Tools & Machines - Lesotho | Statista Market Forecast

in Lesotho, a country in southern Africa, is projected to generate a revenue of US$26.37m in the Tools & Machines market by 2024.
This market segment is expected to experience an annual growth rate of 1.43% from 2024 to 2029 (CAGR 2024-2029).
In comparison to other countries worldwide, China leads the pack with a staggering revenue of US$78bn in the Tools & Machines market in 2024.
When considering the population, Lesotho's per person revenue in 2024 is estimated to be US$11.19.
Lesotho's market for tools & machines is experiencing a surge in demand for agricultural equipment to support its thriving farming industry.

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 Lesotho DIY & Hardware Store Market is seeing minimal growth rate due to factors such as limited access to digital tools & machines and low consumer awareness. This market's growth is impacted by lack of technological advancement and market saturation.

Customer preferences: With the growing popularity of DIY projects and home renovations, there has been a steady incline in demand for advanced tools and machines in Lesotho's DIY & Hardware Store Market. This trend can be attributed to the increasing number of middle-class homeowners and the rise in home improvement shows on TV. As a result, the market has seen a shift towards modern, innovative tools and machines that offer convenience and efficiency. Additionally, the DIY culture in Lesotho has led to a preference for multipurpose tools that can handle a variety of projects.

Trends in the market: In Lesotho, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a rise in demand for high-quality, durable tools and machines. This trend is driven by the growing construction and home improvement industry, as well as an increase in DIY projects. Additionally, there is a shift towards eco-friendly and energy-efficient tools and machines, as consumers become more environmentally conscious. This trend is likely to continue as sustainability becomes a key consideration for consumers. Industry stakeholders should focus on offering a diverse range of eco-friendly and durable options to stay competitive and meet the changing demands of the market. They should also invest in marketing and educating consumers about the benefits of these products.

Local special circumstances: In Lesotho, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by the country's mountainous terrain and limited infrastructure. This has led to a demand for sturdy and reliable tools that can withstand the rugged landscape. Additionally, the cultural emphasis on self-sufficiency and DIY projects has led to a steady growth in this market. The government's efforts to promote small-scale industries and entrepreneurship have also contributed to the growth of this sector. Furthermore, the country's strict regulations on the import of second-hand tools have encouraged the development of local manufacturing capabilities, creating a unique market dynamic in Lesotho.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Lesotho is influenced by several macroeconomic factors. These include global economic trends, the national economic health of Lesotho, fiscal policies, and other relevant financial indicators. For instance, a stable and growing global economy can lead to an increase in consumer spending on home improvement projects, driving the demand for tools and machines. Furthermore, favorable fiscal policies and a healthy national economy can create a conducive environment for businesses to thrive and attract foreign investment, leading to the growth of the market. On the other hand, economic challenges such as inflation and high unemployment rates can result in a decrease in consumer spending, negatively impacting market growth. Additionally, fluctuations in currency exchange rates can also affect the affordability and availability of imported tools and machinery, further influencing market performance in Lesotho.

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.