DIY & Hardware Store - Cyprus | Statista Market Forecast

In Cyprus, the revenue in the DIY & Hardware Store market in 2024 is estimated to be US$470.80m.
It is projected to have an annual growth rate of 4.06% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market segment with US$785bn in 2024.
In terms of per capita revenue, each person in Cyprus generates US$371.20 in 2024.
Cyprus has seen a surge in demand for DIY and hardware stores due to an increase in home improvement projects.

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 Cyprus has been witnessing minimal growth due to factors such as the slow recovery of the construction industry, limited consumer spending, and the emergence of online hardware stores. The increasing trend of individuals taking up DIY projects and the demand for environmentally-friendly products may contribute to the market's growth in the future.

Customer preferences: The DIY & Hardware Store Market in Cyprus has seen a noticeable shift towards eco-friendly and sustainable products, with consumers becoming more conscious of their environmental impact. This trend is driven by a growing awareness of the importance of reducing waste and preserving natural resources. As a result, there has been an increase in demand for environmentally-friendly building materials and products, such as organic paints and sustainable wood. This shift aligns with the country's cultural values of promoting a healthy and sustainable lifestyle.

Trends in the market: In Cyprus, the DIY & Hardware Store Market is experiencing a surge in online sales and the adoption of e-commerce platforms. This trend has been accelerated by the COVID-19 pandemic, as more consumers are turning to online shopping for their home improvement needs. This shift to online platforms is expected to continue post-pandemic, with a rise in digital platforms offering home renovation and decor services. This trajectory highlights the importance for DIY and hardware stores to invest in their online presence and expand their offerings to meet the demands of the evolving market. Additionally, there may be potential implications for smaller, traditional brick-and-mortar stores that may struggle to keep up with the growing digitalization of the market.

Local special circumstances: In Cyprus, the DIY & Hardware Store Market is heavily influenced by the country's geographical location as an island nation, which presents unique challenges for supply chain logistics. Additionally, the cultural emphasis on home ownership and improvement drives demand for DIY and hardware products. The market is also impacted by regulatory restrictions on construction and home renovation, as well as the need for strict adherence to building codes. These factors create a dynamic market where local businesses must balance tradition with modernization to meet consumer needs.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Cyprus is strongly affected by macroeconomic factors such as national economic health and fiscal policies. The country's economic performance, including GDP growth, inflation rates, and unemployment rates, directly impact consumer purchasing power and overall demand for home improvement and construction products. In addition, global economic trends, particularly in Europe, also play a role in shaping market conditions. A slowdown in the Eurozone economy, for example, can lead to reduced consumer spending and dampen market growth. On the other hand, government initiatives that promote home renovations, such as tax incentives or subsidies, can boost market growth in the DIY & Hardware Store Market in Cyprus.

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.