DIY & Hardware Store - Mexico

Mexico

In Mexico, the DIY & Hardware Store market is projected to generate a revenue of MXN US$22.12bn in 2024.
Looking ahead, the market is anticipated to experience an annual growth rate of 1.93% (CAGR 2024-2029).
When compared globally, in China takes the lead in revenue generation, reaching a staggering amount of MXN US$785bn in 2024.
Considering the population, the per person revenue in Mexico is estimated to be MXN US$170.90 in 2024.
Mexico's DIY & Hardware Store market is experiencing a surge in demand due to the country's booming construction industry.

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 Mexico is currently experiencing negligible growth, influenced by factors such as low consumer spending and a decline in construction activity. The sub-markets of Floor Covering, Paint, Wallpaper & Supplies, Tools & Machines, Hardware & Building Materials, Lawn & Garden, Heating & Cooling and Bathroom Hardware all contribute to the overall market performance. However, with a slow economy and limited consumer demand, the market is facing challenges in achieving significant growth. Despite this, the convenience of online shopping and the increasing trend towards DIY projects may provide opportunities for future growth.

Customer preferences: In Mexico, there has been a growing trend of consumers turning to online platforms for their DIY and hardware store needs. This is influenced by the increasing preference for contactless shopping, especially among the younger generation. Additionally, the rise of e-commerce and social media has made it easier for customers to access a wider range of products and compare prices, leading to a significant shift in consumer behavior. This trend is expected to continue as convenience and safety remain top priorities for Mexican consumers.

Trends in the market: In Mexico, the DIY & Hardware Store market is experiencing a surge in e-commerce as consumers increasingly turn to online platforms for their home improvement needs. This trend is being driven by the convenience and safety of online shopping, as well as the wide range of products and competitive prices offered by digital retailers. Additionally, there is a growing interest in sustainable and eco-friendly products, with more DIY & Hardware stores incorporating environmentally friendly options into their product offerings. This trend is expected to continue as consumers become more conscious of their environmental impact. Industry stakeholders should take note of these trends and adapt their strategies to meet the shifting demands of the market. E-commerce platforms and retailers should focus on enhancing their online presence and offering a diverse range of products to stay competitive. DIY & Hardware stores should also consider incorporating sustainable options into their product mix to cater to the evolving consumer preferences and gain a competitive edge in the market.

Local special circumstances: In Mexico, the DIY & Hardware Store Market has been greatly influenced by the country's large agricultural sector, as many farmers require the tools and materials sold in these stores. Additionally, the cultural preference for home improvement and DIY projects has led to a high demand for these stores. However, the market is also impacted by the country's complex regulatory environment, which can make it difficult for small businesses to compete with larger chains. This has led to a dominance of larger companies in the market, and a limited presence of independent hardware stores. Furthermore, Mexico's dependence on imports for construction materials and products has also played a significant role in shaping the dynamics of the DIY & Hardware Store market in the country.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Mexico is significantly impacted by macroeconomic factors such as the country's economic health, fiscal policies, and global economic trends. Mexico's recent economic growth and favorable regulatory environment have attracted foreign investment, resulting in increased consumer spending and demand for home improvement products. Additionally, the country's booming construction industry and growing urbanization are driving the DIY & Hardware Store Market as more households and businesses require tools and materials for construction and renovation projects. Furthermore, the Mexican government's initiatives to promote sustainable development and energy efficiency are boosting the demand for eco-friendly and energy-efficient products in the DIY & Hardware Store Market.

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.