Floor Covering - Bhutan

Bhutan

Highlights

In Bhutan, the revenue generated in the Floor Covering market in 2024 amounts to US$231.00k.
It is projected that the market will experience an annual growth rate of 4.57% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this market, reaching US$6bn in 2024.
In terms of per capita revenue, US$0.29 is generated per person in Bhutan in 2024.
With Bhutan's strong emphasis on sustainability, the floor covering market is seeing an increase in demand for eco-friendly and locally sourced materials.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Floor Covering Market in the DIY & Hardware Store Market in Bhutan is currently experiencing minimal growth, impacted by factors such as limited consumer demand and competition from traditional methods of floor covering. However, with the increasing popularity of DIY and home improvement projects in Bhutan, there is potential for future growth in the market.

Customer preferences: As Bhutan continues to focus on sustainability and environmental conservation, consumers in the Floor Covering Market within the DIY & Hardware Store Market are showing a preference for environmentally friendly flooring options. This shift is driven by a cultural emphasis on living in harmony with nature and a growing awareness of the impact of consumer choices on the environment. Additionally, there is a growing trend towards utilizing traditional Bhutanese designs and materials in flooring, reflecting a desire to preserve and celebrate the country's unique cultural heritage.

Trends in the market: In Bhutan, the DIY & Hardware Store Market is experiencing a shift towards eco-friendly and sustainable floor coverings. This trend is driven by growing consumer awareness and demand for environmentally-friendly products. Additionally, there is a rising preference for DIY installation and easy maintenance options, leading to a rise in the popularity of vinyl and laminate flooring. These trends are significant as they cater to the growing demand for cost-effective and durable floor covering solutions. Moreover, it presents potential opportunities for industry stakeholders to offer a diverse range of eco-friendly products and tap into the DIY trend.

Local special circumstances: In Bhutan, the Floor Covering Market within the DIY & Hardware Store Market is heavily influenced by the country's focus on environmental sustainability and conservation. Traditional Bhutanese homes are built with locally-sourced, eco-friendly materials, and this trend is reflected in the demand for ethically-sourced and environmentally-friendly flooring options. Additionally, the small population and limited access to imported goods make local products more popular, creating a unique market dynamic compared to other countries.

Underlying macroeconomic factors: The Floor Covering Market within the DIY & Hardware Store Market in Bhutan is influenced by macroeconomic factors such as the country's economic growth, global economic trends, and fiscal policies. The growth of the overall DIY & Hardware Store Market is largely dependent on consumer spending, which in turn is affected by employment rates, income levels, and credit availability. Fluctuations in these factors can have a significant impact on the demand for floor covering products. In addition, developments in the construction industry, both nationally and globally, can also influence the demand for floor covering products. Furthermore, government initiatives to improve infrastructure and promote sustainable development can also play a role in shaping the market for floor coverings in Bhutan. Overall, the market's performance will be greatly influenced by the country's economic health and its ability to sustain steady economic growth.

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.