DIY & Hardware Store - Iraq | Statista Market Forecast

In Iraq, the DIY & Hardware Store market is projected to generate a revenue of US$10.41bn in 2024.
This market segment is expected to experience an annual growth rate of 4.01% (CAGR 2024-2029).
When compared globally, China leads the way with a revenue of US$785bn in 2024.
In terms of per capita figures, the DIY & Hardware Store market in Iraq is expected to generate US$223.70 per person in 2024.
Despite the challenging socio-political environment, the DIY & Hardware Store market in Iraq is witnessing a growing demand for construction 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 Iraq is experiencing sluggish growth due to limited consumer spending, high import costs for materials, and a lack of infrastructure for online services. Despite challenges, this market shows potential for growth with initiatives to improve infrastructure and increase consumer education on DIY projects. Factors such as increased interest in home improvement, growing urbanization, and investment in construction projects may also contribute to future growth.

Customer preferences: The DIY & Hardware Store Market market in Iraq has seen a rise in demand for sustainable and eco-friendly products, driven by a growing awareness of the need for environmental conservation. Consumers are increasingly seeking out products made from natural materials and those that have minimal impact on the environment. This trend is also influenced by a cultural emphasis on traditional, artisanal craftsmanship and a desire for authenticity in products. As a result, retailers in this market are now offering a wider range of eco-friendly options and promoting the use of reusable and recyclable products.

Trends in the market: In Iraq, the DIY & Hardware Store Market is experiencing a surge in demand due to the rising popularity of DIY projects and home renovations. This trend is expected to continue as more people spend time at home due to the pandemic. Furthermore, the market is witnessing a shift towards online shopping, with consumers adopting a more convenient and contactless approach. This trend is significant for industry stakeholders as it presents opportunities for online retailers to expand their presence and cater to the growing demand. However, it also poses a challenge for traditional brick-and-mortar stores to adapt to the changing consumer behavior and stay competitive. To stay relevant in this evolving market, stakeholders will need to embrace digital strategies and provide an omnichannel shopping experience to their customers.

Local special circumstances: In Iraq, the DIY & Hardware Store Market is heavily influenced by the country's unstable political and economic environment. With ongoing wars and conflicts, the demand for construction materials and home repair products fluctuates. Additionally, cultural factors play a significant role as traditional methods of home repairs and construction are still prevalent. This leads to a lower demand for modern DIY products. Moreover, stringent government regulations on importing and exporting goods also impact the market's dynamics.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Iraq is largely influenced by macroeconomic factors such as the country's economic stability, government policies, and global economic trends. As the country continues to rebuild and recover from the effects of war, there is a growing demand for construction and home improvement projects, which in turn drives the growth of the DIY & Hardware Store Market. However, challenges such as high inflation rates and limited access to finance for small businesses can impact market performance. Additionally, the implementation of fiscal policies that support the growth of the DIY & Hardware Store Market and the overall economy can greatly influence the market's success.

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.