DIY & Hardware Store - Bhutan

Bhutan

The DIY & Hardware Store market in Bhutan is projected to generate a revenue of US$156.70m in 2024.
It is expected to experience an annual growth rate of 3.58% (CAGR 2024-2029).
When compared globally, in China leads the pack with a revenue of US$785bn in 2024.
Looking at the per capita figures, in Bhutan, each person generates revenues of US$197.80 in 2024.
Bhutan's growing focus on sustainability and traditional craftsmanship is driving the demand for DIY and hardware stores across the country.

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

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Currency

Analyst Opinion

The DIY & Hardware Store market in Bhutan is experiencing limited growth, influenced by factors such as low consumer awareness and limited access to digital technologies. The sub-markets of Floor Covering, Paint, Wallpaper & Supplies, Tools & Machines, Hardware & Building Materials, Lawn & Garden, Heating & Cooling and Bathroom Hardware contribute to this trend. The overall market is expected to continue at a slow pace due to infrastructure limitations and a small target market.

Customer preferences: As Bhutanese society becomes more modernized, there is an increasing demand for DIY and hardware stores that offer a wider range of products and services. This trend is driven by the changing lifestyles and growing middle-class population, which has led to a higher demand for home improvement and renovation projects. Additionally, there has been a shift towards sustainable and eco-friendly solutions, with consumers preferring products that are both functional and environmentally conscious. This has led to an increase in the availability and popularity of eco-friendly building materials and energy-efficient products in the DIY & Hardware Store Market.

Trends in the market: In Bhutan, the DIY & Hardware Store market is experiencing a surge in demand for sustainable and eco-friendly products, driven by increasing awareness and government initiatives to promote environmental conservation. This trend is expected to continue as consumers prioritize sustainability in their purchasing decisions. Additionally, online sales of DIY and hardware products are on the rise, with more retailers investing in e-commerce platforms to cater to the growing demand for online shopping. This shift to digital channels is expected to have significant implications for industry stakeholders, such as increased competition and the need for innovative marketing strategies to reach customers. Furthermore, with the rise of digital tools and resources, there is a potential for DIY & Hardware Store businesses to offer virtual consultation services and customized product recommendations to customers, providing a personalized and convenient shopping experience. As the DIY & Hardware Store market in Bhutan continues to evolve, businesses that adapt to these trends and embrace technology are likely to have a competitive edge and thrive in the future.

Local special circumstances: In Bhutan, the DIY & Hardware Store market is strongly influenced by the country's geographical and cultural factors. Due to its mountainous terrain, traditional methods of home repairs and construction are prevalent, making the market for hardware and tools relatively small. Additionally, Bhutanese culture values self-sufficiency and frugality, leading to a preference for DIY projects rather than seeking professional help. The country's strict environmental regulations also play a significant role, driving the adoption of eco-friendly and sustainable building materials and equipment in the DIY & Hardware Store market. These unique factors create a distinct market dynamic in Bhutan, highlighting the need for localized strategies in this market.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Bhutan is heavily influenced by macroeconomic factors such as the country's economic growth, fiscal policies, and global economic trends. Bhutan's stable economic growth and increasing disposable income among its population are driving the demand for DIY products and home improvement solutions. Additionally, the government's supportive fiscal policies and investments in infrastructure development are creating a conducive environment for the growth of the DIY & Hardware Store Market in Bhutan. Moreover, as Bhutan's population ages and urbanization continues to rise, the demand for DIY and home improvement products is expected to increase, resulting in further 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.