The Hardware & Building Materials Market has seen minimal growth in the APAC region, impacted by factors such as economic slowdown and increasing competition. However, the convenience of digital technologies and rising DIY trend are expected to drive market growth.
Customer preferences:
As urbanization and city living continue to rise in APAC, there is a growing demand for compact and space-saving hardware and building materials in the DIY & Hardware Store Market. Additionally, with the increasing prevalence of single-person households and smaller living spaces, there is a shift towards multi-purpose and versatile products. This trend is driven by the need for practical and efficient solutions for DIY and home improvement, in line with the fast-paced lifestyle and limited living space in urban areas.
Trends in the market: In the APAC region, the Hardware & Building Materials Market within the DIY & Hardware Store Market is experiencing a surge in online sales due to the increasing popularity of e-commerce platforms. This trend is especially prevalent in countries like China, Japan, and South Korea, where consumers are increasingly turning to online channels for their DIY and home improvement needs. Additionally, there has been a rise in the use of social media and influencers to promote DIY and home improvement products, further driving sales in the market. This shift towards online shopping and digital marketing has significant implications for industry stakeholders, as they must adapt and invest in online capabilities to stay competitive in the market.
Local special circumstances: In APAC, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the unique geographical and cultural factors of each country. For example, in Japan, the market is driven by the country's high population density and limited space, leading to a demand for space-saving and multi-functional building materials and solutions. In China, rapid urbanization and an increasing focus on sustainable construction have driven the demand for eco-friendly building materials. In Australia, strict building codes and regulations have prompted the use of high-quality and durable building materials to withstand the harsh climate conditions.
Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in APAC is influenced by macroeconomic factors such as economic stability, government policies and investment in infrastructure. Countries with strong economic growth, stable political climate and favorable policies towards the construction industry are experiencing higher demand for hardware and building materials. Additionally, the rapid urbanization and population growth in the region are driving the demand for DIY and home improvement solutions, contributing to the overall market growth. Moreover, ongoing global economic trends, such as trade disputes and changing consumer behavior, also impact the performance of the market in APAC.
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.
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