Market Insights Consumer DIY & Hardware Store

Hardware & Building Materials - Peru

Peru

In Peru, the Hardware & Building Materials market is projected to generate a revenue of €6.76bn in 2024.
It is anticipated that the market will experience an annual growth rate of 3.01% (CAGR 2024-2029).
When compared globally, in China leads the pack with a revenue of €487bn in 2024.
Taking into account the total population, the per capita revenue in Peru for the Hardware & Building Materials market is estimated to be €194.80 in 2024.
Peru's Hardware & Building Materials market is experiencing a surge in demand due to the country's rapid urbanization and infrastructure development projects.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The DIY & Hardware Store Market in Peru is facing negligible growth due to factors such as low consumer spending and limited infrastructure development. However, increasing investments in digital technologies and growing demand for convenience are expected to drive growth in the Hardware & Building Materials Market.

Customer preferences: The rise of DIY and home improvement projects has led to an increased demand for eco-friendly and sustainable building materials in Peru's hardware and building materials market. This trend is driven by growing environmental consciousness among consumers and government initiatives promoting green construction practices. Additionally, with the increasing popularity of minimalist and minimal waste lifestyles, there is a preference for durable and long-lasting materials that can be reused or recycled. This shift towards sustainability is also reflected in the availability of eco-friendly product options at hardware and DIY stores.

Trends in the market: In Peru, the Hardware & Building Materials Market within the DIY & Hardware Store Market is seeing an increase in e-commerce sales, with more consumers turning to online platforms for their home improvement needs. This trend is significant as it offers convenience and accessibility to customers, especially in rural areas. It also presents opportunities for retailers to expand their reach and increase sales. Additionally, there is a rise in eco-friendly and sustainable building materials, indicating a growing trend towards sustainable living in Peru. This trend has implications for industry stakeholders as they may need to adapt their products and marketing strategies to cater to this shift in consumer demand.

Local special circumstances: In Peru, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's geographical landscape. Due to its diverse terrain, certain products, such as roofing materials or construction tools, may be more in demand in certain regions. Additionally, cultural factors play a role in consumer preferences, with traditional building techniques and materials still being preferred by some segments. Furthermore, regulatory policies, including import and export regulations, can impact the availability and cost of building materials, affecting market dynamics.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Peru is significantly impacted by macroeconomic factors such as economic stability, government policies, and global market trends. The economic stability and financial strength of the country directly influence consumer spending on home improvement and construction projects, driving the demand for hardware and building materials. Additionally, government initiatives promoting sustainable construction practices and investments in infrastructure development have further contributed to the growth of the market. The rising demand for energy-efficient and eco-friendly solutions in the building sector has also influenced the market, creating opportunities for innovative and sustainable products in the hardware and building materials segment.

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.