Market Insights Consumer DIY & Hardware Store

Hardware & Building Materials - Bangladesh

Bangladesh

In 2024, the revenue generated in the Hardware & Building Materials market in Bangladesh amounts to €18.67bn.
It is projected to experience an annual growth rate of 2.26% (CAGR 2024-2029).
When compared globally, the highest revenue is generated in China, amounting to €482bn in 2024.
In terms of per capita revenue, each person in Bangladesh generates €106.90 in 2024.
Despite challenges in infrastructure development, Bangladesh's Hardware & Building Materials market is experiencing steady growth due to increasing urbanization and government initiatives.

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

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Hardware & Building Materials Market in Bangladesh is currently experiencing a slow growth rate, impacted by factors such as limited access to digital technologies and low consumer health awareness. Convenience offered by online services is also hindered by lack of infrastructure.

Customer preferences: Consumers in Bangladesh are increasingly looking for cost-effective and sustainable solutions for their hardware and building material needs. With a growing focus on eco-friendliness and energy efficiency, there is a rising demand for green building materials, such as bamboo and other biodegradable options, in DIY and hardware stores. This trend is also driven by the country's efforts to combat climate change and promote sustainable development. Moreover, there is a growing preference for locally sourced and organic materials, reflecting a shift towards supporting the domestic market and traditional practices.

Trends in the market: In Bangladesh, the Hardware & Building Materials Market within the DIY & Hardware Store Market is experiencing a surge in demand for eco-friendly and sustainable products. This trend is driven by the country's focus on promoting green and environmentally conscious practices. Additionally, there is a growing awareness among consumers about the benefits of using eco-friendly products, which is driving the adoption of these products in the market. This trend is expected to continue in the future, presenting opportunities for industry stakeholders to capitalize on the growing demand for eco-friendly products. However, this trend also poses challenges for traditional players, who may need to adapt their strategies to cater to the changing consumer preferences.

Local special circumstances: In Bangladesh, the DIY & Hardware Store Market is heavily influenced by the country's geographical location and climate. Located in South Asia, Bangladesh experiences frequent natural disasters such as floods and cyclones, leading to a demand for durable and weather-resistant building materials. Additionally, the country's cultural preference for home ownership and self-sufficiency drives the demand for DIY solutions and building materials. However, government regulations on building materials and construction also play a significant role in shaping the hardware & building materials market in Bangladesh.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market market in Bangladesh is heavily influenced by macroeconomic factors such as the country's economic growth and stability, government policies, and investment in infrastructure. Factors like global economic trends and fiscal policies also have a significant impact on the market's performance. In recent years, the country has experienced steady economic growth and has implemented policies to promote the development of the construction industry, leading to a rise in demand for hardware and building materials. Additionally, as the population ages and urbanization continues, the need for DIY and hardware products is expected to increase, further driving market growth.

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.