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:
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.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Notes: Data is shown using current exchange rates. The applied current exchange rates are displayed in the Key Market Indicators below.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Company Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
The DIY & Hardware Store market in Western Africa is experiencing slow growth due to factors such as limited consumer awareness, lack of infrastructure, and low disposable income. However, the increasing demand for home improvement and renovation projects is expected to drive the market in the future. Despite the challenges, the market is seeing growth in sub-markets like Floor Covering and Tools & Machines with the rising trend of DIY projects. Additionally, the shift towards online shopping for hardware and building materials is also contributing to the market's growth.
Customer preferences: As Western Africa experiences rapid urbanization and increasing disposable income, consumer preferences in the DIY & Hardware Store Market have shifted towards sustainable and eco-friendly products. This trend is driven by a growing awareness of the environmental impact of traditional building materials and a desire for more energy-efficient homes. Additionally, there is a rising demand for DIY products and tools, as more individuals are taking on home improvement projects during the pandemic.
Trends in the market: In Western Africa, the DIY & Hardware Store market is experiencing a shift towards e-commerce, as more consumers are turning to online shopping for their home improvement needs. This trend is expected to continue, with the rise of smartphone penetration and internet connectivity in the region. This presents opportunities for industry stakeholders to invest in digital platforms and expand their reach to a larger customer base. Additionally, there is a growing demand for eco-friendly and sustainable products, as consumers become more conscious of their environmental impact. This trend could drive innovation and lead to increased investments in eco-friendly products and practices within the DIY & Hardware Store market in Western Africa.
Local special circumstances: In Western Africa, the DIY & Hardware Store Market is influenced by unique factors such as the region's diverse landscapes, varying cultural traditions, and disparate regulatory frameworks. These factors contribute to the market's dynamics, with local businesses adapting to the specific needs and preferences of the population. For instance, in countries like Nigeria and Ghana, the rapid urbanization and growth of the middle class have led to a surge in demand for DIY and hardware products, while in less developed nations, traditional methods and materials may still dominate. Additionally, the presence of informal markets and strong community ties also shape the market, with local vendors often playing a significant role in the distribution and sale of products.
Underlying macroeconomic factors:
The DIY & Hardware Store Market in Western Africa is strongly influenced by macroeconomic factors such as economic growth, government policies, and consumer spending. As the region continues to experience strong economic growth, fueled by investments in infrastructure and natural resources, the demand for DIY products and home improvement services is also increasing. Additionally, rising household incomes and urbanization are driving the demand for modern and innovative home improvement solutions in the region. However, factors such as fluctuations in commodity prices and political instability can potentially impact the market's growth. With a growing population and rising disposable incomes, the DIY & Hardware Store Market in Western Africa is expected to witness a positive outlook in the coming years.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights