DIY & Hardware Store - North America

North America

In North America, the DIY & Hardware Store market is projected to generate a revenue of US$726.00bn in 2024.
It is expected to experience an annual growth rate of 2.54% (CAGR 2024-2029).
When compared globally, in China leads the market with a revenue of US$785bn in 2024.
In terms of per capita figures, in North America generates revenues of US$1,423.00 per person in 2024.
In North America, the DIY & Hardware Store market is experiencing a surge in demand for eco-friendly and sustainable products.

Key regions: Worldwide, China, United States, India, Japan

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.

Market

Region

Region comparison

Currency

Analyst Opinion

The DIY & Hardware Store market in North America has been experiencing moderate growth, impacted by factors such as increasing emphasis on DIY projects, rising home ownership, and the convenience of online shopping. However, the market's growth rate remains relatively stagnant due to a lack of innovation and competition from online retailers. Despite this, the market continues to see demand for various products such as floor coverings, paint supplies, and tools & machines.

Customer preferences: With a growing emphasis on environmental sustainability and reducing waste, consumers in North America and the DIY & Hardware Store Market are turning towards eco-friendly and renewable materials for their building and repair projects. This trend is also driven by a desire for durability and longevity in products, as well as a preference for natural and organic home improvement solutions. Additionally, there has been an increase in DIY enthusiasts seeking tutorials and inspiration from cultural influences, such as traditional Japanese woodworking techniques and Scandinavian minimalistic designs.

Trends in the market: In North America, the DIY & Hardware Store Market is experiencing a surge in e-commerce, with online sales expected to reach $10 billion by 2023. This trend is driven by the convenience of online shopping and the rise of home improvement and renovation projects. Additionally, there has been an increase in demand for eco-friendly and sustainable products, leading to the introduction of green product lines by major retailers. This trend has significant implications for industry stakeholders, as they must adapt to the changing consumer preferences and invest in digital strategies to remain competitive in the market. Additionally, the growth of online sales may lead to the consolidation of smaller brick-and-mortar stores and a shift in the overall retail landscape.

Local special circumstances: In North America, the DIY & Hardware Store market is heavily influenced by the DIY culture that has been present for decades. This is due to the large number of homeowners who take on home improvement projects themselves, rather than hiring professionals. Additionally, the market is impacted by the diverse geographical and cultural factors across the region. For example, in rural areas, the lack of access to local hardware stores has led to the rise of online retailers and delivery services. Moreover, the US and Canada have different regulations and safety standards, which can affect the types of products sold in each market. This creates a unique and dynamic DIY & Hardware Store market that varies across the North American region.

Underlying macroeconomic factors: The North American DIY & Hardware Store Market is highly influenced by macroeconomic factors such as consumer spending, housing market trends, and government policies. As the region recovers from the economic downturn, consumer confidence and discretionary income are increasing, leading to higher levels of spending on home improvement and DIY projects. Additionally, government initiatives to promote homeownership and economic stimulus packages have also contributed to the growth of the DIY & Hardware Store Market. However, market performance is also affected by factors such as interest rates, inflation, and trade policies which can impact raw material costs and availability of imported products.

Methodology

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.