DIY & Hardware Store - Sri Lanka | Statista Market Forecast

The DIY & Hardware Store market in Sri Lanka generated a revenue of US$4.16bn in 2024.
It is projected to experience an annual growth rate of 2.52% (CAGR 2024-2029).
When compared to other countries worldwide, 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.

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 & 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.

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.