The DIY & Hardware Store Market in India has shown negligible growth due to various factors such as low disposable income, slow urbanization, and preference for traditional shopping methods. This has impacted the market's growth rate, resulting in stagnant sales and limited expansion opportunities.
Customer preferences: Consumers in India have shown a growing preference for eco-friendly and sustainable products in the Hardware & Building Materials Market within the DIY & Hardware Store Market. This is driven by a greater awareness of the environmental impact of construction and home improvement activities. As a result, there is a rise in demand for products made from natural and recyclable materials, as well as energy-efficient solutions. This trend is further fueled by the increasing focus on green living and sustainable practices in Indian culture and society.
Trends in the market: In India, the Hardware & Building Materials Market within the DIY & Hardware Store Market is experiencing a surge in online sales, driven by the increasing availability of e-commerce platforms and a growing number of DIY enthusiasts. This trend is expected to continue as consumers are becoming more comfortable with online shopping and seeking convenience and competitive pricing. This shift towards online purchasing is significant for industry stakeholders as it presents opportunities for companies to expand their reach and tap into new markets. Moreover, it highlights the need for retailers to develop and enhance their online presence to remain competitive in the rapidly evolving market.
Local special circumstances:
In India, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's diverse climate and population. The demand for durable and weather-resistant materials is high, leading to the popularity of products such as cement, steel, and bricks. Furthermore, cultural preferences for home improvement and renovation projects, driven by the concept of "DIY" (do-it-yourself), play a significant role in the market's growth. Additionally, government regulations and policies, such as the Real Estate (Regulation and Development) Act, have also impacted the market by promoting transparency and standardization in the construction sector.
Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in India is heavily impacted by macroeconomic factors such as the country's economic health, government policies, and global economic trends. With the steady growth of India's economy and increasing infrastructure spending, there is a strong demand for hardware and building materials. Moreover, the government's focus on promoting 'Make in India' and affordable housing initiatives is further driving the growth of the market. Additionally, the rise in disposable income and growing urbanization is also expected to boost the 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.
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