DIY & Hardware Store - Senegal | Statista Market Forecast

In Senegal, the revenue in the DIY & Hardware Store market reached US$3.01bn in 2024.
It is projected to experience an annual growth rate of 3.62% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market, amounting to US$785bn in 2024.
Looking at the population figures, the per-person revenue in Senegal for the same year stands at US$165.20.
Senegal's DIY & Hardware Store market is experiencing a surge in demand for sustainable and eco-friendly products.

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 and Hardware Store market in Senegal is currently experiencing stagnant growth, likely due to factors such as limited consumer awareness and access to digital technologies, as well as challenges in the supply chain for essential building materials. However, as the country's economy continues to develop and modernize, there is potential for increased demand for DIY and home improvement products, particularly in the areas of building materials and tools. Government initiatives to promote sustainable and energy-efficient building practices can also drive growth in this market.

Customer preferences: As the DIY & Hardware Store market in Senegal continues to grow, consumers are showing a growing preference for online shopping and delivery services. This trend is largely driven by the cultural value placed on convenience and time-saving measures. Additionally, the increasing use of digital platforms and e-commerce is appealing to younger generations who are more tech-savvy and accustomed to using online channels for their shopping needs. This shift towards digital channels is expected to continue, as access to smartphones and internet connectivity continues to improve in the country.

Trends in the market: In Senegal, the DIY & Hardware Store Market is experiencing a surge in e-commerce, with more consumers turning to online platforms for their hardware and home improvement needs. This trend is expected to continue, driven by increased internet and smartphone penetration, as well as the convenience and cost-effectiveness of online shopping. Furthermore, the use of digital tools and platforms for home renovation and maintenance projects is on the rise, providing opportunities for industry players to offer virtual consultations and personalized project management services. This shift towards digitization has the potential to revolutionize the DIY & Hardware Store Market in Senegal, providing improved accessibility and efficiency for both consumers and businesses. As such, industry stakeholders should continue to invest in digital capabilities and embrace advancements in technology to stay competitive and meet the evolving demands of consumers.

Local special circumstances: In Senegal, the DIY & Hardware Store Market is strongly influenced by the country's geographical and cultural landscape. With a large rural population, there is a strong demand for affordable and convenient DIY and hardware solutions. Additionally, stringent import regulations and taxes make it challenging for international players to enter the market, creating a space for local businesses to thrive. Moreover, the concept of DIY and self-sufficiency is deeply ingrained in the Senegalese culture, driving the market's growth. This unique mix of factors sets the Senegal DIY and Hardware Store Market apart from other markets and has a significant impact on its dynamics.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Senegal is heavily influenced by macroeconomic factors such as the country's overall economic health, global economic trends, and fiscal policies. With a growing economy and increased investment in infrastructure, the demand for DIY and hardware products is expected to rise in the country. Additionally, the government's initiatives to promote small businesses and entrepreneurship have also contributed to the growth of the market. Furthermore, the increasing urbanization and rise in disposable income have resulted in a shift towards DIY projects and home improvement, driving the demand for hardware and building materials. Economic stability and favorable regulatory policies are essential for the growth of the DIY & Hardware Store Market in Senegal, and any changes in these macroeconomic factors can significantly impact the market's performance.

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.