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Key regions: Worldwide, China, United States, India, Japan
The DIY & Hardware Store market in Southern Asia is experiencing slow growth due to factors such as low consumer awareness, limited availability of online services, and a preference for traditional brick-and-mortar stores. The Floor Covering and Paint sub-markets have shown relatively stable growth, while the Tools & Machines and Hardware & Building Materials sub-markets have seen a decline due to the economic downturn. The Lawn & Garden sub-market has shown promising growth due to the rising popularity of home gardening. The negligible growth rate can be attributed to the overall economic slowdown in the region.
Customer preferences: Consumers in Southern Asia are increasingly drawn towards DIY and hardware stores that offer a wide range of products for home improvement, renovation, and repair projects. This is largely influenced by the growing trend of do-it-yourself projects, as individuals now have more resources and access to tutorials and guides online. Additionally, with an increasing number of households opting for smaller living spaces, there is a rising demand for multipurpose and space-saving products, such as compact tools and storage solutions. This shift in consumer preferences is also reflective of the region's growing urbanization and modernization, as people seek to make their homes more functional and efficient.
Trends in the market: In Southern Asia, the DIY & Hardware Store Market is experiencing a surge in e-commerce, with more consumers turning to online platforms for their home improvement needs. This trend is expected to continue, driven by the increasing use of digital devices and the convenience of online shopping. Additionally, there is a growing demand for sustainable and environmentally friendly products, as well as a rise in DIY home renovation projects due to the economic impact of COVID-19. These trends present significant opportunities for industry stakeholders to expand their online presence and cater to the changing preferences of consumers. However, it also poses challenges for traditional brick-and-mortar stores, who may need to adapt their strategies to stay competitive in this evolving market.
Local special circumstances: In Southern Asia, the DIY & Hardware Store Market is driven by the region's rapid urbanization and increasing disposable incomes. Countries like India, Bangladesh, and Sri Lanka have a strong culture of DIY and home improvement, leading to a growing demand for hardware and tools. Additionally, the region has varying regulations and import duties, causing fluctuations in prices and availability of materials. These factors, combined with the diverse cultural preferences and varying levels of infrastructure, greatly affect market dynamics in Southern Asia.
Underlying macroeconomic factors: The DIY & Hardware Store Market in Southern Asia is heavily influenced by macroeconomic factors such as GDP growth, consumer spending, and government policies. As the region experiences rapid economic growth and urbanization, there is an increased demand for DIY and hardware products. This is also driven by rising disposable incomes, a growing middle class, and increasing home ownership rates. Furthermore, government initiatives to promote affordable housing and urban development are expected to boost the demand for DIY and hardware products in the region. However, fluctuation in global oil prices, trade tensions, and political instability can have a negative impact on the market.
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)