Tools & Machines - Ghana | Statista Market Forecast

In Ghana, the Tools & Machines market generated a revenue of US$454.20m in 2024.
It is projected to experience an annual growth rate of 3.27% (CAGR 2024-2029).
Comparatively, China leads the global market with a revenue of US$78bn in 2024.
When considering the population, each person in Ghana contributed US$13.06 in revenue in 2024.
Despite limited access to advanced technology, Ghanaian craftsmen rely on traditional tools and machines to create intricate woodwork masterpieces.

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 Ghana is seeing minimal growth due to factors such as a lack of awareness of digital tools and machines, limited access to technology, and low consumer spending in this sector. Despite these challenges, the market is slowly adapting to the digital world, leading to a gradual increase in online sales and availability of digital tools for DIY projects. As the country continues to develop and modernize, there is potential for a larger market growth in the future.

Customer preferences: Consumer preferences in the Tools & Machines Market within the DIY & Hardware Store Market in Ghana are evolving with the growth of technology and the internet. Customers are increasingly seeking convenience and efficiency, leading to a rise in demand for online shopping and delivery services for tools and hardware. Additionally, there is a growing interest in eco-friendly and sustainable options, with consumers looking for products labeled as eco-friendly or environmentally friendly. This trend highlights the importance of sustainability and mindful consumption among Ghanaian consumers.

Trends in the market: In Ghana, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a rise in demand for locally manufactured tools and machines. This trend is significant as it promotes local entrepreneurship and reduces reliance on imported products. Additionally, there is a growing emphasis on sustainability, with customers opting for environmentally friendly and energy-efficient tools. This trend is expected to continue, as government initiatives and consumer awareness drive the market towards more sustainable options. For industry stakeholders, this presents opportunities for growth and innovation in the production and marketing of eco-friendly tools and machines.

Local special circumstances: In Ghana, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by the country's import regulations and limited local manufacturing. This has led to a reliance on imported products, making pricing a key factor for consumers. Additionally, the country's growing middle class and increasing urbanization have stimulated demand for home improvement and DIY projects, creating a strong market for power tools and machinery. However, poor infrastructure and limited access to electricity in rural areas may impede market growth in these regions.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Ghana is influenced by various macroeconomic factors. One such factor is the overall economic health of the country, which is currently experiencing steady growth. The government's fiscal policies, including initiatives to boost infrastructure development, have also had a positive impact on the market. In addition, global economic trends, such as increasing demand for affordable tools and machines, have contributed to the growth of this market. Moreover, the growing number of DIY enthusiasts and small-scale businesses in the country has fueled the demand for tools and machines, further driving market 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.

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.