DIY & Hardware Store - Bangladesh

Bangladesh

The DIY & Hardware Store market in Bangladesh is projected to generate a revenue of US$28.18bn in 2024.
It is anticipated to experience an annual growth rate of 2.79% (CAGR 2024-2029).
When compared globally, in China leads with a revenue of US$785bn in 2024.
In terms of per capita income, each person in Bangladesh is expected to contribute US$161.30 in revenue in 2024.
Despite being a developing country, Bangladesh has seen a rise in demand for DIY and hardware stores due to increasing urbanization and a growing middle class.

Key regions: Worldwide, China, United States, India, Japan

Definition:

The DIY (Do-It-Yourself) market refers to the retail market for products used in home improvement and repair projects, such as tools, hardware, building materials, and lawn and garden products. These products are marketed to consumers who want to perform home improvement projects on their own rather than hire a professional. The DIY market provides consumers with the materials and tools they need to complete projects ranging from simple repairs to complete renovations, allowing them to save money and express their creativity in their living spaces.

Structure:

The market is divided into seven different segments:

The Paint, Wallpaper & Supplies segment includes products used for interior and exterior decoration, renovation, and protection of residential buildings.
The Tools & Machines segment consist of products used for construction, maintenance, and repair tasks.
The Hardware & Building Materials segment includes a diverse range of products that play an important role in the structure, safety, and functionality of a building.
The Lawn & Garden segment encompasses products that help homeowners and landscapers to create and maintain attractive and functional outdoor living spaces.
The Heating & Cooling segment focuses on produts that help regulate indoor temperatures, ensuring comfort, energy efficiency, and air quality in homes.
The Bathroom Hardware segment includes products designed to enhance the functionality and appearance of bathrooms.
The Floor Covering segment encompasses products that serve to protect the floor, enhance the appearance of the room, provide insulation and comfort, and can add value to a property.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Market

Region

Region comparison

Currency

Analyst Opinion

The DIY & Hardware Store Market in Bangladesh is experiencing slow growth, with factors such as economic uncertainty, lack of infrastructure, and limited consumer awareness hindering its potential. Despite the presence of multiple sub-markets, the overall growth rate remains low due to challenges in supply chain management and a relatively small market size. However, with the increasing trend towards DIY projects and government initiatives promoting the construction industry, the market is expected to witness moderate growth in the coming years.

Customer preferences: As Bangladesh continues to experience economic growth, consumers are becoming more inclined towards DIY and hardware stores for their home improvement needs. This shift can be attributed to the increasing urbanization and rising disposable incomes. With a growing middle class and a rise in homeownership rates, there is a rising demand for products that cater to home renovation and maintenance. This trend is also influenced by the desire for self-sufficiency and the popularity of DIY culture in the country. As a result, local hardware stores are expanding their product offerings to cater to the diverse needs and preferences of consumers. Additionally, with the increasing availability of online shopping and delivery services, consumers are also turning towards e-commerce platforms to purchase their DIY and hardware products. This trend is expected to continue in the future as consumers seek convenience, affordability, and a wide range of options for their home improvement projects.

Trends in the market: In Bangladesh, the DIY & Hardware Store Market is experiencing a surge in online shopping, with more consumers turning to e-commerce platforms for their hardware needs. This trend is driven by the increasing use of smartphones and internet penetration, as well as the convenience and cost-effectiveness of online shopping. Additionally, there is a growing demand for DIY home improvement projects amidst the COVID-19 pandemic, leading to a rise in online sales for hardware stores. This trend is expected to continue in the future, presenting opportunities for industry stakeholders to expand their digital presence and cater to the evolving consumer preferences.

Local special circumstances: In Bangladesh, the DIY & Hardware Store Market is influenced by a unique combination of geographical and cultural factors. The country's low-lying, flood-prone terrain necessitates the use of specialized hardware and construction materials. Similarly, the culture of DIY home improvement is not as prevalent as in Western countries, leading to a greater reliance on professional services. Additionally, strict import regulations on construction materials create a highly competitive market, with a focus on local production and sustainable materials. These factors shape the market dynamics in Bangladesh and set it apart from other DIY & Hardware Store Markets.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Bangladesh is greatly impacted by macroeconomic factors such as the country's economic growth, government policies, and investment in infrastructure development. As the economy of the country continues to grow, there is an increasing demand for DIY and hardware products. Additionally, government initiatives to boost the construction industry and development projects, such as the 100 Special Economic Zones, are driving the demand for DIY and hardware products. However, challenges such as political instability and inadequate infrastructure can hinder market growth. Furthermore, global economic trends and trade policies also play a crucial role in shaping the DIY and hardware store market in Bangladesh.

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.