DIY & Hardware Store - Sri Lanka

  • Sri Lanka
  • The DIY & Hardware Store market in Sri Lanka generated a revenue of US$4,156.00m in 2024.
  • It is projected to experience an annual growth rate of 2.52% (CAGR 2024-2029).
  • When compared to other countries worldwide, in China leads the market with a revenue of US$785bn in 2024.
  • In terms of per person revenues, in Sri Lanka generated US$189.40 in 2024.
  • Despite the growing interest in home improvement projects, Sri Lanka's DIY & Hardware Store market remains relatively untapped, presenting opportunities for expansion and innovation.

Key regions: Worldwide, China, United States, India, Japan

 
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Analyst Opinion

The DIY & Hardware Store Market in Sri Lanka has been experiencing gradual growth, influenced by factors such as increasing demand for home improvement, rising DIY culture, and availability of convenient online shopping options. However, the market growth rate remains largely affected by economic downturn, high inflation, and limited disposable income among consumers.

Customer preferences:
As the DIY & Hardware Store Market in Sri Lanka continues to see growth, consumers are increasingly valuing convenience and efficiency in their shopping experience. This has led to a rise in online purchases and the adoption of contactless payment methods. Additionally, there is a growing focus on eco-friendly and sustainable products, reflecting a heightened awareness of environmental concerns among Sri Lankan consumers. This trend is expected to continue, as consumers prioritize both convenience and sustainability in their purchasing decisions.

Trends in the market:
In Sri Lanka, the DIY & Hardware Store Market is seeing a rise in online platforms and e-commerce solutions, allowing customers to conveniently purchase their products. Additionally, there is a growing trend of incorporating sustainable and eco-friendly options in the industry, with a focus on reducing plastic packaging and promoting green products. This trend not only aligns with global efforts towards sustainability, but also presents opportunities for companies to differentiate themselves and drive customer loyalty. Furthermore, the emergence of DIY culture and a shift towards home improvement projects during the pandemic has resulted in a surge in demand for DIY and hardware products, indicating a promising growth trajectory for the industry. Industry stakeholders should capitalize on these trends and adapt their strategies to cater to changing consumer preferences.

Local special circumstances:
In Sri Lanka, the DIY & Hardware Store Market is influenced by the country's diverse geography and rich cultural heritage. The island nation's agricultural sector drives the demand for farm and gardening tools, while its growing tourism industry creates opportunities for construction and home improvement supplies. Additionally, Sri Lanka's government has implemented regulations to promote sustainable building practices, leading to a rise in the demand for eco-friendly and energy-efficient products in the DIY & Hardware Store Market.

Underlying macroeconomic factors:
The DIY & Hardware Store market in Sri Lanka is heavily influenced by macroeconomic factors such as the country's economic growth, government policies, and consumer spending. With a growing middle class and increasing urbanization, there is a rising demand for home renovation and improvement products, boosting the growth of the market. Furthermore, favorable government initiatives promoting investment in infrastructure and real estate development drive the demand for DIY and hardware stores. However, the market is also impacted by global economic trends, such as fluctuations in raw material prices and trade policies. Additionally, consumer purchasing power, inflation rates, and unemployment rates also play a significant role in shaping the performance of the market in Sri Lanka. Overall, the DIY & Hardware Store market in Sri Lanka is expected to experience steady growth, driven by a combination of economic and demographic factors.

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.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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