DIY & Hardware Store - Morocco

  • Morocco
  • In 2024, the DIY & Hardware Store market in Morocco is projected to generate a revenue of US$6,722.00m.
  • This market segment is expected to experience an annual growth rate of 2.49% (CAGR 2024-2029).
  • When compared to other countries around Worldwide, in China leads the pack with a revenue of US$785bn in 2024.
  • Looking at the per capita figures, in 2024, each person in Morocco is estimated to contribute US$175.90 in revenue to the DIY & Hardware Store market.
  • Despite the traditional culture and craftsmanship in Morocco, the DIY & Hardware Store market is rapidly growing due to increasing urbanization and demand for home improvement projects.

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

 
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Analyst Opinion

The DIY & Hardware Store market in Morocco is experiencing negligible growth rate due to the impact of factors such as low consumer spending, limited access to advanced technology, and the presence of traditional market vendors. This has hindered the overall growth of the market, despite the increasing demand for home improvement products and convenience offered by online shopping options. Improving economic conditions and increasing investments in the housing sector could potentially drive the growth of this market in the future.

Customer preferences:
Consumers in Morocco are increasingly turning to DIY and hardware stores for home improvement solutions, as the country experiences a growing trend of individuals taking on more DIY projects. This is driven by a desire for more cost-effective options and a sense of fulfillment in completing projects oneself. This shift also reflects a shift towards simpler and more sustainable living, with consumers seeking to reduce their carbon footprint by utilizing locally sourced materials and repurposing existing items. Additionally, the rise of online tutorials and social media has empowered individuals to take on DIY projects, further fueling the demand for DIY and hardware stores in Morocco.

Trends in the market:
In Morocco, the DIY & Hardware Store Market is seeing a rise in online sales and delivery services due to the COVID-19 pandemic. This trend is expected to continue as consumers prioritize convenience and safety. Additionally, there is a growing trend of sustainability and eco-friendly products, as more consumers become environmentally conscious. This presents opportunities for industry players to innovate and offer more sustainable options. Another emerging trend is the use of digital tools for product research and comparison, allowing consumers to make more informed purchasing decisions. This trend is expected to increase competition among retailers and drive the need for a strong online presence.

Local special circumstances:
In Morocco, the DIY & Hardware Store Market is heavily influenced by the country's growing economy and urbanization. With an increasing number of Moroccans moving to cities, there is a rise in demand for construction and home improvement materials. Additionally, the country's cultural emphasis on DIY projects and renovation has resulted in a strong DIY consumer base. Furthermore, Morocco's strict regulatory environment has led to the dominance of local hardware stores, creating a competitive landscape for international players. These local factors contribute to the unique dynamics of the DIY & Hardware Store Market in Morocco.

Underlying macroeconomic factors:
The DIY & Hardware Store Market in Morocco is greatly impacted by macroeconomic factors such as economic growth, government policies, and global economic trends. With the recent economic growth in Morocco, there is an increasing demand for home improvement products and materials, leading to a rise in the sales of DIY & hardware stores. Additionally, the government's initiatives to promote housing development and infrastructure projects have also contributed to the growth of the market. Moreover, with the increasing urbanization and rising disposable incomes, the demand for DIY & hardware products is expected to continue to grow in the future.

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