DIY & Hardware Store - Mongolia | Statista Market Forecast

In Mongolia, the revenue in the DIY & Hardware Store market reaches a significant amount of US$669.00m in 2024.
It is projected to experience an annual growth rate of 3.27% (CAGR 2024-2029).
When compared globally, China leads the way with a staggering revenue of US$785bn in 2024.
Considering the population figures, the per person revenue generated in 2024 stands at US$191.50.
Mongolia's DIY & Hardware Store market is experiencing a surge in demand due to the country's growing construction and renovation activities.

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 Mongolia has seen stagnant growth due to various factors such as low consumer demand, limited access to digital technologies, and a lack of awareness about the convenience of online services. Sub-markets like Floor Covering and Heating & Cooling may be most impacted by these challenges. Factors such as a slow economy and a struggling construction industry also contribute to the market's negligible growth rate.

Customer preferences: Consumers in Mongolia are increasingly turning to DIY and hardware stores for their home improvement needs, driven by a growing DIY culture and rising disposable incomes. This shift towards DIY is also influenced by the younger generation's preference for personalized home projects and the desire for self-sufficiency. Additionally, with the rise of social media and online resources, consumers are able to access a wealth of information and inspiration for DIY projects, further driving the demand for DIY and hardware stores.

Trends in the market: In Mongolia, the DIY & Hardware Store Market is seeing a surge in online sales and delivery services. This trend is driven by the rise in e-commerce and the convenience it offers to customers. Additionally, there is an increase in DIY and home improvement activities, as people spend more time at home due to the pandemic. This trend is expected to continue, with industry stakeholders investing in online platforms and expanding their product offerings. However, it also poses a challenge for traditional brick-and-mortar stores, who may struggle to compete with the convenience and lower prices offered by online retailers.

Local special circumstances: In Mongolia, the DIY & Hardware Store Market has experienced steady growth due to the country's unique geographical and cultural dynamics. As a sparsely populated country with a largely nomadic population, DIY and home improvement projects hold great significance in Mongolia. The harsh climate and remote locations of many communities also contribute to the popularity of DIY solutions. Additionally, the government's efforts to promote self-sufficiency and sustainable living further drive the demand for DIY and hardware products. These factors set the Mongolian market apart from others and impact the market's growth and consumer preferences.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Mongolia is heavily influenced by macroeconomic factors such as the country's overall economic health, government fiscal policies, and global economic trends. In recent years, Mongolia has experienced significant economic growth and an increase in foreign investment, which has led to a rise in consumer spending and demand for DIY and hardware products. However, the market also faces challenges due to a lack of infrastructure development and the country's reliance on mining as the main industry. Furthermore, fluctuations in global commodity prices and economic uncertainties can also impact consumer confidence and market performance. As Mongolia continues to develop and diversify its economy, the DIY & Hardware Store Market is expected to experience significant growth, driven by increased consumer purchasing power and a growing demand for home improvement and construction products.

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.