Market Insights Consumer DIY & Hardware Store

Tools & Machines - Mexico

Mexico

In Mexico, the Tools & Machines market is projected to generate a revenue of US$1.54bn in 2024.
It is anticipated to experience a yearly growth rate of 2.71% (CAGR 2024-2029).
In comparison to other countries worldwide, in China leads the market with a revenue of US$78bn in 2024.
When considering the total population, the per person revenue in Mexico is estimated to be US$11.91 in 2024.
In Mexico, there is a growing demand for high-quality power tools and machinery to support the country's construction and manufacturing sectors.

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

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Analyst Opinion

In Mexico, the DIY & Hardware Store Market's growth rate is negligible, impacted by factors such as low consumer demand and limited availability of resources. Despite this, the market continues to see a rise in digital tools and machines usage due to their convenience for DIY projects.

Customer preferences: In the Tools & Machines Market within the DIY & Hardware Store Market, there has been a noticeable increase in demand for eco-friendly and sustainable products. This trend is fueled by consumers' growing awareness of environmental issues and preferences for eco-friendly alternatives. Additionally, technological advancements have led to the development of more efficient and energy-saving tools, appealing to environmentally conscious consumers. This shift is also influenced by cultural values, as Mexican consumers place a high importance on protecting the environment.

Trends in the market: In Mexico, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a surge in demand for smart tools and machines. These products are equipped with advanced technology such as Bluetooth connectivity and mobile apps, allowing users to remotely monitor and control their tools. This trend is significant as it caters to the growing demand for convenience and efficiency among consumers. It also has implications for stakeholders, as they need to adapt their offerings to meet the changing preferences of their customers and stay competitive in the market.

Local special circumstances: In Mexico, the Tools & Machines Market within the DIY & Hardware Store Market is influenced by the country's strong manufacturing sector and a growing population of DIY enthusiasts. The demand for power tools and machinery is driven by the diverse range of industries, such as construction and automotive, that rely on these products. Moreover, the cultural tradition of "hacerlo uno mismo" (do-it-yourself) has been passed down for generations, further contributing to the market's growth. Additionally, Mexico's proximity to the United States has resulted in the adoption of similar safety and regulatory standards, ensuring the quality and reliability of tools and machines.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Mexico is heavily impacted by macroeconomic factors such as economic stability, government policies, and trade agreements. The country's strong manufacturing industry and favorable trade agreements with the US and Canada have led to increased demand for tools and machines. Additionally, the growing trend of DIY home improvements and the rising interest in construction projects have also contributed to the market growth. However, the recent economic slowdown and decreasing purchasing power of consumers are some challenges faced by the 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.