DIY & Hardware Store - Asia

  • Asia
  • In Asia, the DIY & Hardware Store market is projected to reach a revenue of US$1,474.00bn in 2024.
  • This market segment is anticipated to grow at an annual rate of 2.32% (CAGR 2024-2029).
  • Among all countries, in China stands out as the top revenue generator with US$785bn in 2024.
  • When considering the population size, the per person revenues in Asia amount to US$324.30 in 2024.
  • In Japan, the DIY & Hardware Store market is booming as the country's population embraces a culture of self-sufficiency and home improvement.

Key regions: Worldwide, China, United States, India, Japan

 
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Analyst Opinion

The DIY & Hardware Store Market in Asia has been experiencing negligible growth, influenced by factors such as economic uncertainty, increased competition from online retailers, and shifting consumer preferences towards sustainable and eco-friendly products. Despite the challenges, this market continues to expand due to the demand for home improvement and renovation projects, especially in the Floor Covering and Tools & Machines sub-markets. Furthermore, the growth of the construction and real estate sectors in the region also contribute to the market's overall growth. However, the slow adoption of online sales and distribution channels in some countries may hinder the market's progress.

Customer preferences:
Another emerging trend in the DIY & Hardware Store Market in Asia is the rising demand for environmentally-friendly and sustainable products. With growing awareness of climate change and a push towards greener living, consumers are actively seeking out products that align with their values. This has led to an increase in the availability of eco-friendly options in the market, from energy-efficient appliances to biodegradable cleaning products. Consumers are also showing a preference for companies and brands that prioritize sustainability and social responsibility, further driving the demand for eco-friendly products in the DIY & Hardware Store Market.

Trends in the market:
In Asia, the DIY & Hardware Store Market is experiencing a shift towards online shopping and the use of technology in the purchasing process. This trend is driven by the growing popularity of e-commerce and the convenience it offers to consumers. It also allows for easier comparison shopping and access to a wider range of products. This trend is expected to continue, resulting in increased competition among retailers. Additionally, there is a rising demand for eco-friendly and sustainable products in the market. This is due to increasing awareness about environmental issues and a desire to make more ethical purchasing decisions. For industry stakeholders, these trends pose both challenges and opportunities. They must adapt to the changing market landscape and invest in technology and sustainability initiatives to remain competitive. Failure to do so may result in losing market share to more innovative and environmentally responsible competitors.

Local special circumstances:
In China, the DIY & Hardware Store Market is heavily influenced by the country's rapid urbanization and infrastructure development. The demand for DIY products and tools is driven by a growing number of urban homeowners and property developers. This market is also impacted by the country's strict regulations on building materials, pushing for the use of energy-efficient and environmentally-friendly products. In Japan, the DIY & Hardware Store Market has seen a rise in online sales due to the high cost of retail space. However, traditional brick-and-mortar stores still dominate the market due to the cultural preference for in-person shopping and personalized service. Furthermore, the country's aging population has led to an increasing demand for home improvement products and services, creating opportunities for specialized products catering to accessibility and safety.

Underlying macroeconomic factors:
The DIY & Hardware Store Market in Asia is heavily influenced by macroeconomic factors such as the overall economic climate in the region, government policies, and consumer spending. With the rise of urbanization and the growing number of households, there is an increasing demand for DIY & hardware products, leading to market growth. Additionally, the rise in disposable incomes and changing lifestyles are driving the preference for DIY home improvement projects. However, a slowdown in economic growth and fluctuations in currency exchange rates can negatively impact the market. Furthermore, government initiatives promoting sustainable development and eco-friendly products are expected to drive market expansion in the region.

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.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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