Tools & Machines - Papua New Guinea

In Papua New Guinea, the Tools & Machines market generated a revenue of US$120.80m in 2024.
It is projected to experience an annual growth rate of 3.05% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market segment, reaching US$78bn in 2024.
In terms of per capita revenue, in Papua New Guinea generates US$11.49 per person in 2024.
Papua New Guinea is experiencing a growing demand for modern tools and machines to support its expanding mining and construction sectors.

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 Papua New Guinea has seen slight growth, due to factors such as the convenience of online shopping and a growing interest in DIY projects. However, the market's growth rate is impacted by the country's limited access to digital tools and machines.

Customer preferences: With the rise of online shopping and easy access to information, consumers in Papua New Guinea are increasingly turning towards DIY solutions for home improvement. This has led to a growing demand for high-quality and reliable tools and machines within the DIY & Hardware Store Market. Additionally, there has been a shift towards eco-friendly and sustainable options, as individuals become more environmentally conscious. This trend is also influenced by the growing middle class and their increasing purchasing power.

Trends in the market: In Papua New Guinea, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a shift towards digitalization. Online platforms for purchasing tools and machines are gaining popularity, with retailers offering virtual consultations and personalized product recommendations. Additionally, there is an increasing trend of using technology to track inventory and manage supply chain processes. This presents opportunities for industry stakeholders to improve efficiency and reach a larger customer base. However, it also poses challenges for traditional brick-and-mortar stores, highlighting the need for adaptation and innovation in order to remain competitive in the evolving market.

Local special circumstances: In Papua New Guinea, the DIY & Hardware Store Market faces unique challenges due to the country's rugged terrain and lack of infrastructure. This has led to a reliance on traditional tools and machinery, making the adoption of modern technology and equipment difficult. Additionally, strict regulations on imported goods and limited access to credit further hinder the growth of the Tools & Machines Market. These factors contribute to a slow market expansion and a preference for locally-made products that are adapted to the specific needs and conditions of Papua New Guinea.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store market in Papua New Guinea is affected by various macroeconomic factors, including the global economic landscape, national economic stability, and fiscal policies. The global trends in construction and DIY sectors significantly impact the demand for tools and machines in the country. Additionally, the national level of infrastructure development and consumer spending patterns also play a vital role in shaping market performance. The government's fiscal policies, such as tax incentives and subsidies, also have a significant influence on the growth of the market. Furthermore, the country's economic health, including GDP growth and inflation rates, also impact consumer confidence and purchasing power, thereby affecting the overall market demand for tools and machines.

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.