DIY & Hardware Store - Malawi | Statista Market Forecast

In Malawi, the DIY & Hardware Store market recorded a revenue of US$3.12bn in 2024.
It is projected to experience an annual growth rate of 3.55% (CAGR 2024-2029).
When compared globally, China leads the market with a revenue of US$785bn in 2024.
Looking at the population, the per person revenue in 2024 stands at US$145.30.
Despite its emerging economy, Malawi's DIY & Hardware Store market is thriving due to the increasing demand for home improvement products and 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 Malawi is currently experiencing minimal growth, influenced by factors such as limited consumer awareness, lack of infrastructure, and low purchasing power. Despite this, the market shows potential for expansion due to the growing demand for home improvement projects and the availability of affordable DIY products. This market is also driven by the convenience of online shopping and the increasing interest in sustainable and environmentally friendly solutions.

Customer preferences: As the DIY & Hardware Store Market in Malawi continues to grow, an emerging trend in consumer preferences is the demand for environmentally friendly and sustainable products. This shift is influenced by a growing awareness of the impact of consumer choices on the environment and a desire for more conscious consumption. This is highlighted by the increasing popularity of recycled and upcycled materials, as well as the use of eco-friendly and non-toxic products. Additionally, there is a cultural appreciation for traditional craftsmanship and locally sourced materials, which has led to a demand for locally made products in the market.

Trends in the market: In Malawi, the DIY & Hardware Store Market market is experiencing a rise in online sales and home delivery services due to the increasing use of technology and e-commerce. This trend has been accelerated by the COVID-19 pandemic and is expected to continue in the future. Additionally, there has been a shift towards sustainable and eco-friendly products, as consumers become more conscious of their environmental footprint. This trend has led to an increase in demand for green building materials and energy-efficient products. These developments have significant implications for industry stakeholders, such as increased competition, the need for a strong online presence, and the importance of offering a diverse range of sustainable products to meet changing consumer preferences.

Local special circumstances: In Malawi, the DIY & Hardware Store Market faces unique challenges due to geographical factors. The country is primarily rural with limited access to urban areas, leading to a high demand for affordable building and maintenance supplies. Cultural preferences for home improvement projects also drive market growth. Additionally, strict regulations for the import of goods make it difficult for international companies to enter the market, leading to a high demand for locally sourced products. These factors create a dynamic market with a focus on affordable and locally available products.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Malawi is heavily influenced by macroeconomic factors such as overall economic growth, consumer spending patterns, and government policies. The country's steady economic growth, coupled with increasing consumer purchasing power, is expected to drive market growth. However, challenges such as high inflation rates and currency fluctuations have the potential to impact consumer spending and overall market performance. Additionally, government initiatives aimed at promoting small businesses and increasing access to credit may play a key role in fostering the growth of the DIY & Hardware Store Market in Malawi.

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.