Tools & Machines - North Macedonia

The Tools & Machines market in North Macedonia is projected to generate a revenue of US$33.36m in 2024.
It is anticipated to experience an annual growth rate of 2.05% (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 revenue, each person in North Macedonia is expected to generate US$16.02 in 2024.
North Macedonia is experiencing a surge in demand for high-quality hand tools, driven by a growing DIY culture and an increase in construction 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

In North Macedonia, the DIY & Hardware Store Market is experiencing slow growth due to factors such as limited access to digital tools and machines, and lack of awareness among consumers about their benefits. The market's negligible growth rate is impacted by the country's economic status and limited technological infrastructure.

Customer preferences: With the rise of DIY trends and the increasing popularity of home improvement projects, consumers in North Macedonia are placing a greater emphasis on quality and durability when it comes to tools and machines. This has led to a growing demand for higher-end, professional grade equipment in the Tools & Machines Market within the DIY & Hardware Store Market. Additionally, as more individuals take on DIY projects, there has been a shift towards more user-friendly and innovative tools and machines, such as compact and cordless options, in order to cater to a wider range of consumers.

Trends in the market: In North Macedonia, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a surge in demand for digital tools and equipment. This trend is driven by the increasing focus on efficiency and convenience in DIY projects. Moreover, there is a growing interest in smart, connected tools that can be controlled and monitored through mobile apps. These developments have significant implications for industry stakeholders as they adapt to the changing preferences of consumers and invest in digital technologies to stay competitive in the market.

Local special circumstances: In North Macedonia, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by the country's geography and history. The rugged terrain and lack of developed infrastructure have created a demand for durable and reliable tools and machines. Additionally, the cultural emphasis on self-sufficiency and DIY projects has contributed to the popularity of this market. Furthermore, the government's strict regulations on imported tools and machines have allowed local manufacturers to thrive, creating a unique dynamic in the market.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in North Macedonia is affected by a variety of macroeconomic factors. These include the overall health of the national economy, global economic trends, fiscal policies, and other relevant financial indicators. Improving economic conditions and increasing consumer spending power are driving the growth of the market in the country. Additionally, favorable government policies and investments in infrastructure development are enhancing the overall business environment for the DIY & Hardware Store Market, leading to increased demand for tools and machines. Furthermore, the rise in home renovation and repair activities is also contributing to the growth of the tools and machines market in North Macedonia.

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.