DIY & Hardware Store - Equatorial Guinea

Equatorial Guinea

Equatorial Guinea's revenue in the DIY & Hardware Store market reaches US$367.70m in 2024.
It is projected that the market will grow at an annual rate of 3.04% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue with US$785bn in 2024.
In terms of per capita revenue, in Equatorial Guinea generates US$209.50 per person in 2024.
This indicates the significance of the DIY & Hardware Store market in Equatorial Guinea.
Despite its small size and limited resources, Equatorial Guinea has seen a growing trend of DIY and hardware stores catering to the needs of the local population.

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

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Analyst Opinion

The DIY & Hardware Store market in Equatorial Guinea is facing challenges in terms of growth, with a negligible growth rate. Factors such as limited availability of resources and infrastructure, as well as low disposable income of consumers, may be impacting this market. Despite these challenges, increasing awareness about home improvement and the convenience of online shopping may drive future growth for the sub-markets in Equatorial Guinea.

Customer preferences: As more individuals in Equatorial Guinea embrace DIY projects and home improvement, there has been a noticeable preference for sustainable and eco-friendly materials. This trend is influenced by the country's growing awareness of environmental issues and a desire to reduce waste. Additionally, the rise of online shopping and home delivery services has made it easier for consumers to access a wider range of sustainable products, further supporting this shift towards more environmentally-friendly choices.

Trends in the market: In Equatorial Guinea, the DIY & Hardware Store market is experiencing a surge in e-commerce sales, with consumers increasingly turning to online platforms for their home improvement needs. This trend is expected to continue as internet penetration and mobile usage continue to rise. At the same time, there is a growing demand for sustainable and eco-friendly products, as consumers become more conscious of their environmental impact. These trends offer significant opportunities for industry stakeholders to expand their online presence and cater to the evolving needs of consumers in the market.

Local special circumstances: In Equatorial Guinea, the DIY & Hardware Store market is heavily influenced by the country's tropical climate, which requires the availability of products and tools that can withstand high levels of humidity and extreme heat. Additionally, cultural preferences for traditional building techniques and materials may limit the demand for certain foreign products. Furthermore, regulatory restrictions on imported goods may also impact the variety of products available in the market, creating a unique business environment for DIY and hardware stores in Equatorial Guinea.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Equatorial Guinea is heavily influenced by macroeconomic factors such as economic stability, government policies, and investment in infrastructure. With the country's high dependence on oil exports, fluctuations in global oil prices can greatly impact consumer purchasing power and overall market performance. Additionally, the government's efforts towards economic diversification and development projects, such as the ongoing construction of the Cameroon-Equatorial Guinea border highway, can drive market growth and create new opportunities for DIY and hardware stores. Furthermore, the country's rapidly growing population and urbanization rate also contribute to the increasing demand for home improvement and construction supplies, further driving the growth of the DIY & Hardware Store Market.

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.