DIY & Hardware Store - Lesotho | Statista Market Forecast

in Lesotho, a country in southern Africa, also has a presence in the DIY & Hardware Store market.
In 2024, the revenue in this market segment in Lesotho amounts to US$336.50m.
Looking ahead, the market is projected to experience an annual growth rate of 1.48% from 2024 to 2029 (CAGR 2024-2029).
When comparing Lesotho's revenue to other countries globally, it is evident that China generates the highest revenue in this market segment, with a staggering US$785bn in 2024.
In terms of per capita revenue, in Lesotho generates US$142.80 per person in 2024, taking into account the total population figures.
This indicates the level of economic activity and consumer spending within the country's DIY & Hardware Store market.
The DIY & Hardware Store market in Lesotho is experiencing a surge in demand for locally sourced 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 Lesotho is facing slow growth due to challenges such as limited consumer spending, high competition, and infrastructure limitations. Factors such as the popularity of DIY projects, increasing awareness about home improvement, and the convenience of online shopping are driving the market's growth. However, the market's overall growth rate remains limited due to economic constraints and a lack of technological advancements in the country.

Customer preferences: There has been a growing preference for sustainable, eco-friendly products in the DIY & Hardware Store Market in Lesotho. This trend is driven by a combination of environmental consciousness and cost-saving measures. Consumers are increasingly seeking out energy-efficient home appliances and eco-friendly building materials, such as sustainable wood and recycled metal. This shift towards environmentally conscious products is reflective of a larger global trend towards sustainable living and responsible consumerism.

Trends in the market: The DIY & Hardware Store Market in Lesotho is experiencing a trend of increased demand for sustainable and environmentally-friendly products. This trend is driven by a growing awareness of the negative impact of traditional construction materials on the environment. As a result, consumers are seeking alternative options such as sustainable building materials, energy-efficient appliances, and eco-friendly paints and coatings. This trend is expected to continue as more consumers prioritize environmentally-friendly choices in their home improvement projects. For industry stakeholders, this trend presents opportunities to expand product offerings and cater to the growing demand for eco-friendly options. It also highlights the need for businesses to incorporate sustainability into their operations to remain competitive in the market.

Local special circumstances: In Lesotho, the DIY & Hardware Store Market is heavily influenced by the country's unique geographical landscape. The mountainous terrain and limited road infrastructure make it challenging for large retailers to establish a presence, leading to a fragmented market dominated by small, local businesses. Additionally, cultural norms of self-reliance and DIY mindset contribute to the popularity of hardware stores among the population. Strict import regulations also play a role in shaping the market, as local products have an advantage over imported goods.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Lesotho is impacted by various macroeconomic factors, such as the overall health of the national economy, global economic trends, and fiscal policies. The stability of the country's currency, availability of credit and investments, and consumer confidence also play a crucial role in market performance. Moreover, government initiatives to promote infrastructure development, including construction of residential and commercial buildings, directly affect the demand for hardware and DIY products. Fluctuations in the housing and real estate markets, as well as changes in consumer purchasing power, can significantly impact the sales and growth of the DIY & Hardware Store Market in Lesotho.

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.