Tools & Machines - Tanzania | Statista Market Forecast

In Tanzania, the Tools & Machines market generates a revenue of US$795.90m in 2024.
It is projected to experience an annual growth rate of 3.43% (CAGR 2024-2029).
When compared to other countries worldwide, China generates the highest revenue in this market segment, amounting to US$78bn in 2024.
In terms of per person revenues, in Tanzania generates US$11.47 in 2024.
The tools and machines market in Tanzania is experiencing a surge in demand due to the country's growing construction industry.

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 Tanzania has been facing negligible growth due to a lack of investment in digital tools and machines. Factors such as limited access to technology and low consumer awareness are impacting the growth rate.

Customer preferences: Consumers in Tanzania are increasingly looking for high-quality, durable tools and machines to support their DIY and home improvement projects. This is influenced by the country's growing middle class and changing lifestyle preferences. Additionally, there is a growing trend towards environmentally-friendly and sustainable products, as consumers become more conscious of their impact on the environment. DIY enthusiasts also place a high value on convenience and are increasingly turning to online platforms for purchasing tools and machines, indicating a shift towards e-commerce in this market.

Trends in the market: In Tanzania, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a steady rise in demand for power tools and advanced machinery. This trend is driven by the growing number of construction projects and the need for efficient and time-saving tools. As more individuals and businesses turn to DIY solutions, there is also a noticeable increase in the use of innovative and automated machines. This trend is not only beneficial for consumers but also presents lucrative opportunities for industry players, as they can offer a wide range of modern tools to meet the evolving needs of their customers. However, there may also be potential challenges, such as increased competition and the need to stay up-to-date with advancements in technology. To maintain their competitive edge, industry stakeholders may need to invest in research and development to continuously improve their product offerings and meet the demands of the market.

Local special circumstances: In Tanzania, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by the country's developing economy and infrastructure. With a growing middle class and expanding urbanization, there is a demand for high quality tools and machines at affordable prices. Furthermore, the government's efforts to promote local manufacturing and reduce import dependency have led to the emergence of local brands and manufacturers, creating a competitive market for both domestic and international players. Additionally, the country's unique geographic landscape and diverse cultural practices also play a role in shaping the market dynamics.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Tanzania is greatly impacted by macroeconomic factors such as government policies, economic stability, and technological advancements. With a growing urban population and increasing disposable incomes, Tanzania's economic growth has fueled demand for DIY and hardware products, including tools and machines. Furthermore, government initiatives to promote infrastructure development and construction projects have also positively influenced the market. However, the market is still hindered by factors such as high taxes on imported tools and machines and limited access to financing options, which can negatively impact market growth. Additionally, global economic trends and fluctuations in raw material prices can also affect the market's performance.

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.