Hardware Stores in the US - Industry Market Research Report

Tool time: The rising popularity of DIY projects sustained growth during the pandemic

Hardware stores in the United States retail a broad range of new home renovation equipment and supplies. Hardware, plumbing, electrical and paint-related tools are the most commonly stocked goods. The strong economy immediately preceding the pandemic caused wages, business investment and consumer confidence to soar. High consumer confidence increased private spending on home improvements, while lots of business investment boosted upgrades of commercial buildings. Demand for hardware rose for the residential and commercial sectors, raising revenue. To shield households from the negative impacts of COVID-19, the government gave out huge subsidies in 2020. Individuals spent this money on home improvements, boosting the industry's performance in a bad economic time. As inflation has surged, the Federal Reserve has raised interest rates. The higher cost of borrowing has reduced the amount of homebuying and commercial investment, hindering demand for hardware stores. Overall, revenue for the Hardware Stores industry in the United States is expected to increase at a CAGR of 1.4% to $36.6 billion over the five years to 2023, including a 0.4% decline in 2023 alone.

Companies in this industry primarily retail a broad range of new home renovation equipment and supplies. Hardware, plumbing, electrical and paint-related tools are the most commonly stocked goods.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.