Tools & Machines - Nigeria | Statista Market Forecast

In Nigeria, the Tools & Machines market generates a revenue of US$3.16bn in the year 2024.
It is projected to experience an annual growth rate of 4.29% (CAGR 2024-2029).
When compared globally, China leads the market with a revenue of US$78bn in 2024.
Considering the population size, in Nigeria generates a per person revenue of US$13.80 in 2024.
Nigeria's growing manufacturing sector is driving the demand for high-quality tools and machines to enhance productivity and efficiency.

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 Nigeria is facing negligible growth due to factors such as low consumer interest in DIY projects and limited availability of advanced tools & machines. This has hindered the overall growth rate in the market, despite the convenience offered by online shopping.

Customer preferences: In Nigeria, there has been a noticeable increase in demand for high quality and durable tools and machines in the DIY & Hardware Store Market. This trend is driven by a growing consumer preference for DIY projects and home renovations, as well as an increased interest in professional quality tools. Additionally, there has been a rise in the use of modern, high-tech equipment within the DIY market due to social media influence and the desire for more efficient and precise results.

Trends in the market: In Nigeria, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a shift towards e-commerce, with more stores offering online sales and delivery options. This trend is being driven by the increasing use of smartphones and internet penetration. Another trend is the rise in demand for eco-friendly and sustainable tools, as consumers become more environmentally conscious. This has led to the introduction of eco-friendly products and recycling initiatives in the market. These trends have significant implications for industry stakeholders, as they must adapt to the changing consumer preferences and invest in digital and sustainable solutions to remain competitive in the market.

Local special circumstances: In Nigeria, the Tools & Machines market within the DIY & Hardware Store market is impacted by various unique factors. The country's population is largely concentrated in urban areas, which affects the types of tools and machines that are in demand. Additionally, cultural preferences for DIY projects and specific types of construction methods also influence market dynamics. Furthermore, regulatory policies and import restrictions play a significant role in shaping the market for tools and machines, as well as the availability of locally produced options. These factors make the Nigerian market for tools and machines within the DIY & Hardware Store market stand out from other markets and require a tailored approach to meet the demands of local consumers.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Nigeria is heavily influenced by macroeconomic factors such as overall economic growth, government policies, and consumer spending habits. As one of the largest economies in Africa, Nigeria has been experiencing steady economic growth over the past few years, with a focus on diversification away from the oil industry. This growth has led to an increase in disposable income, allowing for higher consumer spending in the DIY & Hardware Store Market. However, in recent years, Nigeria has faced challenges such as inflation, currency devaluation, and political instability, which have impacted overall economic growth and consumer confidence. As such, the Tools & Machines Market has been affected by fluctuations in the value of the Nigerian Naira, changes in government policies, and consumers' purchasing power. Additionally, global economic trends, such as trade agreements and commodity prices, can also impact the market's performance in Nigeria.

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.