DIY & Hardware Store - Laos | Statista Market Forecast

in Laos, a country Southeast_Asia, also sees revenue in its DIY & Hardware Store market.
In 2024, the revenue amounts to US$1.34bn, 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 China generates the highest revenue in this market segment.
In 2024, China's revenue reaches a staggering US$785bn.
This illustrates the significant scale of economic activity 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.

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 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.

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.