DIY & Hardware Store - Benin | Statista Market Forecast

In Benin, the DIY & Hardware Store market in 2024 generates a revenue of US$2.07bn.
It is projected to experience an annual growth rate of 3.45% (CAGR 2024-2029).
Comparatively, 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.

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.

Tools such as power tools and hand tools
Hardware such as products related to safety and security
Lawn & Garden such as gardening tools and plant supplies
Heating & Cooling systems such as air conditioners and heaters
Bathroom fixtures such as toilets, faucets, and sinks
Floor Coverings such as parquet panels

Electrical supplies such as power inlets and extension cords
Household appliances such as refrigerators and dishwashers
Hardware services such as preventitive maintenance contracts
Professsional contruction machinery such as cement mixers
Air treatment devices such as purifiers and humidifiers

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.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Building and renovating homes involves general contractors and subcontractors who build new homes and remodel existing homes. Home renovation projects also encompass the remodeling of external structures such as gardens, garages, and lawns. The total U.S. home improvement expenditure amounted to 566 billion U.S. dollars in 2022. Homeowners undertake home improvement to make residential properties more comfortable, upgrade air conditioning and heating systems, waterproof roofs and basements, soundproof rooms, and to extend their homes and boost energy savings.