Tools & Machines - United States | Statista Market Forecast

In the United States, the revenue in the Tools & Machines market reached a significant amount of US$42.02bn in 2024.
It is projected that the market will experience an annual growth rate of 2.79% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market segment, with an estimated value of US$78bn in 2024.
Considering the population figures, the per person revenue in the United States stands at US$122.90 in 2024.
The United States is experiencing a surge in demand for high-tech power tools and machinery, driven by the growing DIY culture and the need for advanced manufacturing equipment.

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 the DIY & Hardware Store Market in the US has shown modest growth, influenced by factors such as consumer demand for advanced technologies, increased focus on health and safety, and the convenience of online shopping.

Customer preferences: Consumers in the Tools & Machines Market within the DIY & Hardware Store Market are prioritizing durability and functionality over price, leading to a rise in demand for high-quality, long-lasting tools and machines. Additionally, the growing trend of DIY home improvement projects has led to a surge in demand for power tools and other equipment. This trend is likely to continue as more people embrace DIY as a cost-effective and fulfilling hobby.

Trends in the market: In the United States, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a surge in demand for power tools and equipment with smart technology capabilities. This trend is driven by consumers' growing interest in DIY projects and home improvement, leading to a rise in sales of advanced tools that offer enhanced precision and efficiency. Additionally, there is a shift towards cordless tools, which provide more flexibility and convenience. These developments present opportunities for industry players to innovate and offer products that cater to the changing needs of consumers.

Local special circumstances: In the Tools & Machines Market within the DIY & Hardware Store Market in the United States, several local factors contribute to its growth. The country's vast geographical landscape and varied climatic conditions create a demand for a diverse range of tools and machines. Additionally, the DIY trend in American culture has led to an increase in demand for cost-effective and high-quality tools and machines. Furthermore, with strict safety regulations and standards in place, the market is driven by the need for durable and reliable equipment, making it a highly competitive market.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in the United States is heavily influenced by macroeconomic factors such as consumer spending, interest rates, and housing market conditions. With the nation experiencing a period of economic growth and low unemployment rates, there has been a steady increase in consumer spending on home improvement products and projects. Additionally, favorable government policies and tax incentives for homeowners have also contributed to the growth of the DIY & Hardware Store Market, leading to a demand for tools and machines. However, fluctuations in interest rates and housing market conditions can also have a significant impact on the market, as they directly affect consumer confidence and purchasing power. Therefore, it is essential for companies operating in this market to closely monitor and adapt to these macroeconomic factors to ensure continued growth.

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.