Market Insights Consumer DIY & Hardware Store

Tools & Machines - Angola

Angola

In Angola, the revenue in the Tools & Machines market reaches €0.45bn in 2024.
It is projected to experience an annual growth rate of 4.84% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, with a staggering €72bn in 2024.
In terms of per capita revenue, each person in Angola generates €11.97 in 2024.
Despite the rapid development of technology, traditional hand tools still dominate the Tools & Machines market in Angola.

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

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The DIY & Hardware Store Market in Angola has seen limited growth due to factors such as low consumer spending and a lack of infrastructure. Despite this, the market is driven by the availability of tools and machines, increasing awareness, and the convenience of online services.

Customer preferences: With the rising popularity of DIY projects and home improvement, there is a growing demand for high-quality and advanced tools and machines in the DIY & Hardware Store Market in Angola. In particular, there is an emerging trend of consumers seeking eco-friendly and sustainable options, such as electric or battery-powered tools, reflecting a shift towards more environmentally-conscious lifestyles. This is also in line with the overall global trend of consumers becoming more mindful of their impact on the environment.

Trends in the market: In Angola, the Tools & Machines Market within the DIY & Hardware Store Market is experiencing a rise in demand for environmentally friendly and energy-efficient products. This trend is being driven by increasing awareness and concern for sustainable living practices. Additionally, there is a growing trend towards the use of smart tools and machines, incorporating digital technology for improved performance and efficiency. These trends are significant as they reflect a shift towards more eco-friendly and advanced solutions in the market. Industry stakeholders need to adapt and invest in these trends to stay competitive and meet the evolving demands of consumers. There is potential for this market to continue to grow, with opportunities for innovation and collaborations between manufacturers and retailers to meet the needs of environmentally conscious consumers.

Local special circumstances: In Angola, the Tools & Machines Market within the DIY & Hardware Store Market is influenced by the country's emerging economy and increasing urbanization. The lack of reliable electricity in rural areas has resulted in a high demand for portable and reliable tools and machines. Additionally, the country's oil industry has led to a growing demand for specialized tools and equipment. However, the market is also affected by the country's strict import regulations, making it difficult for foreign companies to enter the market and compete with local suppliers. These unique factors play a significant role in shaping the dynamics of the Tools & Machines Market in Angola, setting it apart from other markets.

Underlying macroeconomic factors: The Tools & Machines Market within the DIY & Hardware Store Market in Angola is heavily influenced by macroeconomic factors such as the country's overall economic health, government policies, and global economic trends. Angola has experienced steady economic growth in recent years, driven by its oil exports. However, the country also faces challenges such as high inflation, a weak currency, and low levels of diversification. These factors can affect consumer spending and business investments, which, in turn, can impact the demand for tools and machines in the DIY & Hardware Store Market. Additionally, Angola's continued efforts to diversify its economy, improve infrastructure, and attract foreign investments can have a positive impact on the growth of the market in the long run.

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.