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Tools & Machines - Northern Europe

Northern Europe
  • In Northern Europe, the revenue in the Tools & Machines market is estimated to be US$2.46bn in 2024.
  • It is projected to experience an annual growth rate of 4.54% (CAGR 2024-2029).
  • When compared globally, China generates the highest revenue with US$78bn in 2024.
  • In terms of per person revenues, in 2024, each individual contributes US$72.66 to the overall revenue figure.
  • In Northern Europe, the demand for high-quality, precision tools and machines is on the rise, driven by the region's strong manufacturing sector.

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.

In-Scope

  • Hand tools
  • Power tools
  • Measuring & marking tools
  • Tool accessories

Out-Of-Scope

  • 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
Tools & Machines: market data & analysis - Cover

Market Insights report

Tools & Machines: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Notes: Data is shown using current exchange rates. The applied current exchange rates are displayed in the Key Market Indicators below.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Key Players

    Most recent update: Mar 2024

    Source: Statista Company Insights

    Sales Channels

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The DIY & Hardware Store Market in Northern Europe is experiencing slow growth due to factors like low consumer spending and increased competition. Digital tools & machines are becoming popular, but growth remains stagnant due to limited demand.

    Customer preferences:
    As sustainability continues to be a top concern for consumers in Northern Europe, the Tools & Machines Market within the DIY & Hardware Store Market is seeing a rise in demand for eco-friendly and energy-efficient options. This is driven by a growing awareness of the environmental impact of household products and a desire to reduce carbon footprints. In addition, the trend towards minimalism and decluttering is leading to a demand for multi-functional tools and machines that can serve multiple purposes, further emphasizing the importance of sustainability in purchasing decisions.

    Trends in the market:
    In Northern Europe's Tools & Machines Market within the DIY & Hardware Store Market, there is a growing trend towards eco-friendly and energy-efficient products. This trend is driven by increasing awareness about sustainability and environmental concerns. As a result, there is a rise in demand for energy-efficient power tools and products made from recycled materials. This trend is expected to continue as consumers become more environmentally conscious and demand socially responsible products. This shift towards sustainability presents opportunities for industry stakeholders to differentiate their offerings and cater to this growing market segment. Moreover, governments are also promoting and incentivizing green initiatives, which could further accelerate the adoption of eco-friendly products in the Tools & Machines Market.

    Local special circumstances:
    In Northern Europe, the Tools & Machines Market within the DIY & Hardware Store Market is shaped by the region's strong emphasis on sustainability and eco-friendly practices. This has led to a rise in demand for tools and machines that are energy-efficient and made with environmentally-friendly materials. Furthermore, consumer preferences for DIY and self-sufficiency have also influenced the market in this region, with a growing trend of DIY enthusiasts opting for higher-quality and durable tools and machines. Additionally, strict government regulations on energy consumption and waste management have also played a significant role in shaping the market dynamics in this region.

    Underlying macroeconomic factors:
    The Tools & Machines Market within the DIY & Hardware Store Market in Northern Europe is heavily influenced by macroeconomic factors. Global economic trends, such as the increasing demand for smart home technologies, are driving the growth of this market. Additionally, national economic health, including consumer purchasing power and overall economic stability, plays a significant role in the market performance. Fiscal policies, such as tax incentives for home improvement projects, can also impact the demand for tools and machines in DIY stores. Finally, the availability of financing options and government support for small businesses can also influence the growth of this market.

    Methodology

    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.

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    Tools & Machines: market data & analysis - BackgroundTools & Machines: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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