DIY & Hardware Store - Cyprus

  • Cyprus
  • 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, in 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.

Key regions: Worldwide, China, United States, India, Japan

 
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Analyst Opinion

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.

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.

Overview

  • Revenue
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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