Market Insights Consumer DIY & Hardware Store

Tools & Machines - Eastern Asia

Eastern Asia

In 2024, the Tools & Machines market in Eastern Asia is projected to generate a revenue of €82.77bn.
It is expected to grow annually at a rate of 2.30% (CAGR 2024-2029).
Among countries worldwide, in China leads the market with a revenue of €72bn in 2024.
When considering the total population, the per person revenues in Eastern Asia amount to €50.64 in 2024.
In Eastern Asia, Japan is leading the way in the Tools & Machines market with its innovative and high-quality products.

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

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Analyst Opinion

The Tools & Machines Market within the DIY & Hardware Store Market in Eastern Asia is experiencing sluggish growth, affected by factors like low consumer spending and economic instability in the region. Despite this, the market is expected to expand due to the increasing demand for DIY products and the emergence of innovative technologies.

Customer preferences: With the growing popularity of DIY and home improvement projects in Eastern Asia, consumer preferences in the Tools & Machines Market within the DIY & Hardware Store Market are shifting towards high-quality, durable products that offer convenience and efficiency. This is driven by increasing urbanization and busy lifestyles, leading to a rise in demand for power tools and robotic equipment. Additionally, there is a growing trend towards eco-friendly and sustainable options, reflecting a cultural value for preserving the environment.

Trends in the market: In Eastern Asia, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing an increase in demand for smart and connected tools, such as power drills and saws. Consumers are also seeking tools with environmentally friendly features, such as energy-efficient motors and rechargeable batteries. This trend is driven by the region's emphasis on sustainability and technological advancements. Furthermore, the rise of e-commerce platforms in the region has led to higher availability and accessibility of these tools, providing convenience to customers. Industry stakeholders must keep up with these trends to remain competitive and meet the evolving needs of consumers.

Local special circumstances: In South Korea, the Tools & Machines Market within the DIY & Hardware Store Market market is heavily influenced by the country's strong culture of DIY and home improvement. There is a high demand for high-quality, efficient tools and machines, and local manufacturers have focused on developing products that cater to these specific needs. Additionally, strict government regulations and mandatory certifications for imported products have led to a preference for domestically produced tools and machines. This creates a unique competitive landscape in the market, with a strong emphasis on quality and trust in local brands.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Eastern Asia is heavily influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. The region's strong economic growth and rising disposable incomes are driving the demand for DIY and home improvement products, leading to a growing market for tools and machines. Moreover, favorable government policies and investments in infrastructure development are creating a conducive environment for the growth of the DIY & Hardware Store Market. Additionally, the increasing trend of DIY projects, coupled with the growing popularity of home renovation, is further propelling the demand for tools and machines in Eastern Asia.

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.