DIY & Hardware Store - Armenia | Statista Market Forecast

In Armenia, the DIY & Hardware Store market generates a revenue of US$563.00m in 2024.
It is projected to experience an annual growth rate of 2.61% (CAGR 2024-2029).
When compared on a global scale, China leads the market with a revenue of US$785bn in 2024.
Looking at the population figures, in Armenia, each person generates a revenue of US$202.70 in 2024.
Armenia's DIY & Hardware Store market is experiencing a surge in demand for locally sourced materials and tools.

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.

Tools such as power tools and hand tools
Hardware such as products related to safety and security
Lawn & Garden such as gardening tools and plant supplies
Heating & Cooling systems such as air conditioners and heaters
Bathroom fixtures such as toilets, faucets, and sinks
Floor Coverings such as parquet panels

Electrical supplies such as power inlets and extension cords
Household appliances such as refrigerators and dishwashers
Hardware services such as preventitive maintenance contracts
Professsional contruction machinery such as cement mixers
Air treatment devices such as purifiers and humidifiers

The DIY & Hardware Store market in Armenia is experiencing sluggish growth, primarily due to the limited market size and low consumer spending. Factors such as economic instability, political uncertainty, and the dominance of traditional brick-and-mortar stores contribute to the negligible growth rate. However, the increasing popularity of home improvement and renovation projects, as well as the availability of online purchasing options, offer potential for future growth in the market.

Customer preferences: As Armenia continues to modernize and develop, there is a growing trend towards DIY and home improvement projects among consumers. This is reflected in the rising demand for quality tools and building materials from hardware stores. Additionally, there is a shift towards eco-friendly and sustainable products, as consumers become more environmentally conscious. This trend is influenced by the country's growing awareness and concern for the environment, as well as the increasing availability of eco-friendly products in the market. This shift towards DIY and eco-friendly products is expected to continue as consumers prioritize cost-effective and environmentally responsible solutions for their homes.

Trends in the market: In Armenia, the DIY & Hardware Store Market is experiencing a rise in online shopping, with more consumers turning to e-commerce platforms for their DIY needs. This trend is driven by the increasing use of technology and the ease of access to a wide range of products. This shift towards online shopping is expected to continue, particularly in light of the current pandemic and the uncertainty surrounding in-store shopping. This presents both challenges and opportunities for industry stakeholders, as they strive to meet the changing demands of consumers and compete with online retailers. Additionally, there is a growing focus on sustainability and environmentally friendly products in the market, with consumers becoming more conscious of their impact on the environment. This trend is expected to continue, with greater emphasis on eco-friendly products, which could lead to a shift in the product offerings of DIY & Hardware stores. This presents opportunities for stores to differentiate themselves and cater to the evolving needs of consumers, but could also pose challenges in terms of sourcing and pricing. Overall, the current trends in the DIY & Hardware Store Market in Armenia demonstrate the need for adaptation and innovation in order to stay competitive and meet the changing demands of consumers.

Local special circumstances: In Armenia, the DIY & Hardware Store market is heavily influenced by the country's geographical location. Being a landlocked country, Armenia relies heavily on imports for its hardware and building materials. The market is also shaped by the country's traditional DIY culture, where self-sufficiency and resourcefulness are highly valued. Additionally, the Armenian government's regulations on the import and sale of certain building materials have a significant impact on market dynamics. The market is also driven by the country's growing construction sector, as well as the increasing demand for sustainable and eco-friendly building solutions.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Armenia is also affected by macroeconomic factors such as overall economic progress, government policies, and investment in infrastructure. Countries with a stable political environment and robust investment in infrastructure are witnessing more significant growth in the market compared to those with political uncertainties and limited investment in infrastructure. Moreover, the rising demand for home improvement projects and renovations due to the growing real estate sector and urbanization is driving the growth of the DIY & Hardware Store Market in Armenia.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Building and renovating homes involves general contractors and subcontractors who build new homes and remodel existing homes. Home renovation projects also encompass the remodeling of external structures such as gardens, garages, and lawns. The total U.S. home improvement expenditure amounted to 566 billion U.S. dollars in 2022. Homeowners undertake home improvement to make residential properties more comfortable, upgrade air conditioning and heating systems, waterproof roofs and basements, soundproof rooms, and to extend their homes and boost energy savings.