The DIY & Hardware Store Market in Mongolia is facing negligible growth, influenced by factors like limited use of digital tools, low health awareness, and lack of convenience in online services.
Customer preferences: As Mongolia becomes more urbanized, there is a growing trend of DIY and home improvement projects. This has led to an increased demand for tools and machinery within the DIY & Hardware Store Market. Additionally, with the rise of e-commerce, consumers are now turning to online channels for their purchases, fueling the growth of the online tools and machines market. This shift towards online shopping is also being driven by the younger demographic, who are more tech-savvy and value convenience and efficiency.
Trends in the market:
In Mongolia, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a shift towards eco-friendly and sustainable tools. With a growing focus on environmental conservation and energy efficiency, consumers are increasingly seeking out eco-friendly tools and machines. This trend is expected to continue, driven by government initiatives promoting sustainable practices and consumer demand for environmentally responsible products. Industry stakeholders need to adapt to this trend by offering a wider range of eco-friendly options and promoting the benefits of these products to consumers. Failure to do so may result in losing market share to competitors who are quicker to embrace this trend.
Local special circumstances: In Mongolia, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by the country's nomadic culture and harsh weather conditions. This has led to a demand for durable and versatile tools and machines that can withstand the unique conditions of the region. Additionally, the government's focus on promoting small businesses and entrepreneurship has created a thriving DIY culture, further driving the demand for tools and machines in the market. The limited availability of skilled labor and the country's remote location have also led to a preference for high-quality, easy-to-use tools and machines among the local population.
Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Mongolia is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. As Mongolia is considered to be a developing country, economic growth and stability play a crucial role in the performance of the market. Government policies and investments in infrastructure development and trade agreements also impact the market, as they can affect the availability and cost of materials and tools. Additionally, fluctuations in currency exchange rates and changes in consumer spending patterns can greatly influence market demand and 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
