DIY & Hardware Store - Sierra Leone

Sierra Leone

In Sierra Leone, the revenue in the DIY & Hardware Store market reached a substantial amount of US$1,315.00m in 2024.
This market is projected to experience steady growth with an annual increase of 3.06% (CAGR 2024-2029).
When compared globally, in China takes the lead in revenue generation, amassing a staggering US$785bn in 2024.
In terms of per capita income, in Sierra Leone generates approximately US$146.50 per person in 2024.
Sierra Leone's DIY & Hardware Store market is experiencing a surge in demand for affordable home repair and renovation 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 Sierra Leone has been experiencing minimal growth due to factors such as limited consumer spending power, lack of awareness about digital technologies, and lack of convenient online shopping options. Sub-markets in Floor Covering, Paint, Tools & Machines, and more have been affected by these challenges.

Customer preferences: As the population in Sierra Leone continues to grow and modernize, there has been an increase in demand for DIY and hardware supplies. This trend is driven by a shift towards home improvement and renovation projects, as well as the desire for self-sufficiency and cost-effective solutions. Additionally, there has been a rise in eco-consciousness, leading to a preference for sustainable and environmentally friendly materials and products. This has also led to a demand for educational resources and workshops on sustainable building and DIY practices.

Trends in the market: In Sierra Leone, the DIY & Hardware Store Market industry is experiencing a shift towards e-commerce platforms, with more consumers turning to online shopping for their home improvement needs. This trend is expected to continue as the country's internet penetration rates and access to smartphones increase. Additionally, there is a growing demand for sustainable and eco-friendly products in the market, as consumers become more environmentally conscious. This presents an opportunity for industry stakeholders to cater to this market segment and offer a diverse range of products. However, this could also lead to increased competition among retailers, requiring them to differentiate themselves to stay relevant in the market. Moreover, with the rise of DIY culture and home renovation projects, there is a potential for growth in the market, as consumers become more inclined towards DIY solutions. This could also create a need for retailers to provide educational resources and guidance to consumers, further highlighting the importance of keeping up with current trends in the industry.

Local special circumstances: In Sierra Leone, the DIY & Hardware Store Market is shaped by the country's infrastructural challenges and limited availability of resources. This creates a growing demand for more affordable and accessible home improvement solutions, leading to the popularity of local hardware stores offering cost-effective options. Additionally, cultural preferences for DIY home projects and the government's focus on promoting local businesses contribute to the market's growth. Furthermore, the country's regulatory framework, such as import restrictions on certain building materials, also plays a significant role in determining the market dynamics.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Sierra Leone is heavily influenced by macroeconomic factors such as economic stability, government policies, and consumer spending. The country's slow economic growth and high poverty levels have limited the purchasing power of consumers, resulting in a low demand for home improvement and construction materials. However, the recent increase in government investments in infrastructure and the rise of middle-class households have spurred the demand for DIY products. Additionally, the lack of proper regulations and limited access to financing in the country poses challenges for businesses in the DIY & Hardware Store Market.

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.