Market Insights Consumer DIY & Hardware Store

Tools & Machines - Vietnam

Vietnam

In Vietnam, the Tools & Machines market is projected to generate a revenue of €1.33bn in 2024.
According to the forecast, the market is anticipated to grow at an annual rate of 2.71% (CAGR 2024-2029).
When compared globally, in China leads the pack with a revenue of €72bn in 2024.
In terms of per capita income, each person in Vietnam is expected to generate a revenue of €13.39 in 2024.
Vietnam's tools and machines market is experiencing a surge in demand as the country strives to modernize its infrastructure and attract foreign investments.

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

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Analyst Opinion

In Vietnam, the DIY & Hardware Store market is seeing sluggish growth due to factors such as low consumer interest, limited access to digital tools and machines, and lack of awareness about the convenience of online services. The market's growth rate is negligible, hindering its potential for substantial expansion.

Customer preferences: There has been a noticeable increase in demand for power tools and machinery in the Tools & Machines Market within the DIY & Hardware Store Market market in Vietnam. This can be attributed to the growing number of do-it-yourself enthusiasts and small businesses in the country. Additionally, with the rise of e-commerce and online shopping, consumers are looking for more affordable and convenient options for purchasing tools and machinery, leading to an increase in online sales for this market.

Trends in the market: In Vietnam, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a surge in demand for high-quality, reliable products. This trend is driven by the increasing number of DIY enthusiasts and small contractors in the country. To meet this demand, industry players are investing in advanced production technology and expanding their product portfolios. This will not only increase competition but also improve the overall quality and efficiency of the market. Moreover, the government's focus on infrastructure development and rapid urbanization are expected to further boost the demand for tools and machines in Vietnam. This presents lucrative opportunities for both local and foreign players in the market.

Local special circumstances: In Vietnam, the DIY and Hardware Store market has a unique advantage due to the country's rich and diverse landscape. With a large population residing in rural areas, there is a high demand for basic tools and machines for agricultural and construction purposes. This has led to the growth of local hardware stores catering to these specific needs. Additionally, Vietnam's government policies and regulations support the growth of small businesses, allowing for a thriving market of locally-manufactured tools and machines.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Vietnam is heavily influenced by macroeconomic factors such as economic growth, government policies, and investment in infrastructure. Vietnam's rapidly growing economy and government initiatives to boost the construction sector have resulted in a high demand for tools and machines in the DIY & Hardware Store Market. Moreover, the country's strategic location and favorable trade agreements have attracted foreign investment, further driving the growth of the market. However, challenges such as inflation and fluctuating currency exchange rates may impact market performance in the coming years.

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.