DIY & Hardware Store - Togo

Togo

In Togo, the revenue in the DIY & Hardware Store market reached a total of US$1,365.00m in 2024.
It is predicted that the market will experience an annual growth rate of 3.52% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this industry, amounting to US$785bn in 2024.
In terms of per capita income, each individual in Togo generates US$147.30 in revenue in 2024.
The DIY & Hardware Store market in Togo is experiencing a surge in demand for locally sourced building materials and tools.

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 Togo is undergoing moderate growth, influenced by factors such as limited access to digital technologies, low consumer awareness, and challenges in supply chain management. The sub-markets of Floor Covering, Paint, Wallpaper & Supplies, Tools & Machines, Hardware & Building Materials, Lawn & Garden, Heating & Cooling, and Bathroom Hardware all contribute to this subdued growth rate. However, efforts to improve infrastructure and increase consumer education could drive future growth in this market.

Customer preferences: As more Togolese are becoming interested in DIY projects and home improvement, there is a growing demand for eco-friendly and sustainable building materials. This trend is driven by a growing awareness of environmental issues and a desire for healthier living spaces. Additionally, there is a shift towards natural and organic products, as well as locally-sourced materials, reflecting a return to traditional methods and embracing the country's rich cultural heritage. With an increasing focus on sustainable living, consumers are also prioritizing products that are durable and long-lasting.

Trends in the market: In Togo, there is a notable increase in the use of digital platforms by DIY & hardware stores, allowing for easier access to products and services for customers. This trend is expected to continue as the country embraces more digital technologies. Additionally, there is a growing demand for eco-friendly and sustainable products in the market, leading to an uptick in the availability of such items in stores. This presents a significant opportunity for industry stakeholders to tap into this trend and cater to the needs of environmentally-conscious consumers. It also highlights the importance of adapting to changing consumer preferences in order to stay competitive in the market.

Local special circumstances: In Togo, the DIY & Hardware Store Market is heavily influenced by the country's geographical location and economic factors. Being a small country with limited resources, local hardware stores often rely on imports for their products, leading to higher prices for consumers. Additionally, the Togolese market is characterized by a significant rural population, resulting in a higher demand for affordable and accessible products in these areas. This has led to the emergence of small, local hardware stores that cater to the specific needs and preferences of these rural communities. Furthermore, Togo has a diverse cultural landscape, with traditional building methods still prevalent in certain regions. This has shaped the DIY & Hardware Store Market, with a demand for products and services that cater to traditional construction techniques.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Togo is significantly influenced by macroeconomic factors such as overall economic trends, domestic economic stability, and government policies. As a developing country, Togo is experiencing steady economic growth which is positively impacting consumer spending and thereby driving market growth. Favorable fiscal policies and incentives for foreign investment are attracting international companies to enter the market and expand their operations. Additionally, the increasing urbanization and population growth in Togo are also contributing to the rising demand for DIY and hardware products as more individuals seek to improve their living conditions and build new homes.

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.