DIY & Hardware Store - Taiwan

Taiwan

The DIY & Hardware Store market in Taiwan is projected to generate a revenue of US$14.89bn in 2024.
It is expected to experience an annual growth rate of 4.62% (CAGR 2024-2029).
Comparatively, in China leads the global market with a revenue of US$785bn in 2024.
In terms of per capita figures, the revenue per person is estimated to be US$621.90 in 2024.
Taiwan's DIY & Hardware Store market is booming, driven by a strong demand for home improvement and renovation projects.

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 Taiwan is experiencing minimal growth due to factors such as saturation in the market, the rise of e-commerce, and low consumer confidence in spending. Despite this, the market is still driven by demand for home renovation and repair, as well as the convenience of online shopping options. Other sub-markets, such as Floor Covering and Tools & Machines, are also impacted by fluctuations in construction and real estate industries. However, overall, the market is expected to see steady growth in the coming years.

Customer preferences: With the rise of consumer environmental consciousness and the desire for sustainable solutions, there has been a growing demand for eco-friendly and locally-sourced DIY and hardware products in Taiwan. As a result, retailers in this market are beginning to focus on offering environmentally-friendly and green options to cater to the evolving values and preferences of consumers. This trend is also driven by a growing awareness of climate change and a desire to reduce one's carbon footprint. Additionally, there is a shift towards more DIY projects and home renovations as consumers spend more time at home due to the pandemic, leading to a rise in sales for hardware stores.

Trends in the market: In Taiwan, the DIY & Hardware Store Market is experiencing a shift towards online sales and services, with more consumers turning to e-commerce platforms for their home improvement needs. This trend has been accelerated by the COVID-19 pandemic, as consumers seek contactless options for purchasing and delivery. Additionally, there is a rising demand for smart home technology and eco-friendly products in the market. These trends point towards a greater emphasis on convenience, sustainability, and technology in the industry, presenting both opportunities and challenges for industry stakeholders.

Local special circumstances: In Taiwan, the DIY & Hardware Store Market is heavily influenced by the country's geography, which is characterized by mountainous terrain and a high population density, making it challenging for large retail stores to operate. As a result, smaller DIY stores and street markets thrive in this environment, catering to the local demand for affordable and convenient home improvement solutions. Additionally, cultural values such as self-reliance and frugality also play a significant role in shaping the market, as consumers prioritize the use of cost-effective DIY methods over hiring professionals. Furthermore, strict regulations on building and safety standards also impact the market, with stores needing to provide quality products that meet these standards to remain in operation.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Taiwan is greatly impacted by macroeconomic factors, including the country's economic growth, fiscal policies, and global economic trends. Taiwan has a strong economy and a rapidly growing market, making it an attractive location for DIY and hardware stores. Additionally, the recent COVID-19 pandemic has led to an increase in home improvement projects, further driving the demand for these stores. However, Taiwan's ongoing trade tensions with China and the shift towards online shopping may have a negative impact on the market. Overall, the growth of the market is heavily influenced by the country's economic health and policies, as well as global market trends.

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.