DIY & Hardware Store - Laos

  • Laos
  • in Laos, a country Southeast_Asia, also sees revenue in its DIY & Hardware Store market.
  • In 2024, the revenue amounts to US$1,345.00m, indicating the economic activity in this sector.
  • Looking ahead, the market is projected to experience an annual growth rate of 3.01% between 2024 and 2029, as estimated by the compound annual growth rate (CAGR).
  • When comparing in Laos to other countries globally, it is important to note that in China generates the highest revenue in this market segment.
  • In 2024, in China's revenue reaches a staggering US$785bn.
  • This illustrates the significant scale of economic activity in in China's DIY & Hardware Store market.
  • To put the revenue figures into perspective, we can analyze the per person revenues in Laos.
  • In 2024, the per person revenue is calculated to be US$173.90.
  • This metric provides insight into the average contribution of each individual in Laos to the overall revenue generated in the DIY & Hardware Store market.
  • Overall, the DIY & Hardware Store market in Laos shows promising revenue figures, and with the projected growth rate, it is expected to further contribute to the country's economic development in the coming years.
  • With a growing demand for DIY and hardware products, Laos is witnessing a surge in the establishment of local hardware stores to cater to the needs of its expanding construction industry.

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

 
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Analyst Opinion

The DIY & Hardware Store market in Laos has seen minimal growth due to factors such as limited access to technology, low consumer awareness about home improvement, and lack of infrastructure. This has resulted in a negligible growth rate for sub-markets such as Floor Covering, Paint, Wallpaper & Supplies, Tools & Machines, and Hardware & Building Materials. However, the market has the potential to grow with increasing urbanization and rising demand for affordable housing.

Customer preferences:
As consumer lifestyles in Laos become more fast-paced and convenience-oriented, there is a growing demand for online shopping and delivery services in the DIY and hardware sector. This trend is driven by a desire for time efficiency and accessibility, as well as the increasing availability of e-commerce platforms in the country. Additionally, with the rise of social media and digital connectivity, consumers are turning to these platforms for product recommendations and reviews, shaping their purchasing decisions.

Trends in the market:
In Laos, the DIY & Hardware Store Market is experiencing a surge in demand for sustainable and eco-friendly products. Consumers are increasingly prioritizing environmentally friendly options, driving the market towards a greener trajectory. This trend is significant for industry stakeholders as it presents an opportunity to tap into a growing market segment and differentiate themselves from competitors. Additionally, this trend has the potential to drive innovation and promote sustainable practices within the industry. However, it also poses challenges for traditional hardware stores that may struggle to adapt to changing consumer preferences.

Local special circumstances:
In Laos, the DIY & Hardware Store Market is heavily influenced by the country's geographical landscape, which is primarily rural and mountainous. This poses challenges for transportation and distribution of hardware products, resulting in higher prices for consumers. Additionally, the culture in Laos places a strong emphasis on self-sufficiency and DIY projects, leading to a strong demand for hardware stores. However, government regulations on foreign investment and ownership may limit the growth of major hardware store chains in the market.

Underlying macroeconomic factors:
The DIY & Hardware Store Market in Laos is heavily influenced by macroeconomic factors such as government policies, national economic health, and global economic trends. With the country experiencing steady economic growth and increasing investment in infrastructure development, the demand for DIY and hardware products is expected to see a significant rise. Additionally, the growing population and the expansion of the housing sector are driving the demand for home renovation and improvement projects, further boosting the growth of the DIY and hardware store market in Laos. Moreover, the government's focus on promoting small and medium enterprises and its efforts to improve the business climate are expected to attract more international players, leading to increased competition and market growth.

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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