Market Insights Consumer DIY & Hardware Store

Hardware & Building Materials - Myanmar

Myanmar

In Myanmar, the Hardware & Building Materials market is projected to generate a revenue of €6.19bn in 2024.
It is expected to experience an annual growth rate of 1.78% (CAGR 2024-2029).
When comparing globally, in China leads the market with a revenue of €482bn in 2024.
In terms of per capita income, each individual in Myanmar is expected to contribute €112.60 to the revenue in 2024.
Myanmar is experiencing a surge in demand for high-quality hardware and building materials due to its growing construction industry.

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

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The DIY & hardware store market in Myanmar is witnessing negligible growth, attributed to factors like consumer preference for traditional methods of construction and limited access to online services. Growth is expected to remain stagnant in the near future.

Customer preferences: In Myanmar, the DIY & Hardware Store Market has seen a rise in demand for eco-friendly and sustainable building materials, as consumers become more environmentally conscious. This trend is supported by the growing popularity of green living and sustainable lifestyles, as well as government initiatives promoting sustainable development. As a result, hardware and building materials retailers are now focusing on offering a wider range of environmentally friendly options, such as energy-efficient products and recycled materials. Moreover, there is a shift towards digital solutions for home improvement, with the use of online tutorials and virtual consultations becoming more common. This is driven by the increasing preference for convenient and personalized solutions, as well as the need for contactless interactions amid the COVID-19 pandemic.

Trends in the market: In Myanmar's Hardware & Building Materials Market within the DIY & Hardware Store Market, there is a noticeable increase in the adoption of digital technologies. This includes the use of e-commerce platforms for purchasing building materials, as well as the use of mobile apps for DIY project ideas and tutorials. This trend is significant as it allows customers to access a wider range of products and services, while also providing convenience and efficiency. However, it may pose challenges for traditional brick-and-mortar stores, as they may struggle to compete with the convenience of online shopping. Industry stakeholders should consider embracing digital platforms and optimizing their online presence to remain competitive in this evolving market landscape.

Local special circumstances: In Myanmar, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by geographical factors. The country's mountainous terrain and limited transportation infrastructure make it challenging for suppliers to reach remote areas, impacting product availability and pricing. Additionally, Myanmar's cultural emphasis on craftsmanship and traditional building methods may create a preference for locally sourced materials, leading to a unique market dynamic. Furthermore, the government's regulations on foreign investment and import restrictions can also affect the market, creating barriers for new players and influencing product offerings.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Myanmar is impacted by macroeconomic factors such as GDP growth, government policies, and investment in infrastructure. The country's economic growth, coupled with its efforts to improve its infrastructure, has created a favorable environment for the market. However, challenges such as currency fluctuations and limited access to financing may hinder market growth. Moreover, the rapid urbanization and increasing middle-class population in Myanmar are expected to drive the demand for hardware and building materials, further contributing to 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.