Market Insights Consumer DIY & Hardware Store

Hardware & Building Materials - Africa

Africa

In Africa, the Hardware & Building Materials market is projected to generate a revenue of €136.50bn in 2024.
It is anticipated that the market will experience a compound annual growth rate (CAGR) of 3.05% from 2024 to 2029.
When compared globally, in China leads the market with a revenue of €482bn in 2024.
In terms of per person revenues, the figure stands at €105.00 in 2024.
In South Africa, the hardware and building materials market is experiencing a surge in demand due to the country's growing construction industry.

Key regions: Indonesia, Turkey, Japan, China, Germany

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Hardware & Building Materials Market in Africa is facing negligible growth, primarily due to subdued demand for DIY and hardware products. Factors such as low consumer confidence, economic downturn, and high competition are impacting the market's growth rate. However, with the growing population and increasing urbanization, the market is expected to witness slow but steady growth in the future.

Customer preferences: As DIY and home improvement continue to rise in popularity in Africa, consumers are increasingly opting for eco-friendly and sustainable building materials. This shift is driven by a growing awareness of environmental issues and a desire for more sustainable and affordable housing. Additionally, with a growing middle class, there is a rising demand for higher quality products and innovative solutions in the Hardware & Building Materials Market. This trend is expected to continue as consumers become more mindful of their impact on the environment and prioritize eco-friendly options.

Trends in the market: In Africa, the Hardware & Building Materials Market within the DIY & Hardware Store Market is seeing a rise in e-commerce, with more consumers turning to online platforms for their purchasing needs. This trend is driven by the increasing use of smartphones and internet penetration, as well as the convenience and cost-savings of buying online. As a result, traditional brick-and-mortar stores may face challenges in competing with online retailers. However, this trend also presents an opportunity for industry stakeholders to expand their reach and tap into a larger customer base. Additionally, the adoption of innovative technologies, such as virtual and augmented reality, could enhance the online shopping experience and further drive sales in the Hardware & Building Materials Market.

Local special circumstances: In Africa, the Hardware & Building Materials market is heavily influenced by the continent's diverse and sometimes challenging terrain, as well as its varying levels of economic development. The vast size and lack of infrastructure in some regions make it difficult for businesses to distribute and sell their products, resulting in a fragmented market. Local building techniques and materials also play a crucial role, with many countries relying on traditional methods that differ from Western practices. Regulatory standards and government policies also vary greatly across the continent, impacting market accessibility and business operations. These factors contribute to a complex and unique landscape for Hardware & Building Materials Market within the DIY & Hardware Store Market in Africa.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market is also impacted by macroeconomic factors, such as the overall economic stability and growth of the given country. For instance, countries with strong economic health and stable fiscal policies tend to have a higher demand for hardware and building materials, as there is more confidence in investing in home improvement and construction projects. Additionally, global economic trends, such as fluctuations in commodity prices or currency exchange rates, can also impact the market, as they can affect the cost of raw materials and therefore the pricing of hardware and building materials. Other financial indicators, such as interest rates and inflation rates, can also influence consumer spending and demand for these products. As such, a stable macroeconomic environment is crucial for the growth and performance of the Hardware & Building Materials Market within the DIY & Hardware Store Market in a given country.

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.