DIY & Hardware Store - Baltics

Baltics

In 2024, the revenue in the DIY & Hardware Store market in the Baltics amounts to US$4.77bn.
It is projected that the market will experience an annual growth rate of 5.01% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market segment, with US$785bn in 2024.
Looking at the per person revenues in relation to the total population figures, in 2024, each individual in the Baltics generates US$819.50 in revenue.
In the Baltics, DIY & Hardware stores are experiencing a surge in demand for home improvement products as more people prioritize renovating and enhancing their living spaces.

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.

Market

Region

Region comparison

Currency

Analyst Opinion

The DIY & Hardware Store Market in Baltics has seen moderate growth due to factors such as increasing demand for home improvement projects, rising awareness of DIY culture, and the convenience of online shopping. However, the market's slow growth rate is impacted by challenges such as economic uncertainty and shifting consumer preferences towards professional services.

Customer preferences: There has been a noticeable change in consumer preferences in the DIY & Hardware Store Market market, as more individuals prioritize sustainability and eco-friendliness in their purchasing decisions. As such, there is a growing demand for eco-friendly and biodegradable products, reflecting a shift towards more conscious and environmentally friendly consumption. This trend is also driven by increasing awareness of the impact of consumer choices on the environment, as well as cultural values emphasizing the importance of preserving nature.

Trends in the market: In the Baltics, the DIY & Hardware Store Market is experiencing a surge in demand for online shopping platforms, as consumers increasingly prefer the convenience of purchasing home improvement products and tools from the comfort of their homes. Additionally, there is a growing trend of incorporating technology into traditional brick-and-mortar stores, with the integration of digital displays and interactive kiosks to enhance customer experience and increase sales. This trend is expected to continue, with the industry projected to witness significant growth in e-commerce sales and digital transformations. This has significant implications for industry stakeholders, as they will need to adapt to the changing consumer behavior and invest in digital strategies to remain competitive in the market. Furthermore, this trend also presents opportunities for new players to enter the market and disrupt the traditional business model of DIY & Hardware stores.

Local special circumstances: In the Baltics, the DIY & Hardware Store Market is heavily influenced by the region's harsh climate, with long, cold winters and short summers. This leads to a higher demand for products such as insulation, heaters, and snow removal equipment. Additionally, the cultural tradition of self-sufficiency and frugality plays a significant role, with consumers preferring to fix things themselves rather than hiring professionals. This has led to a thriving market for DIY tools and supplies. Furthermore, government regulations promoting sustainable and energy-efficient homes have also impacted the market, with a growing demand for eco-friendly and energy-saving products.

Underlying macroeconomic factors: The growth of the DIY & Hardware Store Market market in the Baltics is heavily influenced by macroeconomic factors such as economic stability, consumer spending patterns, and government policies on infrastructure development. The region's improving economic conditions and rising disposable income are leading to a higher demand for home improvement and construction materials, driving the growth of the market. Furthermore, the government's investments in building and renovating infrastructure, such as roads and housing, are creating a favorable environment for the market's expansion. The DIY & Hardware Store Market is also benefiting from the increasing popularity of DIY projects among consumers in the region, which is further bolstering market growth.

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.