Market Insights Consumer DIY & Hardware Store

Tools & Machines - Armenia

Armenia

Armenia's Tools & Machines market is projected to generate a revenue of €38.71m in 2024.
The market is anticipated to experience an annual growth rate of 2.08% (CAGR 2024-2029).
In terms of global comparison, in China leads the pack with a staggering revenue of €72bn in 2024.
On a per-person basis, Armenia's revenue stands at €13.93 in 2024.
Armenia's thriving technology industry has led to an increased demand for advanced tools and machines, driving innovation and growth in the market segment.

Key regions: India, Worldwide, Germany, Japan, Brazil

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Analyst Opinion

The Armenian DIY & hardware store market is experiencing negligible growth as a result of low consumer demand, limited product diversity, and the lack of digital tools and machines. These factors hinder the market's potential for growth.

Customer preferences: As technology continues to advance and become more accessible, consumers in Armenia are increasingly gravitating towards DIY and hardware solutions that offer convenient and efficient ways to complete home improvement projects. With a growing emphasis on efficiency and time-saving, there is a growing demand for power tools and automated equipment within the Tools & Machines Market. Additionally, as the younger generation becomes more interested in DIY projects, there is a rise in demand for user-friendly and ergonomic tools that cater to their lifestyle and preferences.

Trends in the market: In Armenia, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing an increase in demand for innovative and technologically advanced tools. This trend is driven by the growing number of DIY enthusiasts and professionals who seek efficient and high-quality equipment for their projects. As a result, manufacturers are focusing on introducing new products that incorporate cutting-edge technology, such as electric or cordless power tools. This trend is significant as it highlights the need for convenience and productivity in the market. Furthermore, it presents opportunities for industry stakeholders to expand their offerings and tap into the growing consumer demand for advanced tools.

Local special circumstances: In Armenia, the Tools & Machines Market within the DIY & Hardware Store Market is influenced by the country's strong traditional culture of handiwork and craftsmanship. This has resulted in a demand for high-quality, durable tools and machines, as well as a preference for traditional methods over modern technology. Additionally, regulations for import and distribution of machinery also play a role in shaping the market, with strict guidelines in place to ensure safety and quality standards are met. These factors contribute to a unique market dynamic in Armenia that sets it apart from other markets in the region.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Armenia is influenced by several macroeconomic factors. These include the country's economic growth and stability, as well as global economic trends and fiscal policies. As the economy grows, there is an increased demand for tools and machines for various DIY and construction projects, which drives market growth. Additionally, government investments in infrastructure projects also play a significant role in the demand for tools and machines. Moreover, with the increasing focus on environmental sustainability, there is a growing demand for eco-friendly and energy-efficient tools and machines, which is also driving market growth.

Methodology

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.