Floor Covering - Guatemala

Guatemala

Highlights

In Guatemala, the Floor Covering market generates a revenue of US$6.80m in 2024.
It is projected to experience an annual growth rate of 4.21% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads in terms of revenue generation, reaching US$6bn in 2024.
Considering the population size, the per person revenue in Guatemala amounts to US$0.37 in 2024.
Sales of traditional Guatemalan handwoven rugs are experiencing a resurgence as consumers prioritize unique, artisanal floor coverings.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Floor Covering market in Guatemala has been impacted by factors such as slow economic growth and limited consumer spending, leading to negligible growth. However, the convenience offered by DIY and hardware stores has driven some growth in the market.

Customer preferences: As the DIY and hardware store market in Guatemala continues to grow, there has been a noticeable increase in consumer demand for sustainable and environmentally-friendly products. This trend is also seen in the floor covering market, where customers are increasingly seeking out eco-friendly options, such as bamboo flooring or carpets made from recycled materials. This shift in consumer preferences can be attributed to a growing awareness of the impact of traditional flooring materials on the environment, as well as an overall trend towards more conscious and responsible consumerism. As a result, many hardware stores are now offering a wider range of sustainable floor covering options to cater to this changing demand.

Trends in the market: In Guatemala, the Floor Covering Market within the DIY & Hardware Store Market is experiencing a trend towards sustainable and eco-friendly flooring options. This trajectory is significant as consumers become more environmentally conscious and seek products with low impact on the environment. This trend has led to an increase in sales of products such as bamboo, cork, and reclaimed wood flooring. It also presents an opportunity for industry stakeholders to tap into this growing market by offering a variety of sustainable floor covering options in their stores.

Local special circumstances: In Guatemala, the DIY & Hardware Store Market is heavily influenced by the country's diverse topography, with varying demand for floor covering materials depending on the region's climate and terrain. Additionally, cultural preferences for traditional and rustic designs impact the popularity of certain floor covering products. Regulatory restrictions on the use of certain materials, such as chemicals, also play a significant role in shaping the floor covering market in DIY & Hardware Stores in Guatemala. These unique factors must be considered by businesses operating in this market to effectively cater to the local demand and drive growth.

Underlying macroeconomic factors: The Floor Covering Market within the DIY & Hardware Store Market in Guatemala is affected by macroeconomic factors such as the country's overall economic health, trade policies, and consumer spending. The global economic climate also plays a role, as fluctuations in international trade can impact the availability and cost of materials used in the production of floor coverings. Additionally, government policies and initiatives related to infrastructure development and housing construction can influence the demand for floor coverings in the DIY & Hardware Store Market. The increasing availability of affordable DIY and hardware products, along with rising homeownership rates and population growth, are also contributing to the growth of the market in Guatemala.

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.