DIY & Hardware Store - Malaysia

Malaysia

In Malaysia, the DIY & Hardware Store market is projected to generate a revenue of MYR €10.43bn in 2024.
This market segment is expected to experience an annual growth rate of 4.18% (CAGR 2024-2029).
When compared globally, in China leads the pack with a revenue of MYR €720bn in 2024.
Considering the total population, in Malaysia generates per person revenues of MYR €300.80 in 2024.
The DIY & Hardware Store market in Malaysia is experiencing a surge in demand for eco-friendly and sustainable products.

Key regions: Worldwide, China, United States, India, Japan

Definition:

The DIY (Do-It-Yourself) market refers to the retail market for products used in home improvement and repair projects, such as tools, hardware, building materials, and lawn and garden products. These products are marketed to consumers who want to perform home improvement projects on their own rather than hire a professional. The DIY market provides consumers with the materials and tools they need to complete projects ranging from simple repairs to complete renovations, allowing them to save money and express their creativity in their living spaces.

Structure:

The market is divided into seven different segments:

The Paint, Wallpaper & Supplies segment includes products used for interior and exterior decoration, renovation, and protection of residential buildings.
The Tools & Machines segment consist of products used for construction, maintenance, and repair tasks.
The Hardware & Building Materials segment includes a diverse range of products that play an important role in the structure, safety, and functionality of a building.
The Lawn & Garden segment encompasses products that help homeowners and landscapers to create and maintain attractive and functional outdoor living spaces.
The Heating & Cooling segment focuses on produts that help regulate indoor temperatures, ensuring comfort, energy efficiency, and air quality in homes.
The Bathroom Hardware segment includes products designed to enhance the functionality and appearance of bathrooms.
The Floor Covering segment encompasses products that serve to protect the floor, enhance the appearance of the room, provide insulation and comfort, and can add value to a property.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The DIY & Hardware Store market in Malaysia is experiencing negligible growth, influenced by factors such as the increasing popularity of DIY projects, the rise in home renovation and repair activities, and the convenience of online shopping for home improvement products. These sub-markets contribute to the overall market growth, with increasing demand for products such as tools, building materials, and lawn and garden supplies. However, challenges such as limited consumer spending and competition from e-commerce platforms impact the market's growth rate in Malaysia.

Customer preferences: As Malaysian consumers become more environmentally conscious, there has been a growing trend towards eco-friendly and sustainable products in the DIY & Hardware Store market. This can be attributed to cultural values that prioritize preserving the environment, as well as a push towards responsible consumption from younger demographics. With increasing demand for green solutions, DIY and hardware stores are expanding their product range to include more eco-friendly options, such as reusable and biodegradable materials. Additionally, there is a rising interest in DIY projects that utilize recycled or upcycled materials, showcasing a shift towards a more conscious and mindful lifestyle.

Trends in the market: The DIY & Hardware Store Market in Malaysia is experiencing a surge in online sales and e-commerce platforms. This trend is being driven by the convenience and safety of online shopping, as well as the increasing number of smartphone users in the country. As more consumers turn to digital channels for their purchasing needs, physical hardware stores may need to adapt and develop their own online presence to remain competitive. This shift towards e-commerce also presents opportunities for industry players to enhance customer experience through innovative technologies and personalized services. Additionally, it may result in a shift of supply chain and distribution models, with a greater focus on logistics and last-mile delivery. These developments have significant implications for industry stakeholders, including increased competition and the need to invest in digital capabilities to meet changing consumer demands.

Local special circumstances: In Malaysia, the DIY & Hardware Store Market is heavily influenced by its diverse geography, with urban areas experiencing higher demand for home improvement products compared to rural areas. Additionally, the country's multicultural population also impacts the market, as certain ethnic groups have a greater preference for DIY projects and home renovations. Furthermore, the government's regulations on building permits and construction licenses also play a significant role in shaping the market, as stricter regulations can lead to a decrease in demand for DIY products and services in certain areas.

Underlying macroeconomic factors: The DIY & Hardware Store market in Malaysia is significantly impacted by macroeconomic factors such as consumer spending, housing market trends, and government policies. The country's strong economic growth, coupled with rising disposable income and increasing urbanization, is driving consumer spending on home improvement and renovation projects. Furthermore, the Malaysian government's initiatives to promote affordable housing and encourage home ownership are also supporting the growth of the DIY & Hardware Store market. However, the market is also influenced by global economic trends, such as the trade tensions between major economies, as it can affect the cost of raw materials and impact market performance. Moreover, fluctuations in exchange rates and interest rates can also affect consumer spending and the overall health of the market.

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.