Tools & Machines - Nepal | Statista Market Forecast

In Nepal, the revenue generated in the Tools & Machines market amounts to US$370.30m in 2024.
It is projected that the market will experience an annual growth rate of 2.33% (CAGR 2024-2029).
When compared to other countries globally, China generates the highest revenue in this market segment, amounting to US$78bn in 2024.
In terms of per person revenues, in Nepal generates US$11.85 in 2024.
Nepal's tools and machines market is experiencing a surge due to the country's growing construction 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 DIY & Hardware Store Market in Nepal has seen slow growth due to factors such as lack of awareness about digital tools, low disposable income, and preference for traditional methods. However, with increasing urbanization and government initiatives, there is potential for future growth.

Customer preferences: As Nepal continues to develop and modernize, there is an increased demand for technologically advanced tools and machines within the DIY & Hardware Store Market. This is in line with the country's growing focus on efficiency and productivity. Additionally, as the younger generation becomes more interested in DIY projects, there is a growing preference for innovative and user-friendly tools that can make their tasks easier. This has led to an increase in the availability of smart and connected tools, catering to the tech-savvy consumers in Nepal.

Trends in the market: In Nepal, there is a growing trend towards the use of power tools and machinery in the DIY & Hardware Store Market. This is driven by the increasing demand for construction and home improvement projects. Additionally, there is a push towards modernizing traditional industries, such as carpentry and metalwork, with the use of technology. This trend is expected to continue as more affordable and efficient tools become available. Industry stakeholders must adapt to these changes by stocking a wider range of tools and investing in training for their sales staff to meet the evolving needs of customers.

Local special circumstances: In Nepal, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by the country's rugged and mountainous terrain. This has resulted in a wide range of locally made tools and machines that are specifically designed to withstand the unique geographical challenges. Additionally, Nepal's strong cultural preference for DIY projects and low-cost solutions has led to a thriving market for affordable and durable tools and machines. Moreover, the government's emphasis on promoting local industries and limiting imports has led to the dominance of Nepali brands in this market. These factors, along with a growing middle class, have created a highly competitive and dynamic market for tools and machines in Nepal.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Nepal is directly impacted by macroeconomic factors such as the country's economic growth, fiscal policies, and global economic trends. Nepal's improving economic health, driven by government initiatives to boost infrastructure development and foreign investments, has resulted in increased consumer spending on home renovations and repairs. Additionally, the growing popularity of DIY projects and the increasing demand for high-quality tools and machines also contribute to the market's growth. However, challenges such as inadequate infrastructure and a lack of skilled labor in the country may hinder the market's expansion.

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.