DIY & Hardware Store - Bosnia and Herzegovina

Bosnia and Herzegovina

In Bosnia and Herzegovina, the revenue in the DIY & Hardware Store market for 2024 is estimated to be US$923.00m.
It is projected to experience an annual growth rate of 3.48% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market segment, with a whopping US$785bn in 2024.
Looking at the per capita figures, each person in Bosnia and Herzegovina is expected to generate US$288.90 in revenue for 2024.
Despite the economic challenges faced by Bosnia and Herzegovina, the DIY and hardware store market is experiencing steady growth due to the country's strong tradition of craftsmanship and home improvement.

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 Bosnia and Herzegovina has seen steady growth due to factors such as increasing demand for home improvement and renovation products, growing popularity of DIY projects, and the convenience offered by online shopping platforms. However, the growth rate has been affected by economic slowdown and competition from local hardware stores. Additionally, the floor covering and paint sub-markets have been impacted by fluctuating raw material prices and availability.

Customer preferences: As consumers in Bosnia and Herzegovina continue to embrace DIY and home improvement projects, there has been a growing demand for sustainable and eco-friendly products. This trend is driven by a growing awareness of environmental issues and a desire to reduce waste and carbon footprint. Additionally, with an increasing aging population in the country, there has been a shift towards more accessible and user-friendly products, such as ergonomic tools and mobility aids. This reflects a larger trend of consumer preferences shifting towards products that cater to their specific needs and values.

Trends in the market: In Bosnia and Herzegovina, the DIY & Hardware Store market is experiencing a shift towards e-commerce, as consumers increasingly prefer to purchase home improvement products online. Additionally, there is a rise in demand for eco-friendly and sustainable products, driven by increased awareness and government policies promoting environmental sustainability. These trends are significant for industry stakeholders, as they highlight the need for businesses to adapt to changing consumer preferences and invest in digital platforms. Furthermore, the focus on sustainability presents opportunities for businesses to differentiate themselves and attract environmentally conscious consumers. However, it also poses challenges for traditional brick-and-mortar stores, as they may struggle to compete with online retailers. As a result, businesses in the DIY & Hardware Store market in Bosnia and Herzegovina need to carefully navigate these trends to stay relevant and competitive in the industry.

Local special circumstances: In Bosnia and Herzegovina, the DIY & Hardware Store Market has seen significant growth due to a rise in home renovation projects and a growing interest in DIY projects among the population. The market is also influenced by the country's rugged terrain, making certain tools and equipment more popular than others. Additionally, the cultural importance placed on handiwork and craftsmanship has led to a demand for high-quality and durable products in this market. Government regulations and import laws also play a role in shaping the market, with local retailers dominating the market due to restrictions on foreign competition.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Bosnia and Herzegovina is influenced by macroeconomic factors such as the overall economic health of the country, changes in consumer spending, and the government's fiscal policies. Global economic trends, such as changes in exchange rates and trade policies, also impact the market. Additionally, investments in infrastructure development, changes in labor laws, and changes in tax policies can affect the performance of the market. Moreover, the DIY & Hardware Store Market in Bosnia and Herzegovina is also influenced by the country's economic stability, political climate, and overall business environment, which impact consumer confidence and purchasing power. The market is also influenced by demographic factors, such as population growth, urbanization, and changes in the age structure of the population, which can impact consumer demand for DIY and hardware products.

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.