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Key regions: Worldwide, China, United States, India, Japan
Ethiopia's DIY & Hardware Store market has seen slow growth due to various factors such as low consumer awareness and limited access to digital technologies. The market's sub-sectors, including Floor Covering, Paint, and Tools & Machines, are also experiencing minimal growth. This can be attributed to the country's underdeveloped infrastructure and lack of government support. Additionally, the limited availability of quality products and sparse competition in the market may be impacting the overall growth rate. As a result, the DIY & Hardware Store market in Ethiopia has been unable to reach its full potential and is in need of significant development efforts.
Customer preferences: With the rise in urbanization and a growing middle class in Ethiopia, there is a growing trend towards home improvement and DIY projects. Consumers are increasingly opting for affordable and sustainable solutions, such as using recycled materials and eco-friendly products. This is driven by a desire for cost-consciousness and the desire for a more environmentally conscious lifestyle. As a result, there is a growing demand for DIY and hardware stores that offer a wide range of affordable and sustainable products.
Trends in the market: In Ethiopia, the DIY & Hardware Store market is currently experiencing a surge in demand for sustainable and eco-friendly products, as consumers become more conscious of their environmental impact. This trend is expected to continue as the government encourages sustainable living and implements policies promoting green practices. It also presents opportunities for industry stakeholders to tap into this market by offering a wider range of eco-friendly products and services. Moreover, with the rise of e-commerce in the country, there is a growing trend of online DIY shopping, providing convenience for consumers and driving sales for retailers. As the economy continues to grow, it is crucial for industry players to stay updated on these trends and adapt their strategies accordingly to stay competitive in the market.
Local special circumstances: In Ethiopia, the DIY & Hardware Store Market is heavily influenced by the country's agricultural economy, as well as its rapid urbanization and infrastructure development. The government has implemented policies to support small-scale farmers, who make up a large portion of the population, leading to a high demand for affordable and locally-sourced building materials. The rise of urbanization has also created a need for quality construction supplies and renovation products, as well as a growing DIY culture among homeowners. Regulatory reforms have also made it easier for foreign companies to enter the market, providing new opportunities for growth.
Underlying macroeconomic factors: The growth of the DIY & Hardware Store Market in Ethiopia is influenced by macroeconomic factors such as economic growth, consumer spending, government policies, and investor confidence. Ethiopia's strong economic growth, stable political environment, and ongoing infrastructure development projects are contributing to the growth of the market. Additionally, the increasing urbanization rate and rising disposable income are driving consumer spending on DIY and home improvement products. However, the market is also facing challenges such as high import tariffs and limited access to finance, which are hindering the growth potential of the market.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)