DIY & Hardware Store - Gambia | Statista Market Forecast

In Gambia, the revenue in the DIY & Hardware Store market is estimated to reach US$403.80m in 2024.
It is projected to experience an annual growth rate of 3.41% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market, amounting to US$785bn in 2024.
On a per capita basis, the revenue generated per person in Gambia is US$142.10 in 2024.
Despite its small size and limited resources, Gambia has seen a growing DIY and hardware store market driven by the increasing demand for home improvement and construction projects.

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 Gambia is experiencing minimal growth due to factors such as low consumer awareness and limited access to digital technologies. Additionally, the country's reliance on traditional building methods and lack of government support for home improvement projects further impact the market's growth rate.

Customer preferences: Gambian consumers are increasingly turning to online shopping for their DIY and hardware needs, driven by the convenience and wider range of products available. This trend is in part due to the younger demographic's growing preference for digital solutions and the increasing access to technology in the country. Additionally, the rise in urbanization and higher disposable incomes among Gambians has led to a shift towards DIY and home improvement projects, further fueling the demand for online hardware stores.

Trends in the market: In Gambia, the DIY & Hardware Store Market is seeing a rise in online shopping platforms, providing consumers with convenience and access to a wider range of products. Additionally, there is a growing trend of eco-friendly and sustainable products, reflecting a shift towards conscious consumerism. These trends are significant for industry stakeholders as they can tap into the expanding digital market and cater to the increasing demand for environmentally friendly products. This could lead to potential opportunities for growth and innovation in the market.

Local special circumstances: In Gambia, the DIY & Hardware Store market is heavily influenced by the country's geography, with a majority of the population residing in rural areas. This has led to a strong demand for small-scale and affordable DIY solutions, as well as hardware stores that offer a variety of products. Additionally, cultural factors such as the traditional practice of building and repairing homes with local materials have shaped the market, with an emphasis on sustainability and cost-effectiveness. Furthermore, regulatory restrictions on the import of certain products have resulted in a unique market landscape with a focus on locally sourced materials and tools. This has led to a diverse range of offerings and a strong sense of community in the DIY & Hardware Store market in Gambia.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Gambia is impacted by macroeconomic factors such as economic growth, inflation rates, and government fiscal policies. The country's stable economic growth and low inflation rates have contributed to the increasing purchasing power of consumers, leading to higher demand for DIY and hardware products. Furthermore, the government's efforts to improve infrastructure and promote entrepreneurship have also created a conducive business environment for the market. On the other hand, fluctuations in the global economy and volatile exchange rates can potentially affect the import and export of goods, thus impacting the availability and pricing of products in the market. Overall, the stability and growth of the Gambia's economy play a crucial role in the performance of the DIY & Hardware Store Market in the country.

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.