Tools & Machines - Peru | Statista Market Forecast

In Peru, the Tools & Machines market is projected to generate a revenue of US$888.60m in 2024.
It is anticipated to experience an annual growth rate of 3.02% (CAGR 2024-2029).
When compared globally, China stands out as the country with the highest revenue, amounting to US$78bn in 2024.
Looking at the per capita figures, in Peru, each person is expected to generate a revenue of US$25.62 in 2024.
Peru's Tools & Machines market is witnessing a surge in demand due to the country's rapid infrastructure development 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

The Tools & Machines market in Peru is facing negligible growth, with factors such as limited consumer demand and slow economic recovery impacting the growth rate. The DIY & Hardware Store market's growth is hindered by a lack of innovation and competition within the industry in the region.

Customer preferences: Consumers in Peru are increasingly looking for DIY and hardware tools and machines that are multifunctional and efficient. This trend can be attributed to the growing urbanization and need for space-saving solutions. Additionally, there is a rising demand for eco-friendly and sustainable tools, driven by the country's commitment to environmental conservation. As a result, hardware stores are now offering a wide range of energy-efficient and environmentally-friendly tools and machines to cater to this preference. This shift towards sustainability reflects a growing consumer consciousness towards responsible consumption.

Trends in the market: In Peru, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a surge in demand for high-quality and durable tools and machinery. This trend is fueled by an increasing number of individuals taking on DIY projects and home renovations during the pandemic. As a result, hardware stores are expanding their product offerings to cater to this growing market. Additionally, there is a rising preference for environmentally-friendly tools and machines, with consumers becoming more conscious of their impact on the environment. This shift towards sustainable products presents an opportunity for industry stakeholders to differentiate themselves and meet the evolving needs of customers.

Local special circumstances: In Peru, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by the country's geography, with mountainous terrain limiting the availability of large-scale construction machinery. Additionally, Peru's strong cultural emphasis on DIY projects and home improvement drives demand for smaller, hand-held tools. The market is also impacted by government regulations, such as import tariffs and safety standards, which can affect the availability and pricing of certain tools and machines.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Peru is heavily impacted by macroeconomic factors such as the country's economic stability, government policies, and overall global economic trends. Peru's recent economic growth and stable political environment have contributed to a steady increase in consumer demand for DIY and hardware products, driving the growth of the market. Additionally, the government's favorable policies promoting investments in the construction sector have further fueled the demand for tools and machines in the country. However, fluctuations in global economic conditions and currency exchange rates may pose challenges for market growth in the future.

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.