DIY & Hardware Store - Ecuador | Statista Market Forecast

The DIY & Hardware Store market in Ecuador is projected to generate a revenue of US$4.36bn in 2024.
It is expected to experience an annual growth rate of 2.62% (CAGR 2024-2029).
When compared to other countries globally, China leads the market with a revenue of US$785bn in 2024.
In terms of per capita revenue, each person in Ecuador is expected to contribute US$237.30 in 2024.
Ecuador's DIY & Hardware Store market is experiencing a surge in demand for eco-friendly and sustainable products.

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 Ecuador is experiencing minimal growth, due to various factors such as a slowdown in the construction industry, limited consumer awareness of DIY projects, and a preference for traditional brick-and-mortar shopping. This is in stark contrast to the significant growth seen in the overall digital health market worldwide, driven by increasing adoption of technology and a shift towards online services. Despite this slow growth, the diverse sub-markets within the DIY & Hardware Store industry in Ecuador, such as Floor Covering and Tools & Machines, continue to offer convenience and options for consumers.

Customer preferences: As Ecuador's economy continues to grow and urbanization rates increase, there has been a noticeable shift towards DIY solutions for home improvement projects. This trend can be attributed to rising disposable incomes and a desire for cost-effective solutions. Additionally, there is a growing interest in sustainable and eco-friendly materials, as well as a preference for locally sourced products. This has led to an increase in demand for green building supplies and materials among consumers in the DIY & Hardware Store Market.

Trends in the market: In Ecuador, the DIY & Hardware Store Market is seeing a rise in e-commerce trends, with consumers increasingly using online platforms to purchase home improvement and hardware products. This trend is supported by the country's growing internet penetration rate and increasing consumer preference for convenience. As a result, brick-and-mortar stores may need to adapt their strategies to remain competitive in the market. Additionally, suppliers and manufacturers may need to invest in e-commerce capabilities to better reach and engage with customers. This upward trend in online shopping is expected to continue, presenting opportunities for industry players to leverage technology and enhance the overall shopping experience.

Local special circumstances: In Ecuador, the DIY & Hardware Store Market is heavily influenced by the country's diverse geographic landscape. With the Andes mountain range, Amazon rainforest, and Pacific coastline, distribution and logistics play a crucial role in the market's dynamics. Additionally, the cultural preference for traditional building methods and materials poses challenges and opportunities for retailers. The market is also impacted by the government's regulations on importation and domestic production, affecting availability and pricing of products.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Ecuador is highly dependent on macroeconomic factors such as national economic health, government policies, and global economic trends. The country's stable economic growth and increasing disposable income have contributed to the rise in demand for DIY products, leading to the growth of the market. Moreover, the government's infrastructure development initiatives and investment in the construction sector have also played a significant role in boosting the DIY market in the country. The DIY & Hardware Store Market is also influenced by global economic trends, such as changes in raw material prices and currency exchange rates, which impact the profit margins of retailers and manufacturers. Additionally, favorable fiscal policies and regulatory support have created a conducive environment for the growth of this market in Ecuador.

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.