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Key regions: Worldwide, China, United States, India, Japan
The DIY & Hardware Store Market in Western Asia is experiencing stagnant growth, influenced by factors such as reduced consumer spending and increasing competition. The different sub-markets, such as Floor Covering, Paint, and Tools & Machines, face challenges due to fluctuating demand and the emergence of online retailers. However, the market is expected to grow in the coming years, driven by the growing trend of home renovation and increasing demand for energy-efficient products. The market is also impacted by government regulations and policies that aim to promote sustainable living practices.
Customer preferences: Increasing urbanization and the rise of do-it-yourself culture are driving the growth of the DIY & Hardware Store Market in Western Asia. As consumers become more tech-savvy and time-conscious, there is a growing demand for digital tools and resources to assist with home improvement projects. This includes the use of online tutorials and apps for project inspiration and guidance. Additionally, the increasing purchasing power of millennial and Gen Z demographics is fueling demand for eco-friendly and sustainable products, as well as smart home technologies that offer convenience and cost savings.
Trends in the market: In Western Asia, there has been a noticeable increase in the use of online platforms for DIY and hardware purchasing. More consumers are turning to e-commerce sites to buy tools, materials, and home improvement products. This trend is expected to continue as the region's population becomes more tech-savvy and seeks convenience in their purchasing habits. This shift towards online shopping has significant implications for traditional brick-and-mortar stores, who may need to adapt their strategies to stay relevant and competitive in the market. Furthermore, the rise in e-commerce may also open up new opportunities for international players to enter the DIY and hardware market in Western Asia and serve a broader customer base.
Local special circumstances:
In Iran, the DIY & Hardware Store Market is influenced by the country's immense wealth of natural resources, such as oil and natural gas. This has led to a robust construction sector, creating a high demand for DIY and hardware products. Additionally, Iran's strict regulations on foreign imports have given rise to a thriving local manufacturing industry, offering competitive and affordable options for consumers. The country's traditional culture of handiwork and craftsmanship has also played a role in the DIY market, with a focus on handmade, artisanal products. The combination of these factors has resulted in a unique market dynamic, with a strong emphasis on locally produced and sustainable options.
Underlying macroeconomic factors: The DIY & Hardware Store market in Western Asia is heavily influenced by macroeconomic factors such as economic stability, consumer spending, and government policies. As the region experiences rapid economic growth, consumers have more disposable income to spend on home improvement and DIY projects, leading to an increase in demand for hardware and DIY supplies. Additionally, government initiatives to stimulate the construction sector and boost infrastructure development are expected to drive market growth. However, factors such as fluctuating oil prices and geopolitical tensions in the region can have a significant impact on the market's performance.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)