DIY & Hardware Store - Nigeria

Nigeria

In Nigeria, the revenue generated in the DIY & Hardware Store market in 2024 amounts to ₦€37.13bn.
It is projected to grow annually by 4.20% (CAGR 2024-2029).
When compared globally, in China leads the market with revenue of ₦€720bn in 2024.
In terms of per person revenues, in Nigeria generates ₦€162.10 in 2024 in relation to its total population.
Nigeria's DIY & Hardware Store market is booming due to the country's growing middle class and increased urbanization.

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 Nigeria is seeing a slow growth rate due to factors such as limited consumer awareness, low disposable income, and competition from informal vendors. However, with an increase in home renovations and growing demand for affordable household solutions, the market is expected to experience modest growth in the coming years. Factors such as the availability of diverse product options, rising urbanization, and the convenience of online shopping are also expected to drive market growth.

Customer preferences: With a growing focus on sustainability and environmentally-friendly practices, consumers in Nigeria are becoming more conscious of their impact on the planet. As a result, there has been a rise in demand for eco-friendly and sustainable products in the DIY & Hardware Store market. This trend is also driven by a desire for healthier and safer homes, as well as a growing awareness of the negative effects of single-use products on the environment. As a result, DIY and hardware stores are expanding their product offerings to meet this shift towards more sustainable and eco-friendly living.

Trends in the market: In Nigeria, the DIY & Hardware Store Market is experiencing a surge in online sales due to the growing use of e-commerce platforms and the convenience they offer. Additionally, there is a growing trend of DIY enthusiasts using social media to share their projects and promote products. This trend is significant as it allows for a wider reach and potential for increased sales. However, it also means that retailers must adapt to the changing landscape and invest in online marketing strategies to stay competitive. There is also a rise in demand for eco-friendly and sustainable products, driving retailers to incorporate these options in their offerings to cater to the evolving consumer preferences. This trend has implications for industry stakeholders as they must find ways to effectively market and supply these products, while also considering the potential for higher costs.

Local special circumstances: In Nigeria, the DIY & Hardware Store market is heavily influenced by the country's rapidly growing population and increasing urbanization. This has led to a high demand for housing and infrastructure, creating a strong need for construction and renovation materials. Additionally, the country's unique economic and political climate, as well as cultural norms and preferences, play a significant role in shaping consumer behavior and market trends. This includes a preference for locally-sourced products and a strong sense of community, which can impact the success of international chains and online retailers in the market. Furthermore, government regulations and policies, such as import tariffs and trade agreements, can also impact the availability and affordability of products in the market.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Nigeria is heavily influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. With Nigeria's economy projected to grow by 2.6% in 2021, there is strong potential for the DIY & Hardware Store market to expand as consumer purchasing power increases. Additionally, the Nigerian government's investment in infrastructure development, particularly in the construction sector, is expected to boost demand for DIY products and hardware supplies. However, challenges such as inflation, currency fluctuations, and the impact of the COVID-19 pandemic may pose risks for the market's growth in the near future.

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.