Market Insights Consumer DIY & Hardware Store

Hardware & Building Materials - Eastern Asia

Eastern Asia

In Eastern Asia, the Hardware & Building Materials market is projected to generate a revenue of €0.57tn in 2024.
This market segment is anticipated to experience an annual growth rate of 1.70% (CAGR 2024-2029).
When compared globally, in China stands out as the top revenue generator, with a projected revenue of €482bn in 2024.
In terms of per capita revenue, each person in Eastern Asia is estimated to contribute €0.35k in 2024.
In Eastern Asia, China dominates the Hardware & Building Materials market with its vast manufacturing capabilities and competitive pricing.

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

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Región

Comparación de regiones

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Analyst Opinion

The Hardware & Building Materials Market in Eastern Asia is facing negligible growth, influenced by factors such as slow adoption of digital technologies, limited health awareness among consumers, and the preference for traditional brick-and-mortar stores over online options. Despite this, the market continues to see growth driven by the need for essential building materials and DIY products.

Customer preferences: In Eastern Asia, consumer preferences are shifting towards eco-friendly and sustainable building materials for their DIY projects. This shift is driven by a growing awareness of environmental issues and a desire to reduce carbon footprint. Additionally, there is a trend towards incorporating traditional Eastern design elements in home renovation and building projects, highlighting a fusion of modern and cultural influences. Demographically, there is a rise in the younger population's interest in DIY projects, indicating a shift in lifestyle towards self-sufficiency and creativity.

Trends in the market: In Eastern Asia, 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 growing awareness of environmental issues and the push for green building practices. This shift towards sustainable products is expected to continue, as governments in the region are implementing stricter regulations and incentives to promote eco-friendly construction. This presents opportunities for industry stakeholders to tap into this growing market and offer innovative solutions that meet the changing needs of consumers.

Local special circumstances: In Eastern Asia, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the region's booming construction industry. China, in particular, has seen a surge in demand for building materials due to its rapid urbanization and infrastructure development. In Japan, the market is driven by the country's unique earthquake-proofing regulations, leading to a high demand for specialized building materials. South Korea's market is characterized by the use of innovative, eco-friendly building materials due to the government's focus on sustainable construction practices.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by macroeconomic factors in Eastern Asia. The region's strong economic growth, favorable regulatory environment, and robust investment in infrastructure serve as primary drivers for market growth. Additionally, increasing urbanization and rising disposable incomes in countries like China, Japan, and South Korea are driving the demand for DIY and hardware products, leading to overall market expansion. However, the ongoing trade tensions in the region and disruption in global supply chains due to the pandemic have also impacted market dynamics. As a result, companies in the market are closely monitoring national economic health, fiscal policies, and other relevant financial indicators to adjust their strategies and maintain market competitiveness.

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.