Tools & Machines - Slovakia | Statista Market Forecast

In Slovakia, the Tools & Machines market generates a revenue of US$113.40m in 2024.
It is anticipated that the market will experience an annual growth rate of 3.71% (CAGR 2024-2029).
When compared globally, the highest revenue is generated China, amounting to US$78bn in 2024.
In terms of per person revenues, in Slovakia generates US$19.89 in 2024.
Slovakia's Tools & Machines market is experiencing a surge in demand for advanced CNC machines due to the country'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.

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 Slovakia, the DIY & Hardware Store Market is experiencing minimal growth, influenced by factors like limited innovation in tools & machines, and low consumer demand. Convenience offered by online services may drive future growth.

Customer preferences: As more consumers in Slovakia gravitate towards DIY projects and home improvement, there has been a growing demand for multifunctional and user-friendly power tools and automated machinery. This trend is further accentuated by a shift towards green and sustainable living, as these tools offer efficient and eco-friendly solutions. Additionally, there is a rising preference for compact and portable tools among urban dwellers, reflecting changing lifestyles and smaller living spaces.

Trends in the market: In Slovakia, the Tools & Machines Market within the DIY & Hardware Store Market is seeing a shift towards more eco-friendly and sustainable products. Consumers are increasingly demanding products made from recycled materials and with lower environmental impact. Additionally, there is a rising demand for smart home tools and machines, allowing for easier and more efficient DIY projects. These trends are significant as they align with the global movement towards sustainability and eco-consciousness. For industry stakeholders, this means a need to adapt and offer more sustainable options and incorporate technology into their products. It also presents opportunities for collaborations and partnerships in developing innovative and eco-friendly products to meet consumer demand.

Local special circumstances: In Slovakia, the Tools & Machines Market within the DIY & Hardware Store Market is influenced by the country's growing construction industry and the government's focus on infrastructure development. The market is also impacted by the country's traditional DIY culture, with many consumers preferring to purchase and use tools and machines themselves rather than hiring professionals. Additionally, Slovakia's strict regulations on product safety and quality control have created a strong demand for reliable and durable tools and machines in the market.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Slovakia is impacted by various macroeconomic factors. For instance, global economic trends, such as the rise of automation and the growing demand for efficient, cost-effective solutions, are driving the market growth. Moreover, the national economic health of Slovakia, with its stable and growing economy, has a positive impact on the market's performance. Additionally, favorable fiscal policies and investments in infrastructure, such as the construction sector, also contribute to the growth of the Tools & Machines Market in Slovakia.

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.