Market Insights Consumer DIY & Hardware Store

Hardware & Building Materials - Iran

Iran

The Hardware & Building Materials market in Iran is projected to generate a revenue of €12.79bn in 2024.
This market segment is expected to experience an annual growth rate of 2.85% (CAGR 2024-2029).
In comparison to other countries worldwide, in China leads the pack with a revenue of €487bn in 2024.
When considering the population size, the per capita revenue generated in Iran's Hardware & Building Materials market amounts to €142.40 in 2024.
The hardware and building materials market in Iran is experiencing a surge in demand due to the country's focus on infrastructure development and urban expansion.

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

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Analyst Opinion

The Hardware & Building Materials market in Iran nan has seen minimal growth due to factors such as low consumer spending, political uncertainty, and limited access to advanced technology. However, with increasing demand for DIY & Hardware stores and rising awareness of home improvement, this market is expected to pick up in the coming years.

Customer preferences: As consumer spending power increases in Iran, there is a growing preference for high-quality, durable hardware and building materials within the DIY & Hardware Store Market. This shift is influenced by the cultural emphasis on craftsmanship and long-lasting products. Additionally, there is a growing demand for environmentally sustainable materials, as Iranian consumers become more conscious of their impact on the planet. This has led to an increase in the availability of eco-friendly options in hardware and building materials, catering to evolving lifestyles and preferences.

Trends in the market: In Iran, 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 increased consumer awareness and government initiatives promoting green building practices. This trajectory is likely to continue as environmental concerns become more prevalent. Industry stakeholders must adapt to this shift by offering a wider range of environmentally friendly options and investing in sustainable practices to meet customer expectations and government regulations. Additionally, the market is seeing a rise in online sales, as retailers leverage digital platforms to increase reach and convenience for customers. This trend is expected to continue, with potential implications for brick-and-mortar retailers who may need to shift their focus to online channels to remain competitive.

Local special circumstances: In Iran, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's economic and political conditions. The recent sanctions have limited the availability of foreign products, leading to a rise in local production and demand for building materials. The country's cultural preference for home improvement projects has also contributed to the growth of the DIY market. Additionally, strict regulations on imports and exports have created a unique market environment for hardware and building materials, shaping the market dynamics.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Iran is also influenced by macroeconomic factors such as government policies, economic stability, and investment in infrastructure. The country's high economic growth rate and favorable policies towards foreign investment have attracted large investments in the construction sector, boosting the demand for hardware and building materials. The ongoing urbanization trend and increasing construction activities have also contributed to the market growth. However, economic challenges such as inflation and currency fluctuations could potentially hinder the market's growth in the future.

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.