The global hardware market is experiencing robust growth in 2024, driven largely by increased demand for home improvement products. The COVID-19 pandemic spurred a surge in home renovations, a trend that has continued as consumers spend more time at home and invest in upgrades to their living spaces.
According to a recent market report by Grand View Research, the global hardware market is expected to grow at a compound annual growth rate (CAGR) of 4.3% between 2024 and 2028. This growth is fueled by rising consumer interest in DIY home improvement, with power tools and fasteners among the most in-demand products. Markets in North America and Europe are leading the trend, but Asia-Pacific is not far behind, with China and India emerging as key players.
Technological advancements such as smart home integration and energy-efficient tools are playing a significant role in shaping the market. Consumers are increasingly opting for products that offer both performance and environmental sustainability. As a result, hardware manufacturers are focusing on developing tools that are compatible with smart home systems, providing homeowners with greater control and convenience in their projects.
Additionally, manufacturers are adopting digital marketing strategies and expanding their e-commerce capabilities to meet the growing online demand for hardware products. This shift to digital platforms has allowed hardware companies to reach a wider audience and tap into the growing trend of online shopping, further fueling market growth.
Post time: Oct-18-2024