DIY & Hardware Store - Benin

  • Benin
  • In Benin, the DIY & Hardware Store market in 2024 generates a revenue of US$2,072.00m.
  • It is projected to experience an annual growth rate of 3.45% (CAGR 2024-2029).
  • Comparatively, in China stands as the leading revenue generator in the global market, with a revenue of US$785bn in 2024.
  • In terms of per capita figures, the revenue generated per person in Benin amounts to US$147.10 in 2024.
  • Benin's DIY & Hardware store market is witnessing a surge in demand for locally sourced, sustainable building materials.

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

 
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Analyst Opinion

The DIY & Hardware Store market in Benin is seeing a slow growth rate, with various factors impacting its growth. These include limited access to digital technologies, low consumer awareness of health-related products, and inaccessibility of online services. Additionally, the market is heavily influenced by the performance of sub-markets such as Floor Covering, Paint, and Tools & Machines, which face challenges such as lack of skilled labor and limited product variety. However, increasing government initiatives towards infrastructure development and rising consumer spending on home improvement projects are expected to drive growth in the future.

Customer preferences:
The DIY & Hardware Store Market in Benin has witnessed a noticeable change in consumer preferences. With a growing awareness of environmental sustainability, customers are seeking eco-friendly and reusable products, resulting in a surge in demand for recycled or biodegradable materials. In addition, with an increasing number of households opting for DIY home improvement projects, there is a rising demand for high-quality, affordable tools and equipment. This trend is not only driven by budget constraints but also by a desire for personal satisfaction and a sense of accomplishment.

Trends in the market:
In Benin, the DIY & Hardware Store Market is experiencing a trend towards online shopping, as consumers increasingly turn to e-commerce platforms for convenience and variety. This trend is expected to continue as internet access and digital literacy improve in the country. Additionally, there is a growing demand for environmentally-friendly and sustainable products, as consumers become more conscious of their impact on the environment. This trend presents an opportunity for industry stakeholders to diversify their product offerings and cater to the changing consumer preferences.

Local special circumstances:
In Benin, the DIY & Hardware Store market is influenced by the country's predominantly rural population and limited access to modern infrastructure. This has led to a high demand for affordable and accessible home improvement solutions, particularly among low-income households. Additionally, the government's focus on developing the agriculture sector has created a need for specialized tools and equipment in rural areas. This unique combination of factors sets the DIY & Hardware Store market in Benin apart from other markets, driving its growth and shaping its dynamics.

Underlying macroeconomic factors:
The DIY & Hardware Store Market market in Benin is heavily influenced by macroeconomic factors such as government policies, economic growth, and consumer spending. The country's stable political environment and growing economy have led to an increase in disposable income among the population, driving consumer spending on home improvement and repair projects. Furthermore, the government's efforts towards infrastructure development and urbanization have created a demand for construction supplies and tools, boosting the growth of the DIY & Hardware Store Market. However, challenges such as high import duties and limited access to credit may hinder market growth in the country. Overall, the DIY & Hardware Store Market in Benin is expected to see steady growth in the coming years, supported by the country's macroeconomic stability and increasing demand for home improvement products.

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.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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