DIY & Hardware Store - Rwanda | Statista Market Forecast

In Rwanda, the revenue in the DIY & Hardware Store market in 2024 is estimated to be US$2.19bn.
It is projected that the market will experience an annual growth rate of 3.48% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market, reaching US$785bn in 2024.
In terms of per person revenues, in Rwanda generates US$152.10 in 2024.
Rwanda's DIY & Hardware Store market is witnessing a surge in demand for locally-sourced, eco-friendly 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 Rwanda is facing challenges in terms of growth, with a negligible growth rate. Factors such as a lack of consumer awareness, limited access to digital technologies, and low disposable income are impacting the market's growth. Additionally, the presence of informal and unregulated vendors also affects the market. However, with increasing focus on home improvement projects and rising demand for quality products, the market is expected to overcome these challenges and experience growth in the future.

Customer preferences: In the DIY & Hardware Store Market in Rwanda, there is a growing demand for sustainable and eco-friendly products among consumers. This trend is fueled by the country's commitment to sustainable development and preservation of the environment. Additionally, there is an increasing preference for locally sourced materials, as consumers prioritize supporting local businesses and promoting the use of indigenous resources. This shift in consumer preferences towards environmentally-friendly and locally-sourced products presents opportunities for businesses to cater to this growing demand.

Trends in the market: In Rwanda, there is a growing consumer preference for do-it-yourself (DIY) projects and home improvements, leading to an increase in the demand for DIY and hardware stores. This trend is expected to continue in the coming years, as the country's strong economic growth drives urbanization and disposable income levels. Additionally, the government's focus on infrastructure development and affordable housing is fueling the need for construction and renovation materials. These trends present significant opportunities for industry stakeholders, including DIY and hardware store owners, suppliers, and manufacturers, to expand their market share and increase profitability. However, with the rise of e-commerce and the growing popularity of online shopping, traditional brick-and-mortar stores may face competition from online retailers. To stay relevant and competitive, industry players may need to invest in digital platforms and offer online purchasing options to meet consumer expectations. This will require significant investments in technology and supply chain management, but it has the potential to drive sales and enhance customer satisfaction.

Local special circumstances: In Rwanda, the DIY & Hardware Store Market faces unique challenges such as a fragmented retail landscape and limited access to quality products. The country's rugged terrain makes it difficult for some areas to be reached by traditional supply chains, leading to a preference for locally-sourced and tailor-made solutions. Additionally, certain cultural norms, such as the importance of bartering and building relationships, play a significant role in how business is conducted. These factors contribute to a dynamic and constantly evolving market, where adaptability and innovation are key to success.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Rwanda is heavily impacted by macroeconomic factors such as economic stability, consumer purchasing power, and government initiatives. The country's rapid economic growth and stable political environment have led to increased consumer confidence and purchasing power, resulting in a growing demand for DIY and hardware products. Furthermore, the Rwandan government's focus on infrastructure development and support for small and medium enterprises has created a favorable market environment for DIY and hardware store businesses to thrive. Additionally, increasing urbanization and a growing middle class in the country are further fueling the demand for DIY and hardware products. These factors are expected to continue driving the growth and development of the DIY and hardware store market in Rwanda.

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.