized enterprises (SMEs) and improve infrastructure have created a favorable business environment for the DIY & Hardware Store Market, further contributing to the growth of the Tools & Machines Market. However, fluctuations in global commodity prices and currency exchange rates can impact the cost of imported tools and machines, which may affect market performance in the short term. Overall, the market is expected to continue to grow in the coming years, driven by the country's robust economic performance and supportive government policies.

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.