Market Insights Consumer DIY & Hardware Store

Tools & Machines - Saudi Arabia

Saudi Arabia

In Saudi Arabia, the Tools & Machines market is projected to generate a revenue of €1.08bn in 2024.
It is anticipated that the market will experience an annual growth rate of 2.97% from 2024 to 2029, according to the compound annual growth rate (CAGR).
When comparing revenue on a global scale, it is noteworthy that in China leads the market with a revenue of €72bn in 2024.
In terms of per capita revenue, each person in Saudi Arabia is expected to contribute €28.85 to the Tools & Machines market in 2024.
Saudi Arabia's tools and machines market is experiencing a surge in demand due to the country's ambitious infrastructure development projects.

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

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Analyst Opinion

The DIY & Hardware Store market in Saudi Arabia experiences negligible growth due to factors like low consumer awareness and traditional attitudes towards DIY. Digital tools and machines have potential for growth in this market.

Customer preferences: With the rise in home renovation and improvement projects during the pandemic, there has been a noticeable increase in demand for power tools and machines in the Saudi Arabian DIY & Hardware Store Market. Additionally, consumers are becoming more conscious of environmental impact, leading to a preference for energy-efficient and eco-friendly tools. This trend is further driven by the growing popularity of DIY culture and the desire for self-sufficiency among younger demographics. As a result, there has been a shift towards more advanced and multi-functional tools, catering to the evolving needs and lifestyle of consumers.

Trends in the market: In Saudi Arabia, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a shift towards online sales and services, as the country's digital infrastructure continues to expand. This trend is particularly significant for small and medium-sized businesses, who are now able to access a wider range of tools and machines at competitive prices. Additionally, there is an increasing demand for eco-friendly and energy-efficient tools, reflecting a growing awareness of sustainable practices. These developments have implications for all industry stakeholders, as businesses must adapt to the changing market and stay competitive by offering a diverse range of digital and environmentally-friendly products.

Local special circumstances: In Saudi Arabia, the Tools & Machines Market within the DIY & Hardware Store Market is influenced by the country's conservative culture and strict religious regulations. This has led to a preference for traditional hand tools, as opposed to power tools, among consumers. Additionally, the harsh desert terrain and extreme weather conditions require specialized equipment and materials, creating a unique demand for these products. Furthermore, the government's focus on diversifying the economy has resulted in increased investments in construction and infrastructure projects, driving the demand for quality tools and machines within the market.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Saudi Arabia is affected by various macroeconomic factors. The global economic trends, national economic health, fiscal policies, and other relevant financial indicators all have an impact on market performance. The growth of this market is influenced by factors such as technological advancements, government regulations, and investment in infrastructure. Countries with favorable regulatory environments and strong investment in the tools and machines sector are experiencing faster market growth compared to regions with regulatory challenges and limited funding. In addition, the increasing demand for DIY and home improvement projects, coupled with the growing population and rising income levels in Saudi Arabia, are also driving the demand for tools and machines in the country's DIY & Hardware Store Market.

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.