Tools & Machines - Mongolia | Statista Market Forecast

In Mongolia, the Tools & Machines market generates a revenue of US$50.21m in 2024.
It is projected to experience an annual growth rate of 3.04% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market segment, amounting to US$78bn in 2024.
In terms of per capita figures, the revenue generated per person in Mongolia is US$14.37 in 2024.
The demand for high-quality construction tools and machinery in Mongolia is on the rise, driven by the country's booming infrastructure development projects.

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 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.

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.