Market Insights Consumer DIY & Hardware Store

Hardware & Building Materials - Vietnam

Vietnam

In Vietnam, the Hardware & Building Materials market is projected to generate a revenue of €12.23bn in 2024.
This market segment is expected to experience an annual growth rate of 2.73% (CAGR 2024-2029).
When compared globally, in China is the leading revenue generator in this sector, with an estimated revenue of €487bn in 2024.
Considering the total population figures, the per person revenue in Vietnam is estimated to be €123.00 in 2024.
Vietnam's Hardware & Building Materials market is experiencing rapid growth due to increasing urbanization and infrastructure development projects.

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

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Analyst Opinion

The Hardware & Building Materials Market in Vietnam is witnessing slow growth due to factors such as high costs, lack of awareness about DIY, and limited purchasing power of consumers. Despite this, the market is expected to grow steadily in the coming years.

Customer preferences: As the demand for sustainable and eco-friendly products continues to rise, consumers in the Hardware & Building Materials Market within the DIY & Hardware Store Market in Vietnam are increasingly seeking out environmentally-friendly options. This is driven by a growing awareness of the impact of traditional building materials on the environment, as well as a cultural emphasis on preserving natural resources. As a result, DIY and hardware stores are expanding their offerings to include a variety of green and sustainable products, such as bamboo flooring, energy-efficient light fixtures, and non-toxic paints. This trend is expected to continue as consumers become more conscious of the environmental impact of their purchases and prioritize sustainability in their home improvement projects.

Trends in the market: In Vietnam, 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 a growing awareness of environmental issues among consumers and efforts by the government to promote green living. As a result, there is a shift towards using products made from recycled materials and those that have a lower carbon footprint. This trend is expected to continue, with industry players investing in research and development to meet consumer demands. The adoption of eco-friendly practices also presents an opportunity for partnerships and collaborations among stakeholders in the industry to promote sustainable solutions for the future.

Local special circumstances: In Vietnam, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's rapid urbanization and economic growth. The increasing demand for housing and construction projects has led to a rise in the market for building materials and DIY products. Additionally, the country's strict regulations on foreign ownership of land and businesses have created a unique local market for hardware and DIY stores, as foreign companies must partner with local companies to enter the market.

Underlying macroeconomic factors: The growth of the Hardware & Building Materials Market within the DIY & Hardware Store Market in Vietnam is also influenced by macroeconomic factors such as the country's stable economic growth, government initiatives to promote infrastructure development, and increasing investments in the construction sector. Vietnam's rapidly urbanizing population and rising disposable income are also driving the demand for hardware and building materials. Additionally, the global trend towards sustainable and eco-friendly building materials is influencing the market, with a growing emphasis on green building practices and renewable energy solutions across the country.

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.