Market Insights Consumer DIY & Hardware Store

Tools & Machines - Iran

Iran

In Iran, the Tools & Machines market generates a revenue of €1.47bn in 2024.
It is projected to experience an annual growth rate of 3.07% (CAGR 2024-2029).
When compared globally, in China leads the market with a revenue of €72bn in 2024.
In terms of per capita income, each person in Iran generates revenues of €16.37 in 2024.
Despite economic challenges, Iran's Tools & Machines market continues to grow steadily, driven by domestic demand and government initiatives.

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

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Analyst Opinion

The DIY & Hardware Store Market in Iran is currently experiencing minimal growth, influenced by factors such as limited innovation in tools and machines and low consumer demand. Despite this, the market continues to expand, driven by the convenience and affordability of DIY projects among consumers.

Customer preferences: In Iran, there has been a notable increase in demand for high-quality tools and machines among DIY enthusiasts and professional contractors alike. This can be attributed to a growing emphasis on quality and durability, as well as a shift towards more advanced technology and features. Additionally, with an increasing number of young Iranians taking up DIY projects, the market has seen a rise in demand for user-friendly and portable tools that cater to their busy lifestyles.

Trends in the market: In Iran, the Tools & Machines Market within the DIY & Hardware Store Market is seeing a rise in e-commerce and online sales platforms. This trend is driven by the increasing use of technology and internet penetration, making it easier for consumers to access a wider range of products and compare prices. As a result, brick-and-mortar stores may face challenges in maintaining their market share. Additionally, there is a growing demand for eco-friendly and sustainable tools, indicating a shift towards more environmentally friendly and socially responsible products in the industry. This trend presents opportunities for industry stakeholders to diversify their product offerings and cater to the evolving consumer preferences.

Local special circumstances: In Iran, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by the country's strict trade sanctions, resulting in limited access to international brands. As a result, domestic players dominate the market with their locally produced tools and machines. Additionally, cultural factors such as the preference for traditional and low-cost tools and machines also play a significant role in shaping the market. These unique factors contribute to the market's dynamics, creating opportunities for local players to thrive in this market.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Iran is influenced by several macroeconomic factors such as the country's economic health, fiscal policies, and global economic trends. Iran's economy has been affected by international sanctions and political instability, leading to slower growth and limited access to foreign investment. However, recent investments in infrastructure and government initiatives to promote domestic manufacturing have positively impacted the market. Additionally, the rising demand for DIY and home improvement projects, coupled with a growing middle class and urbanization, are driving the market growth in Iran. Furthermore, the increasing popularity of online shopping and e-commerce platforms has also contributed to the growth of the Tools & Machines Market 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.