DIY & Hardware Store - Singapore

Singapore

In Singapore, the revenue generated in the DIY & Hardware Store market reached US$1,574.00m in 2024.
It is projected to experience an annual growth rate of 3.47% (CAGR 2024-2029).
When compared globally, in China emerges as the top revenue generator in this market, with a whopping US$785bn in 2024.
In terms of per person revenues, in Singapore records US$260.10 in 2024.
Despite its small size, Singapore boasts a flourishing DIY & Hardware Store market, with a strong emphasis on innovative 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 Singapore has seen slight growth due to factors such as increasing demand for home improvement products, rising consumer awareness, and the convenience of online shopping. However, the market's growth rate remains stagnant due to high competition and saturation in certain sub-markets, such as Hardware & Building Materials and Tools & Machines.

Customer preferences: In Singapore's DIY & Hardware Store Market, there has been a notable shift towards sustainable and eco-friendly products. Consumers are becoming more conscious of their impact on the environment and are actively seeking out environmentally-friendly options. This trend is driven by the growing awareness of global environmental issues and a desire to make a positive impact. As a result, DIY stores are now prioritizing and promoting sustainable products, such as energy-efficient appliances and eco-friendly building materials, to cater to the changing consumer preferences.

Trends in the market: In Singapore, the DIY & Hardware Store Market market is seeing a shift towards online retail, with more consumers looking to purchase home improvement and renovation products through e-commerce platforms. This trend is driven by the convenience and wide product selection offered by online shopping, as well as the increasing presence of digital marketing and promotion. As a result, brick-and-mortar stores may face challenges in maintaining their market share and need to adapt to the changing retail landscape. Additionally, there is a growing focus on sustainability in the market, with more consumers seeking eco-friendly and sustainable products for their DIY projects. This trend is likely to continue in the future, with consumers becoming more conscious of their environmental impact. Hardware store owners and suppliers will need to keep up with these trends, incorporating online sales and sustainable options into their business strategies to remain competitive in the market.

Local special circumstances: In Singapore, the DIY & Hardware Store Market is heavily influenced by the country's land scarcity and government regulations. Due to limited space, hardware stores in Singapore tend to focus on compact and innovative storage solutions. Additionally, the government's strict regulations on construction and maintenance contribute to a high demand for DIY tools and resources. This creates a unique market dynamic where innovation and convenience are highly valued by both businesses and consumers.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Singapore is heavily influenced by macroeconomic factors such as the country's strong economic health and favorable fiscal policies. As Singapore is a developed nation with a stable economy and high disposable income, there is a growing demand for home improvement and renovation projects, leading to a steady growth in the DIY & Hardware Store market. Additionally, the country's innovative and technology-driven approach to business and consumerism has resulted in a preference for DIY and self-service options, which further fuels the growth of the market. Furthermore, the government's initiatives to promote small businesses and entrepreneurship, along with increasing investments in infrastructure development, provide a conducive environment for the DIY & Hardware Store market to thrive in Singapore.

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.