DIY & Hardware Store - Ghana | Statista Market Forecast

In Ghana, the revenue in the DIY & Hardware Store market is estimated to reach US$5.86bn in 2024.
This market segment is projected to experience an annual growth rate of 3.37% (CAGR 2024-2029).
When compared to other countries worldwide, China leads the market with a revenue of US$785bn in 2024.
In terms of per capita figures, the DIY & Hardware Store market generates US$168.40 in revenue per person in Ghana in 2024.
Ghana's DIY & Hardware Store market is experiencing a surge in demand for locally sourced, eco-friendly building materials.

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 Hardware market in Ghana has shown limited growth due to factors such as low consumer awareness, limited online presence, and unreliable supply chains. Despite sub-market growth, the overall market is hindered by challenges in infrastructure and distribution. This is reflected in the negligible growth rate. However, with a rising demand for DIY and home improvement, the market has the potential for significant expansion in the future.

Customer preferences: As Ghana's economy continues to grow and urbanization rises, there has been an increase in consumer demand for DIY and hardware stores. However, alongside this trend, there has also been a growing interest in sustainable and eco-friendly products. As a result, consumers are seeking out stores that offer a wide selection of environmentally conscious and sustainably sourced materials. This shift towards sustainability is driven by a cultural emphasis on preserving the environment and a desire for more eco-friendly options in the DIY and hardware market. Additionally, with the rise of social media platforms, there has been a growing trend of sharing home improvement projects and DIY tips. This has led to an increased demand for unique and aesthetically pleasing products, as consumers seek to differentiate themselves and showcase their individuality through their home decor and projects.

Trends in the market: In Ghana, the DIY & Hardware Store Market is witnessing a rise in e-commerce platforms, allowing customers to conveniently purchase home improvement products online. This trend is expected to continue as more consumers embrace the convenience and safety of online shopping. Additionally, there is a growing demand for eco-friendly and sustainable products, leading to an increase in the availability of environmentally friendly options in hardware stores. These trends have significant implications for industry stakeholders, as they must adapt to meet the changing demands of customers and stay competitive in the market. There is also a potential for increased sales and growth opportunities for businesses that cater to these evolving consumer preferences.

Local special circumstances: In Ghana, the DIY & Hardware Store Market is heavily influenced by the country's geography and infrastructure. With a large rural population and limited access to traditional brick and mortar hardware stores, there is a growing demand for online and mobile shopping options in the market. Additionally, Ghana's cultural emphasis on self-sufficiency and DIY culture has contributed to the growth of the market, as customers seek out affordable and convenient solutions for their home improvement needs. Furthermore, government regulations and policies aimed at promoting local manufacturing and production have shaped the market dynamics, leading to the emergence of local brands and products in the sector.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Ghana is heavily influenced by macroeconomic factors such as economic stability, government policies, and consumer spending habits. With Ghana being one of the fastest growing economies in Africa, there is a strong demand for construction and renovation projects, leading to an increase in the demand for DIY and hardware products. Additionally, the implementation of favorable fiscal policies by the government, such as tax incentives for the construction industry, has further fueled market growth. Moreover, the increasing population and rising urbanization in Ghana have resulted in a higher disposable income, leading to a surge in consumer spending on DIY and hardware products. These factors are expected to continue driving the growth of the market in the coming years.

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.