Tools & Machines - Finland | Statista Market Forecast

In 2024, the revenue generated in the Tools & Machines market in Finland amounts to US$621.40m.
This market is projected to experience an annual growth rate of 3.06% (CAGR 2024-2029).
It is worth noting that, in global comparison, China generates the highest revenue in this market segment, with a staggering US$78bn in 2024.
In terms of per capita revenue, in Finland generates US$112.00 per person in 2024.
Finland is known for its innovative and highly efficient tools and machines, making it a prominent player in the global market.

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 Tools & Machines Market within the DIY & Hardware Store Market in Finland has seen minimal growth due to factors such as limited customer demand and increasing competition from online retailers. Despite this, the market's convenience and rising awareness of DIY projects have contributed to its stable growth rate.

Customer preferences: Consumer preferences in the Tools & Machines Market within the DIY & Hardware Store Market in Finland are increasingly focused on environmentally-friendly and sustainable products. This shift is driven by growing awareness of the environmental impact of traditional tools and machines, as well as a desire for more durable and long-lasting options. Additionally, there is a growing trend towards DIY projects and home repair, leading to a higher demand for high-quality and reliable tools and machines that can handle a wide range of tasks. This trend is also influenced by the increasing popularity of minimalism and the desire for multi-functional, space-saving products.

Trends in the market: In Finland, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a surge in demand for environmentally friendly and sustainable products. This trend is driven by increasing consumer awareness and government initiatives promoting green living. As a result, industry stakeholders are investing in research and development to offer innovative and eco-friendly tools and machines. This trend is expected to continue, with potential implications including a shift towards sustainable manufacturing practices and an increase in the use of renewable energy sources in production processes.

Local special circumstances: In Finland, the DIY & Hardware Store Market is heavily influenced by the country's strong DIY culture, where people are accustomed to building and repairing their own homes. This has led to a demand for high-quality Tools & Machines that can withstand harsh climates and rugged use. Additionally, Finland's strict building codes and regulations mandate the use of specialized equipment, further driving the market for Tools & Machines. The country's cold climate also requires specialized tools for winter maintenance, creating a unique niche within the Tools & Machines Market.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Finland is significantly impacted by macroeconomic factors such as the country's economic health, government fiscal policies, and global economic trends. The market growth is closely tied to the overall performance of the construction, home improvement, and DIY industries, which are influenced by macroeconomic indicators such as consumer confidence, employment rates, and interest rates. Additionally, the strong emphasis on sustainability and eco-friendliness in the Finnish market has also influenced the demand for tools and machines that are energy-efficient and environmentally friendly. This trend is expected to continue as the country aims to become carbon-neutral by 2035.

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.