Market Insights Consumer DIY & Hardware Store

Hardware & Building Materials - Mongolia

Mongolia

In Mongolia, the Hardware & Building Materials market is projected to generate a revenue of €0.42bn in 2024.
It is anticipated that the market will experience an annual growth rate of 2.71% (CAGR 2024-2029).
When compared globally, in China takes the lead in terms of revenue generation, with a staggering €482bn in 2024.
In relation to the total population, the per person revenue in Mongolia is estimated to be €119.60 in 2024.
Mongolia's hardware and building materials market is experiencing a surge in demand due to the country's rapid urbanization and infrastructure development.

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

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Analyst Opinion

In Mongolia nan, the Hardware & Building Materials Market in the DIY & Hardware Store Market is experiencing negligible growth due to factors such as saturation in the market, limited consumer spending, and economic challenges faced by the country. Despite this slow growth, ongoing infrastructure development projects and increasing foreign investment are expected to drive market growth in the future.

Customer preferences: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Mongolia is experiencing a shift towards eco-friendly and sustainable products. This is driven by rising environmental awareness among consumers and the government's efforts to promote green living. Additionally, the growing popularity of DIY home improvement projects is fueling demand for high-quality, durable materials. These trends are also influenced by the younger generation's desire for modern, minimalist designs and the desire to save money on home renovations. Overall, there is a palpable shift towards conscious and thoughtful consumption in the Hardware & Building Materials Market, driven by changing consumer preferences and values.

Trends in the market: In Mongolia, the Hardware & Building Materials Market within the DIY & Hardware Store Market is seeing a rise in demand for eco-friendly and sustainable materials. As consumers become more environmentally conscious, there is a growing trend towards using green building products and energy-efficient materials. This trajectory is significant for industry stakeholders as it presents an opportunity for companies to introduce innovative and sustainable products to meet customer demands. Additionally, this trend may also have implications for pricing and supply chain strategies in the industry.

Local special circumstances: In Mongolia, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's geographical location and climate. Due to the harsh winters, there is a high demand for materials and tools for building insulation and winterizing homes. Additionally, the nomadic lifestyle of many Mongolians has led to a need for portable and easy-to-assemble building materials and DIY solutions. Cultural preferences, such as the tradition of using locally-sourced natural materials in construction, also impact the market. Moreover, regulations on foreign imports and business licensing can also affect the availability and price of hardware and building materials.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Mongolia is heavily influenced by macroeconomic factors. The country's economic health, global economic trends, fiscal policies, and financial indicators play a significant role in the market's performance. Mongolia's economic growth and stability have a direct impact on consumer spending, construction activity, and business investments in the hardware and building materials sector. Additionally, government initiatives promoting infrastructure development and the increasing demand for affordable housing are driving the market's growth. However, fluctuations in commodity prices and trade policies can also affect the market's performance in Mongolia.

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.