DIY & Hardware Store - Guinea | Statista Market Forecast

In Guinea, the DIY & Hardware Store market generates a revenue of US$2.27bn in 2024.
It is projected to experience an annual growth rate of 3.61% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market, amounting to US$785bn in 2024.
In terms of per person revenues, in Guinea generates US$156.10 in 2024.
Despite the limited access to resources, Guinea's DIY & Hardware Store market is witnessing a growing demand for affordable and locally sourced tools and 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 DIY & Hardware Store market in Guinea has shown negligible growth due to factors such as low consumer awareness and limited access to digital technologies. However, increasing demand for home renovation and repair, coupled with convenient online shopping options, may drive market growth in the near future.

Customer preferences: Consumers in Guinea are turning to DIY and hardware stores for affordable and convenient home improvement solutions. The rise in housing prices and increasing urbanization have led to a growing demand for cost-effective alternatives to professional services. This trend is further fueled by cultural norms that value self-sufficiency and hands-on approach to home maintenance. As a result, retailers in the DIY & Hardware Store market are expanding their product offerings and emphasizing the ease of use and accessibility of their products.

Trends in the market: In Guinea, there has been a noticeable uptick in the demand for self-sufficient and cost-effective solutions, particularly in the DIY and hardware store market. This trend is driven by the country's limited infrastructure and challenging economic conditions. Local consumers are increasingly turning to DIY and hardware stores for affordable home improvement and repairs. This presents a significant opportunity for industry stakeholders to tap into this growing market and offer innovative products and services. With the rise of digital technology, online platforms and mobile apps for DIY and home improvement are also gaining popularity, providing convenient solutions for DIY enthusiasts in Guinea.

Local special circumstances: In Guinea, the DIY & Hardware Store market is heavily influenced by the country's economic situation, with limited access to imported goods and fluctuating exchange rates. This has led to the emergence of local, small-scale hardware stores that cater to the specific needs and preferences of the population. Additionally, the cultural preference for DIY home repairs and renovations has contributed to the growth of this market. Government regulations also play a role, with strict import laws and a lack of formalized retail systems impacting the market's competitiveness.

Underlying macroeconomic factors: The DIY & Hardware Store Market market in Guinea is heavily influenced by macroeconomic factors such as national economic health and fiscal policies. Due to the country's struggling economy and high poverty rates, consumer spending on DIY and hardware products is limited. Additionally, Guinea's reliance on mining exports and its vulnerability to fluctuations in global commodity prices also impact the market. However, recent efforts by the government to improve infrastructure and encourage foreign investment may lead to economic growth, and subsequently, an increase in demand for DIY and hardware products.

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.