DIY & Hardware Store - South Korea

  • South Korea
  • In South Korea, the revenue generated in the DIY & Hardware Store market in 2024 is estimated to be €34.43bn.
  • It is projected that this market will experience an annual growth rate of 3.39% (CAGR 2024-2029).
  • When compared globally, in China leads the market with a revenue of €728bn in 2024.
  • Taking into account the total population figures, we can observe that per person revenues amount to €665.40 in 2024.
  • South Korea's DIY & Hardware Store market is thriving, with a strong emphasis on innovative and eco-friendly products.

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

 
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Analyst Opinion

The DIY & Hardware Store Market in South Korea is facing a stagnant growth rate, influenced by factors such as low consumer interest, limited availability of products, and a shift towards online shopping. It is driven by the sub-markets of Floor Covering, Paint, Wallpaper & Supplies, Tools & Machines, Hardware & Building Materials, Lawn & Garden, Heating & Cooling and Bathroom Hardware. The convenience of online retail and increasing trend of DIY projects are contributing to the market's slow growth.

Customer preferences:
Consumers in South Korea are increasingly turning to DIY and hardware stores for home improvement and renovation projects, as the desire for personalized and unique living spaces grows. This trend is fueled by a strong DIY culture and the rise of online tutorials and resources. Additionally, with a growing aging population, there is a greater demand for products and services that cater to accessibility and mobility. As a result, hardware stores are expanding their offerings to include a wider range of home modification and assisted living products.

Trends in the market:
In South Korea, the DIY & Hardware Store Market is seeing a surge in demand for eco-friendly and sustainable products. This trend is being driven by the government's push towards a more environmentally conscious society and consumers' growing awareness of the impact of their purchases on the environment. As a result, DIY stores are now offering a wider range of green products and services, such as energy-efficient appliances and green building materials. This trend is likely to continue and may lead to a shift in consumer preferences towards eco-friendly options, presenting both challenges and opportunities for industry stakeholders.

Local special circumstances:
In South Korea, the DIY & Hardware Store Market is heavily influenced by the country's unique cultural and regulatory circumstances. The concept of DIY projects is deeply ingrained in Korean culture, with many individuals valuing the satisfaction and cost savings of building and fixing things themselves. Additionally, the country has strict zoning regulations, making it difficult for larger hardware stores to open in urban areas. As a result, small independent hardware stores thrive in South Korea, offering personalized customer service and a wide range of products that cater to the specific needs and preferences of the local population. This combination of cultural factors and regulatory limitations creates a dynamic and competitive DIY & Hardware Store Market in South Korea.

Underlying macroeconomic factors:
The DIY & Hardware Store Market in South Korea is heavily influenced by macroeconomic factors such as economic health, consumer confidence, and government policies. The country's strong economic growth, coupled with increasing disposable incomes and urbanization, is driving the demand for DIY and home improvement products. Additionally, favorable government policies and investments in infrastructure development are creating a conducive environment for the growth of the market. The increasing trend towards DIY projects and home renovations, along with the rising popularity of e-commerce, are also contributing to the growth of the market. Overall, the stable and growing economy of South Korea is expected to continue driving the growth of the DIY & Hardware Store Market in the 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.

Vue d’ensemble

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