Market Insights Consumer DIY & Hardware Store

Tools & Machines - Philippines

Philippines

In the Philippines, the revenue in the Tools & Machines market is projected to reach €1.49bn in 2024.
It is anticipated that the market will experience an annual growth rate of 3.03% (CAGR 2024-2029).
When compared to other countries worldwide, in China leads with a revenue of €72bn in 2024.
In terms of per capita income, in the Philippines generates €12.49 per person in revenue in 2024.
The demand for power tools in the Philippines is steadily increasing due to the country's growing construction industry.

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

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Analyst Opinion

The DIY & Hardware Store Market in Philippines has seen minimal growth due to factors such as low consumer purchasing power and limited availability of tools. Online services and market trends also play a role in the market's negligible growth.

Customer preferences: There has been a noticeable increase in consumer demand for innovative and efficient tools and machines within the DIY & Hardware Store Market in the Philippines. This trend can be attributed to the growing adoption of DIY projects and home renovations, particularly among Millennials and Gen Z. As these generations prioritize convenience and ease of use, there is a shift towards power tools and machinery that offer user-friendly features and compact designs. Additionally, there has been a rise in eco-friendly and sustainable options, reflecting the country's increasing focus on environmental conservation.

Trends in the market: In the Philippines, the Tools & Machines Market within the DIY & Hardware Store Market is seeing an increase in online sales, with more consumers turning to e-commerce platforms for their home improvement needs. There is also a growing trend of using digital tools and apps for DIY projects, as well as offering virtual consultations for product recommendations and troubleshooting. These trends demonstrate the industry's shift towards digitalization and the importance of providing convenient and personalized services for customers. Industry stakeholders should invest in developing and promoting their online presence to capitalize on these trends and stay competitive in the market.

Local special circumstances: In the Philippines, the Tools & Machines Market within the DIY & Hardware Store Market is heavily influenced by the country's geography, with many remote and rural areas lacking access to advanced tools and machinery. This has led to a rise in demand for more affordable and accessible options, such as refurbished and locally-made machines. Additionally, the country's cultural preference for DIY projects has also shaped the market, with a focus on practicality and cost-effectiveness. Furthermore, strict regulations on imported products have led to a growing market for locally-produced tools and machines.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in the Philippines is largely influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. One key factor affecting this market is the overall economic growth of the country. As the Philippines continues to experience steady economic growth, its consumers have more disposable income to spend on DIY and hardware tools and machines. Additionally, government policies that promote and provide incentives for the construction industry also contribute to the growth of this market. With a booming construction sector, there is a high demand for tools and machines in the Philippines, leading to a favorable market outlook.

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.