The DIY & Hardware Store Market in Africa is experiencing minor growth due to factors such as the increasing demand for home improvement products, a rise in consumer awareness about DIY projects, and the convenience of shopping for supplies online. However, the market's growth rate is being impacted by the slow economic growth in the region.
Customer preferences: As more consumers in Africa are prioritizing home improvement projects, there has been a noticeable increase in the demand for eco-friendly and sustainable paint and wallpaper options. This trend is driven by a growing awareness of environmental issues and a desire for low-toxicity products. Additionally, there is a preference for locally-made products, reflecting a cultural movement towards supporting local businesses and reducing carbon footprints.
Trends in the market: In Africa, the DIY & Hardware Store Market is seeing a rise in online sales channels and e-commerce platforms, allowing customers to purchase paint, wallpaper and supplies with ease. This trend is significant as it enables retailers to reach a wider market and offer a more convenient shopping experience for consumers. However, this may also lead to increased competition among industry players. Additionally, there is a growing demand for eco-friendly and sustainable options, driving the development of environmentally-friendly paint and wallpaper products. This presents an opportunity for industry stakeholders to tap into the emerging market for sustainable home improvement solutions.
Local special circumstances: In Africa, the Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market is heavily influenced by unique geographical and cultural factors. Limited infrastructure and remote locations create challenges for supply chain and distribution, leading to higher product costs. Additionally, cultural preferences and traditions play a significant role in the demand for certain types and colors of paint and wallpaper. Furthermore, regulatory policies on chemical composition and safety standards may vary between countries, impacting market dynamics.
Underlying macroeconomic factors: The African market for Paint, Wallpaper & Supplies within the DIY & Hardware Store Market is heavily influenced by macroeconomic factors. As the region continues its rapid economic growth, the demand for home improvement products is expected to increase. This growth is further driven by increased government spending on infrastructure development, which has created a favorable environment for the DIY & Hardware Store Market. Additionally, favorable government policies, such as tax incentives and favorable regulations, are likely to attract foreign investment and spur market growth. The region's growing population, coupled with rising disposable incomes, will also contribute to the market's expansion in the coming years.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
