Hardware Stores in Canada - Industry Market Research Report

Hardware Stores in Canada - Industry Market Research Report

Hardware Stores in Canada

Canadian hardware stores retail a variety of building and home renovation supplies to professional contractors and consumers, characterized by their homogeneous products, leading to a high level of price-based competition among the many small hardware stores. The industry has floundered over much of the five years to 2023 because of a mediocre housing market and boosting interest rates, a trend that was exacerbated by the closure of many retail outlets for several months in 2020 due to the COVID-19 pandemic. However, the housing market exploded in 2020 and 2021, a trend from which hardware stores in Canada benefited, resulting in industry revenue growing 17.2% in 2021 alone. Overall, revenue has been expanding at a CAGR of 3.5% over the past five years, and is expected to reach $3.9 billion in 2023, despite a 4.2% dip in revenue over the year.

The Hardware Stores industry in Canada primarily retails a broad range of new home renovation equipment and supplies. Hardware, plumbing, electrical and paint-related tools are the most commonly stocked goods. Consumers purchase a large majority of the goods supplied by this industry for private use, while contractors purchase a small share of goods for commercial use.

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.