DIY & Hardware Store - Namibia | Statista Market Forecast

In Namibia, the DIY & Hardware Store market in 2024 generates a revenue of US$647.80m.
It is projected to experience an annual growth rate of 3.30% from 2024 to 2029 (CAGR 2024-2029).
When compared globally, China leads in revenue generation with US$785bn in 2024.
Taking into account the total population, the per person revenue in 2024 amounts to US$244.80.
Namibia's DIY & Hardware Store market is experiencing a surge in demand for eco-friendly, sustainable building 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 Namibia is facing a slow growth rate, influenced by factors such as limited disposable income among consumers, minimal infrastructure development, and the availability of cheaper alternative products. Despite this, the market is experiencing moderate growth due to the growing trend of home renovation and the increasing demand for affordable and sustainable building materials. Additionally, the convenience of online shopping and the rising awareness of DIY practices are also contributing to the market's growth.

Customer preferences: Consumers in Namibia are increasingly prioritizing sustainability and eco-friendliness in their purchasing decisions, leading to a rise in demand for eco-friendly and compostable products. This trend is driven by the country's commitment to environmental conservation and the desire to reduce waste in landfills. Additionally, there is a growing interest in DIY home improvement projects, as consumers look to save money and personalize their living spaces. The convenience of online shopping and delivery services has also contributed to the popularity of DIY and hardware stores in the market.

Trends in the market: In Namibia, the DIY & Hardware Store Market is experiencing a surge in e-commerce platforms and online sales, as consumers increasingly turn to digital channels for their home improvement needs. This trend is aligned with the growth of the country's overall e-commerce market, which is expected to continue its upward trajectory. As internet penetration and online purchasing power increase, DIY & hardware retailers are likely to prioritize their digital investments and partnerships in order to remain competitive and cater to the evolving needs of their customers. This shift towards online shopping also presents potential opportunities for industry stakeholders to tap into new markets and expand their customer base.

Local special circumstances: In Namibia, the DIY & Hardware Store Market is heavily influenced by the country's geographical location and climate. As a largely rural country, access to traditional brick and mortar stores can be limited, leading to a rise in e-commerce and online shopping platforms for DIY and hardware products. Additionally, Namibia's cultural values of self-sufficiency and resourcefulness also contribute to the popularity and growth of the DIY market. However, regulatory challenges such as import and export restrictions on certain materials can impact the availability and pricing of products in the market.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Namibia is affected by various macroeconomic factors, including the country's overall economic health, fiscal policies, and global economic trends. With an increasing emphasis on sustainability and self-sufficiency, the demand for DIY products and tools has been steadily rising. Furthermore, the growth of the housing market in Namibia, driven by increased urbanization and infrastructure development, has also contributed to the expansion of the DIY & Hardware Store Market. However, fluctuations in the country's currency, inflation, and consumer spending power can significantly impact the market's performance. Additionally, government policies promoting local manufacturing and trade agreements with neighboring countries can also shape the market's growth potential.

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.