Market Insights Consumer DIY & Hardware Store

Tools & Machines - Sweden

Sweden

In Sweden, the Tools & Machines market generates a revenue of US$0.60bn in 2024.
It is projected to experience an annual growth rate of 3.42% (CAGR 2024-2029).
When compared globally, in China leads the market with a revenue of US$78bn in 2024.
In terms of per capita figures, each person in Sweden generates a revenue of US$56.45 in 2024.
Sweden's strong focus on innovation and efficiency has led to a surge in demand for cutting-edge tools and machines in the country's industrial sectors.

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

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Analyst Opinion

The tools and machines market in the DIY and hardware store industry in Sweden is experiencing slow growth due to decreasing consumer interest and limited innovation in the market. Factors such as a lack of new technologies and low focus on DIY projects are impacting the market's negligible growth rate.

Customer preferences: The DIY & Hardware Store Market in Sweden has witnessed a growing demand for environmentally sustainable tools and machines, driven by an increasing awareness of climate change and the importance of using eco-friendly products. This shift in consumer preference has also led to a rise in the popularity of alternative energy sources, such as solar-powered tools and machines, highlighting a trend towards sustainable living and energy efficiency in the market.

Trends in the market: In Sweden, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a surge in demand for smart and connected tools. This trend is driven by the need for efficiency and convenience, as well as the growing popularity of home automation. Additionally, there is a shift towards environmentally friendly options, such as solar-powered and rechargeable tools. These trends are expected to continue, with a focus on innovation and sustainability, providing opportunities for industry players to tap into a new customer base. There is also a growing market for rental and sharing services, reflecting the trend towards a circular economy and reducing consumer ownership. This presents challenges for traditional retailers, but also offers potential for collaboration and partnerships with rental companies. The increasing use of e-commerce and online platforms for purchasing tools is another trend to watch, as it offers a convenient and cost-effective way for customers to access a wide range of products. Overall, these trends signal a shift towards a more connected, sustainable, and digitally-driven market in the Tools & Machines sector within the DIY & Hardware Store Market in Sweden.

Local special circumstances: In Sweden, the DIY & Hardware Store Market is heavily influenced by the country's strong focus on sustainability and eco-friendliness. This has driven demand for environmentally-friendly tools and machines, such as energy-efficient power tools and electric lawn mowers. Additionally, Sweden's strict regulations on noise and emissions also impact the types of tools and machines available in the market. Furthermore, the country's efficient public transportation system has led to a higher demand for compact and portable tools and machines among urban DIY enthusiasts.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Sweden is influenced by various macroeconomic factors, including the country's economic health, global economic trends, fiscal policies, and other financial indicators. Sweden's stable economic growth and strong investment in infrastructure drive the growth of the Tools & Machines Market. Additionally, favorable regulatory policies and technological advancements in the region further support market growth. Moreover, the rising demand for home improvement projects due to increased urbanization and the growing aging population in Sweden also contribute to the market's performance. These factors create a favorable environment for the growth of the Tools & Machines Market within the DIY & Hardware Store Market in Sweden.

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.