DIY & Hardware Store - Kuwait | Statista Market Forecast

In the country of Kuwait, the revenue in the DIY & Hardware Store market is expected to reach US$2.83bn in 2024.
It is projected to experience a steady annual growth rate of 4.08% (CAGR 2024-2029).
When compared to other countries around Worldwide, China leads the market with a revenue of US$785bn in 2024.
Taking into account the total population, the per person revenue in Kuwait's DIY & Hardware Store market is estimated to be US$650.10 in 2024.
The Kuwaiti DIY & Hardware Store market is experiencing a surge in demand for high-quality tools and materials due to the country's growing construction and home improvement industry.

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

Kuwait's DIY & Hardware Store Market has witnessed minimal growth due to factors such as slow economic growth, high competition, and limited consumer spending. The market's sub-sectors, namely Floor Covering, Paint, Tools & Machines, etc., are also affected by these challenges. Despite these obstacles, the convenience offered by online shopping and the increasing demand for DIY projects are expected to drive the market's growth in the future.

Customer preferences: As the economy in Kuwait continues to develop, there has been an increase in demand for DIY and hardware products. This is largely driven by the country's growing population and the influx of expatriates, who often prefer to carry out home repairs and renovations themselves rather than hiring professionals. Furthermore, with a strong do-it-yourself culture prevalent in Kuwait, consumers are also becoming more interested in online tutorials and classes on various DIY projects, resulting in a rise in online shopping for tools and materials. Moreover, with the increasing focus on sustainability and reducing waste, there has been a growing trend towards eco-friendly and sustainable products in the DIY and hardware market in Kuwait.

Trends in the market: In Kuwait, the DIY & Hardware Store Market is experiencing a surge in technology adoption and online sales. As e-commerce becomes more prevalent, consumers are turning to online platforms for their DIY needs, leading to a shift towards digital marketing and personalized customer experiences. The adoption of mobile apps and digital tools for home improvement projects is also on the rise, providing convenience and accessibility. This trend is expected to continue, driving the need for omnichannel strategies and investments in digital infrastructure. Furthermore, the market is witnessing a rise in DIY home improvement projects, as consumers look to save money during economic uncertainty. This trend is expected to have a significant impact on industry players, increasing competition and driving the need for innovative marketing and product offerings. As such, industry stakeholders must adapt to these changes and invest in digital technologies to stay relevant in the evolving DIY & Hardware Store Market in Kuwait.

Local special circumstances: In Kuwait, the DIY & Hardware Store Market is heavily influenced by the country's hot and dry climate, with products and materials specifically tailored to withstand the harsh weather conditions. The country's strict regulatory standards also play a significant role in shaping the market, ensuring quality and safety standards are met. Additionally, Kuwait's strong sense of community and emphasis on craftsmanship drives demand for high-quality DIY tools and materials, contributing to the growth of the market.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Kuwait is greatly impacted by macroeconomic factors such as the country's economic stability, fiscal policies, and global economic trends. As Kuwait's economy continues to grow, the demand for home improvement projects is also increasing, driving the growth of the DIY & Hardware Store Market. Additionally, the government's investments in infrastructure projects and initiatives to promote home ownership are further fueling the growth of the market. Moreover, the rising population and urbanization in Kuwait are increasing the demand for DIY and hardware products, as more people are looking to upgrade and improve their homes.

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.