Market Insights Consumer DIY & Hardware Store

Hardware & Building Materials - Mexico

Mexico

In Mexico, the Hardware & Building Materials market generates a revenue of €9.17bn in 2024.
It is projected to experience an annual growth rate of 1.73% (CAGR 2024-2029).
When compared globally, in China leads the market with a revenue of €487bn in 2024.
Taking into account the total population, the per person revenue in Mexico for 2024 amounts to €70.85.
Despite economic challenges, Mexico's hardware and building materials market continues to thrive due to increased construction activity and government infrastructure projects.

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

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Analyst Opinion

The DIY & Hardware Store Market in Mexico is facing negligible growth, influenced by factors like declining consumer spending and a slowdown in the construction industry. Despite this, the market is still driven by increased demand for home renovation and maintenance products.

Customer preferences: The rise of smart homes and home automation has significantly impacted the Hardware & Building Materials Market within the DIY & Hardware Store Market in Mexico. Consumers are now seeking products that can be easily integrated into their smart homes, such as energy-efficient lighting, smart door locks, and security systems. This trend is driven by the increasing adoption of smart home technology, as well as the desire for convenience and control over household functions. Furthermore, the demand for eco-friendly and sustainable building materials has grown in response to growing environmental concerns, with consumers prioritizing products that are energy-efficient and environmentally friendly.

Trends in the market: In Mexico, the Hardware & Building Materials Market within the DIY & Hardware Store Market is experiencing a rise in eco-friendly and sustainable products, as consumers become more environmentally conscious. This trend is expected to continue as the government implements stricter regulations on construction and encourages the use of green building materials. This shift towards sustainability presents opportunities for industry stakeholders to tap into a growing market and differentiate themselves from competitors. Additionally, there is a growing demand for smart home technology, such as energy-efficient appliances and home automation systems, which presents new avenues for growth and innovation within the market. These trends indicate a shift towards more eco-friendly and technologically advanced products, which will shape the future of the Hardware & Building Materials Market in Mexico.

Local special circumstances: In Mexico, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's unique geographical factors. Due to its location near highly active seismic zones, Mexican hardware and building materials must meet strict regulations for earthquake resistance. Additionally, Mexico's rich cultural heritage and strong DIY culture drive demand for locally-sourced and eco-friendly building materials. These cultural factors also play a role in the popularity of traditional building techniques, such as adobe construction, which requires specific hardware and materials. Furthermore, Mexico's complex trade agreements, particularly with the United States, have a significant impact on market dynamics, with fluctuations in import and export regulations affecting supply and pricing of hardware and building materials.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Mexico is influenced by several macroeconomic factors. These include economic stability and growth, government policies, and global economic trends. With the recent growth in the Mexican economy and government initiatives to promote infrastructure development, the market for hardware and building materials is expected to experience growth. Additionally, the country's increasing population and urbanization rate also drive the demand for DIY and hardware products, leading to market growth. Continued investment in infrastructure and favorable government policies are expected to further drive the market in Mexico.

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.