Market Insights Consumer DIY & Hardware Store

Tools & Machines - Bhutan

Bhutan

In 2024, the Tools & Machines market in Bhutan is projected to generate a revenue of €11.32m.
It is expected to experience an annual growth rate of 3.38% (CAGR 2024-2029).
When compared globally, in China leads the market with a revenue of €72bn in 2024.
Considering the total population, the per person revenue in Bhutan is estimated to be €14.29 in 2024.
Bhutan's growing interest in traditional craftsmanship has led to a surge in demand for hand tools and woodworking machines.

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

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Analyst Opinion

The DIY & Hardware Store Market in Bhutan nan has seen negligible growth due to limited access to digital tools and machines. This has impacted the convenience offered by online services for consumers, resulting in slow market growth.

Customer preferences: As consumers in Bhutan become more DIY-savvy, they are also seeking efficient and convenient tools and machines to aid in their projects. This has resulted in a rise in demand for power tools and automated machines in the DIY & Hardware Store Market. Additionally, with a growing focus on sustainability and eco-friendliness, there is also a trend towards eco-friendly and energy-efficient options in tools and machines, reflecting Bhutan's commitment to preserving its natural resources.

Trends in the market: In Bhutan, there is a growing trend of DIY and hardware stores offering more advanced tools and machines to cater to the increasing demand from customers. This trend is significant as it is driven by the country's focus on infrastructure development and the rise in home renovation projects. It could potentially lead to higher sales and revenue for industry stakeholders, but also increase competition as more stores enter the market. Additionally, the trend highlights the need for skilled technicians to assist customers with the proper use and maintenance of these tools and machines.

Local special circumstances: In Bhutan, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by the country's unique geographical and cultural factors. The mountainous terrain and traditional lifestyle of the Bhutanese people make power tools and machinery less of a necessity, leading to a smaller market for them compared to other countries. Additionally, the government's focus on sustainability and preserving traditional methods of construction also play a role in shaping the market. These factors create a demand for more traditional hand tools and locally-made products, making it a challenge for international brands to enter and compete in the market.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Bhutan is primarily influenced by macroeconomic factors such as the country's overall economic health and government policies. Bhutan's stable economy and continuous investment in infrastructure development are expected to support the growth of the DIY & Hardware Store Market. The nation's focus on promoting self-sufficiency and supporting small businesses also presents opportunities for growth within the Tools & Machines Market. Furthermore, global economic trends and increasing demand for DIY products are also expected to drive market growth in Bhutan. However, challenges such as limited access to capital and high import tariffs may hinder market growth in the country.

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.