Tools & Machines - Togo | Statista Market Forecast

In Togo, the Tools & Machines market generates a revenue of US$106.90m in 2024.
It is projected to experience an annual growth rate of 3.43% (CAGR 2024-2029).
When compared globally, the highest revenue is generated China, amounting to US$78bn in 2024.
On a per person basis, the revenue generated in Togo in 2024 is US$11.54.
The demand for power tools and machinery in Togo is steadily increasing, driven by the country's growing construction and infrastructure development.

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 Togo has seen a stagnant growth rate, influenced by factors such as limited availability of advanced tools/machines, low consumer awareness, and lack of government support.

Customer preferences: In Togo, there is a noticeable increase in consumer demand for innovative and high-quality tools and machines within the DIY and hardware store market. This can be attributed to a growing interest in home improvement and renovation projects, as well as an emerging trend towards self-sufficiency and resourcefulness. Additionally, with a rising middle class and increasing disposable income, consumers are willing to invest in durable and efficient tools and machines to support their DIY projects.

Trends in the market: In Togo, the Tools & Machines Market within the DIY & Hardware Store Market is seeing an increase in demand for innovative and efficient tools. This trend is driven by the growing focus on home improvement and DIY projects. Additionally, there has been a rise in the availability of affordable, small-scale machines that cater to the needs of smaller businesses and individuals. This trend is expected to continue, as consumers become more interested in DIY solutions and businesses look for cost-effective tools to increase their productivity. These developments present significant opportunities for industry stakeholders to tap into a growing market segment. However, it also poses challenges for established companies to stay competitive and adapt to the changing market landscape.

Local special circumstances: In Togo, the Tools & Machines Market within the DIY & Hardware Store Market is shaped by the country's largely rural population and limited access to modern technology. This creates a unique demand for traditional tools and machines, as well as a reliance on local craftsmen and small hardware stores. Additionally, the government's emphasis on promoting self-sufficiency and small-scale entrepreneurship has led to a vibrant market for locally-produced tools and machines, catering to the specific needs of Togolese consumers. These factors contribute to a dynamic and competitive market landscape in Togo, setting it apart from other markets in the region.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Togo is heavily impacted by macroeconomic factors such as the overall state of the global economy, the health of the Togolese economy, and fiscal policies that may affect consumer spending power. Other relevant financial indicators such as interest rates, inflation rates, and exchange rates also play a role in shaping market performance. Additionally, changes in consumer trends and preferences, as well as government initiatives to promote DIY and home improvement activities, can also influence the demand for tools and machines in Togo.

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.