DIY & Hardware Store - Zambia

Zambia

In Zambia, the revenue in the DIY & Hardware Store market is estimated to reach US$3,116.00m in 2024.
It is projected to experience an annual growth rate of 3.50% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, amounting to US$785bn in 2024.
In terms of per person revenues, in Zambia generates approximately US$147.40 in 2024.
The DIY & Hardware Store market in Zambia is witnessing a surge in demand for locally sourced and eco-friendly building materials.

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 Zambia has been experiencing minimal growth due to various factors such as limited consumer awareness, high competition, and economic challenges. Furthermore, the market is heavily influenced by the fluctuating prices of building materials and tools, as well as the availability of skilled labor. Despite these challenges, the market is expected to see a slight increase in demand, driven by the growing trend of DIY home improvement projects and increasing emphasis on sustainable and eco-friendly materials.

Customer preferences: As Zambia's middle class continues to grow, there has been a noticeable increase in demand for DIY and hardware products. With more disposable income, consumers are investing in home improvement projects, leading to a rise in sales for DIY and hardware stores. This trend can also be attributed to a cultural preference for self-sufficiency and a desire for personalized living spaces. Additionally, with an increasing number of women entering the workforce, there has been a shift towards convenience and time-saving solutions, making DIY and hardware stores a one-stop-shop for home improvement needs.

Trends in the market: In Zambia, the DIY & Hardware Store Market is seeing a growing trend of e-commerce platforms, allowing customers to purchase products online and offering convenient delivery options. This trend has been accelerated by the COVID-19 pandemic and is expected to continue in the future. Additionally, there is a rise in the demand for sustainable and environmentally-friendly products, driving retailers to offer more eco-friendly options. This shift towards digital and sustainable solutions presents opportunities for industry stakeholders to improve their online presence and expand their product offerings to meet changing consumer preferences.

Local special circumstances: In Zambia, the DIY & Hardware Store Market is heavily influenced by the country's geographic landscape, with its rural areas and scattered population. This has led to a higher demand for local hardware stores that cater to specific needs and provide personalized services, rather than large chain stores. Additionally, the market is heavily driven by the country's cultural practices and traditions, with a preference for locally sourced materials and traditional building methods. Furthermore, the government's strict regulations on imports and exports have created challenges for international hardware store chains to enter the market, giving local businesses a competitive advantage.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Zambia is heavily impacted by macroeconomic factors such as the country's overall economic health, foreign investment, and government policies. Zambia's economic growth has slowed down in recent years due to declining copper prices, which is the country's main export. This has led to reduced consumer purchasing power, affecting the demand for DIY and hardware products. Additionally, the lack of government support and infrastructure development in the DIY & Hardware Store Market has hindered market growth. However, with the government's renewed focus on economic diversification, there is potential for the market to grow as the country reduces its reliance on copper and invests in other industries.

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.