Market Insights Consumer DIY & Hardware Store

Tools & Machines - Iraq

Iraq

In Iraq, the Tools & Machines market is projected to generate a revenue of US$0.81bn in 2024.
It is anticipated that the market will experience a yearly growth rate of 3.88% (CAGR 2024-2029).
When compared to other countries worldwide, in China leads the way in terms of revenue generation with US$78bn in 2024.
Taking into account the total population, per person revenues of US$17.32 are expected to be generated in 2024.
Despite the challenging environment, Iraq's Tools & Machines market is experiencing growth due to increased infrastructure development and government investments.

Key regions: India, Worldwide, Germany, Japan, Brazil

Market

Region

Region comparison

Currency

Analyst Opinion

The DIY & Hardware Store market in Iraq has seen sluggish growth, due to factors such as limited disposable income and high import costs. Despite this, there is still demand for basic tools & machines as consumers prioritize essential home maintenance.

Customer preferences: Consumers in Iraq are becoming more interested in DIY projects and home maintenance, leading to a rise in demand for tools and machines within the DIY & Hardware Store Market. This trend can be attributed to a growing middle class and a desire for cost-effective solutions. Additionally, there is a cultural preference for repairing and maintaining household items, rather than replacing them, making tools and machines a valuable investment for many households. This aligns with the current economic situation, where individuals are looking for ways to cut costs and become more self-sufficient in their homes.

Trends in the market: In Iraq, there is a rising demand for DIY tools and machines, as more individuals are taking on home improvement projects during the pandemic. In the DIY & Hardware Store Market, retailers are expanding their offerings to cater to this trend, with a focus on affordable and versatile options for customers. This trajectory is significant for both industry stakeholders and consumers, as it provides access to necessary tools and equipment while promoting self-sufficiency and cost savings. However, it also poses potential implications for the skills gap and safety concerns, as untrained individuals may attempt complex projects.

Local special circumstances: In Iraq, the Tools & Machines market in the DIY & Hardware Store Market is influenced by the country's unstable political and economic situation, leading to limited access to quality products. Additionally, cultural traditions and preferences for handmade tools and machines also impact market demand. The market is further shaped by strict government regulations on imported products, making it challenging for international companies to enter the market.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Iraq is heavily influenced by macroeconomic factors, such as the country's national economic health and global economic trends. Iraq's economy has been gradually recovering post-war, leading to increased consumer spending and demand for DIY and hardware products. Moreover, the government's efforts to diversify the economy and attract foreign investment have also positively impacted the market. However, fiscal policies and exchange rate fluctuations can impact the prices of imported tools and machines, which may affect the market's growth. Additionally, the ongoing COVID-19 pandemic has caused disruptions in global supply chains, leading to shortages and price fluctuations in the market. Overall, the growth of the Tools & Machines Market within the DIY & Hardware Store Market in Iraq is closely tied to the country's economic stability and policies.

Methodology

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.