DIY & Hardware Store - Tanzania | Statista Market Forecast

In Tanzania, the revenue in the DIY & Hardware Store market is projected to reach US$10.11bn in 2024.
This market segment is expected to experience an annual growth rate of 3.48% (CAGR 2024-2029).
When compared on a global scale, China generates the highest revenue in this market, amounting to US$785bn in 2024.
Taking into account the total population figures, per person revenues of US$145.60 are estimated to be generated in Tanzania in 2024.
Tanzania's DIY & Hardware Store market is experiencing a surge in demand for locally sourced, sustainable building materials.

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 Tanzania has seen limited growth due to factors such as low purchasing power of consumers, lack of awareness about home improvement, and limited infrastructure. Despite this, the market is expected to see moderate growth in the coming years, driven by the increasing trend of DIY projects and government initiatives to boost the construction industry. The sub-markets of Floor Covering, Paint, Wallpaper & Supplies, Tools & Machines, Hardware & Building Materials, Lawn & Garden, Heating & Cooling, and Bathroom Hardware contribute to the overall market growth, with each segment catering to specific consumer needs. However, the slow growth rate indicates the need for greater awareness and investment in the market to unlock its full potential.

Customer preferences: With the rise of do-it-yourself culture in Tanzania, consumers are increasingly seeking affordable and efficient solutions for home improvement and maintenance. This has led to a shift towards smaller and more specialized hardware stores, catering to specific needs of customers. Additionally, with the growing consciousness towards environmental responsibility, there has been an increase in demand for sustainable and eco-friendly products, especially in the DIY & Hardware Store Market. This trend is expected to continue as consumers prioritize ethics and sustainability in their purchasing decisions, pointing towards a shift in cultural values and lifestyle preferences.

Trends in the market: In Tanzania, the DIY & Hardware Store Market is seeing an increase in demand for eco-friendly and sustainable materials, as consumers become more conscious of their environmental impact. This trend is driven by a growing awareness of climate change and the desire for products that align with their values. As a result, we can expect to see more companies in the industry offering green options and promoting sustainability practices. This signals a shift towards more ethical and environmentally-friendly practices in the market, and stakeholders who are able to adapt to and embrace this trend will likely gain a competitive advantage. This also presents opportunities for innovation and collaboration within the industry to meet the demands of this emerging trend.

Local special circumstances: In Tanzania, the DIY & Hardware Store Market is heavily influenced by its agrarian economy and the lack of access to modern infrastructure in rural areas. As a result, the market is driven by a demand for affordable and durable hardware and tools that can withstand the harsh environment. Additionally, with a focus on sustainability, there is a growing trend towards eco-friendly and locally sourced building materials. The unique combination of these factors creates a market where traditional, self-sufficient methods of construction coexist with modern DIY practices.

Underlying macroeconomic factors: The performance of the DIY & Hardware Store Market in Tanzania is largely affected by macroeconomic factors such as the country's economic stability, government fiscal policies, and global economic trends. Stable economic conditions and favorable government policies can stimulate consumer spending and boost the market's growth. Conversely, economic downturns and unfavorable fiscal policies can negatively impact consumer confidence and lead to a decline in DIY & Hardware Store Market sales. Furthermore, fluctuations in exchange rates and inflation rates can also affect the market's performance, as they can influence the pricing of raw materials and imported products.

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.