DIY & Hardware Store - G20 | Statista Market Forecast

In 2024, the revenue in the DIY & Hardware Store market in G20 countries amounts to a staggering US$1.59tn.
This market is projected to experience a steady annual growth rate of 2.44% from 2024 to 2029, according to the compound annual growth rate (CAGR).
In terms of global comparison, China leads the pack with the highest revenue of US$785bn in 2024.
When considering the total population figures, the per person revenue generated in 2024 stands at US$448.90.
In India, the DIY & Hardware Store market is witnessing a surge in demand due to the growing middle-class population and increasing urbanization.

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 G20 has seen a slow growth rate, influenced by factors such as an increase in DIY projects due to stay-at-home measures, a rise in home improvement spending, and the convenience of online shopping. Additionally, the growing demand for environmentally-friendly products and the incorporation of technology in the DIY process have also impacted the market's growth.

Customer preferences: Consumers in the DIY & Hardware Store Market are increasingly seeking sustainable and eco-friendly products, as environmental consciousness and the desire to reduce waste become top priorities. This has led to a rise in demand for products made from recycled materials and those with minimal packaging. Additionally, the shift towards minimalist and decluttered living spaces has led to an increased focus on space-saving and multifunctional products. These evolving lifestyle factors have influenced the market to offer more sustainable and space-efficient options, catering to the growing demand for eco-friendly and minimalistic solutions.

Trends in the market: In the G20 countries, the DIY & Hardware Store Market market is experiencing a shift towards sustainable and eco-friendly products. Many consumers are becoming more environmentally conscious and are seeking out products that are made from recycled materials or have a low carbon footprint. This trend is expected to continue as governments and businesses prioritize sustainability. Additionally, there is a growing demand for DIY and home improvement tutorials and resources online, as more people turn to DIY projects during the pandemic. This trend presents opportunities for industry stakeholders to innovate and cater to the evolving needs of consumers.

Local special circumstances: In the DIY & Hardware Store Market market in G20 countries, there are various local factors that contribute to its unique dynamics. For instance, in China, the market is heavily influenced by the country's vast population and rapid urbanization, leading to a high demand for home renovation and improvement products. On the other hand, in Germany, there is a strong emphasis on sustainability and eco-friendly products, which has shaped the market's offerings. In the United States, the market is heavily influenced by consumer preferences for DIY projects, creating a demand for a wide range of tools and materials. Similarly, in Japan, the market is driven by the country's aging population and their need for accessibility and safety products for their homes.

Underlying macroeconomic factors: The growth of the DIY & Hardware Store market is heavily influenced by macroeconomic factors such as consumer confidence, disposable income, and housing market trends. Countries with stable economic growth, low unemployment rates, and high consumer spending are likely to see a higher demand for home improvement and renovation projects, thus driving the growth of the DIY & Hardware Store market. Additionally, government initiatives and tax policies that promote homeownership and home improvement can also have a positive impact on the market. Conversely, economic downturns and market instability can lead to a decrease in consumer spending and a decline in the DIY & Hardware Store 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.

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.