DIY & Hardware Store - Iran

  • Iran
  • In 2024, the revenue in the DIY & Hardware Store market in Iran amounts to US$21.02bn.
  • It is projected that the market will experience an annual growth rate of 2.83% (CAGR 2024-2029).
  • When compared globally, in China generates the highest revenue in this market segment, with US$785bn in 2024.
  • In terms of per capita figures, the revenue generated per person in Iran is US$234.10 in 2024.
  • Despite economic challenges, Iran's DIY and hardware store market is experiencing a surge in demand due to increased focus on home improvement projects.

Key regions: Worldwide, China, United States, India, Japan

 
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Analyst Opinion

The DIY and Hardware Store Market in Iran is experiencing slow growth due to factors such as low consumer spending and economic instability. However, the rising demand for home improvement and renovation projects is expected to drive growth in sub-markets such as Floor Covering, Paint, and Tools & Machines. The convenience of online shopping and increasing awareness of DIY projects also contribute to the market's growth. Challenges such as limited product options and unavailability of certain supplies may hinder growth.

Customer preferences:
Customers in Iran are increasingly turning to DIY and hardware stores to fulfill their home improvement needs, driven by a growing interest in home renovations and a desire for cost-effective solutions. This trend is particularly evident among young adults and families, who view home improvement projects as an opportunity to personalize their living spaces. Additionally, with the rise of online shopping platforms, consumers are now seeking convenience and competitive prices when it comes to purchasing tools and materials for their DIY projects.

Trends in the market:
In Iran, the DIY & Hardware Store Market is currently experiencing a surge in e-commerce, with more customers turning to online platforms for purchasing home improvement and hardware products. This trend is expected to continue in the coming years, with the rise of digitalization and the increasing use of smartphones and internet connectivity. This presents significant opportunities for industry players to tap into this growing market and expand their customer reach. However, this also poses challenges for traditional brick-and-mortar stores, which may need to adapt their business models to stay competitive. Additionally, the growth of e-commerce in this sector could lead to disruptions in the supply chain, as well as potential concerns around product quality and fraud. Therefore, it is crucial for industry stakeholders to closely monitor and adapt to these trends to stay relevant and capitalize on the opportunities presented by the growth of e-commerce in the DIY & Hardware Store Market in Iran.

Local special circumstances:
In Iran, the DIY & Hardware Store market is heavily influenced by the country's cultural and religious customs. For instance, alcohol-related products are strictly prohibited, which limits the presence of certain building materials and tools. Additionally, the market is deeply affected by strict government regulations, making it challenging for international brands to enter and compete. The country's geographical location also plays a role, as it has to import many goods due to limited local production. These unique factors create a highly localized market, with a focus on traditional building methods and materials.

Underlying macroeconomic factors:
The DIY & Hardware Store Market in Iran is greatly affected by macroeconomic factors such as the country's economic growth, government policies, and international trade. Iran's economic growth has been impacted by international sanctions, which have limited its access to global markets. However, with the lifting of some of these sanctions, the economy is expected to improve, leading to increased consumer spending and thus a potential boost for the DIY & Hardware Store Market. Additionally, the government has implemented policies to encourage domestic production and reduce reliance on imports, which could also positively impact the market. On the other hand, fluctuations in the country's currency, inflation, and interest rates could affect consumer spending and the overall performance of the market. Increased investment in infrastructure and the growing popularity of DIY projects among consumers could also drive growth in the market.

Methodology

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.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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