DIY & Hardware Store - Myanmar | Statista Market Forecast

In Myanmar, the revenue generated in the DIY & Hardware Store market in 2024 amounts to US$9.18bn.
It is projected to grow annually by 2.15% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market, with US$785bn in 2024.
In terms of per person revenues, in Myanmar generates US$167.10 in 2024.
In Myanmar, the DIY & Hardware Store market is experiencing a surge in demand due to the country's rapid urbanization and infrastructure development.

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 Myanmar is currently experiencing a slow growth rate, impacted by factors such as limited consumer awareness, low disposable income, and lack of availability of quality products. However, the market is expected to see a gradual increase, driven by the rising demand for home improvement and renovation projects in the country. With the increasing popularity of online shopping and the introduction of innovative tools and materials, the market is poised for future growth.

Customer preferences: There has been a notable increase in the demand for environmentally-friendly and sustainable products in the DIY & Hardware Store market in Myanmar. This trend is driven by the growing awareness among consumers about the environmental impact of their purchases. As a result, there is a rise in the popularity of eco-friendly building materials and energy-efficient tools. Additionally, there has been a shift towards DIY projects for home improvements, reflecting a desire for more customizable and cost-effective solutions.

Trends in the market: In Myanmar, the DIY & Hardware Store Market is experiencing an increase in online sales, with more consumers turning to e-commerce platforms for convenience and a wider selection of products. This trend is expected to continue as internet penetration and digital literacy rates increase in the country. Additionally, there is a growing demand for sustainable and eco-friendly products, with consumers becoming more environmentally conscious. This presents an opportunity for industry stakeholders to expand their product offerings and target this emerging market segment.

Local special circumstances: In Myanmar, the DIY & Hardware Store Market is heavily influenced by the country's geographical and cultural factors. With a large rural population, there is a higher demand for affordable and accessible hardware stores, especially in remote areas. Additionally, the country's strict regulatory policies on foreign ownership and importation of goods play a significant role in shaping the competitive landscape of the market. This unique combination of factors creates a dynamic market with potential for both local and international players to thrive.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Myanmar is heavily influenced by macroeconomic factors such as the country's overall economic health and government policies. The growth of the market is also impacted by global economic trends, such as fluctuations in commodity prices and trade agreements. In addition, fiscal policies, such as tax rates, can affect consumer spending and therefore demand for DIY and hardware products. Furthermore, the level of investments in infrastructure and construction projects also plays a significant role in the performance of the market. As Myanmar continues to develop and modernize, the demand for DIY and hardware products is expected to increase, offering lucrative opportunities for 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.