Floor Covering - Hungary

Hungary

Highlights

In Hungary, the revenue in the Floor Covering market reached US$15.72m in 2024.
It is projected to have an annual growth rate of 1.75% (CAGR 2024-2029).
When compared globally, United States leads the market with a revenue of US$6bn in 2024.
In terms of per capita figures, each person in Hungary generated US$1.57 in revenue in 2024.
The demand for traditional Hungarian handmade rugs is on the rise in the floor covering market in Hungary.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Floor Covering market within the DIY & Hardware Store Market in Hungary has been experiencing slow growth, driven by factors such as an increase in DIY activities among consumers and the convenience offered by online shopping. The market's growth rate has been impacted by the country's stagnant economy and low consumer spending on home improvement.

Customer preferences: In Hungary, the Floor Covering Market within the DIY & Hardware Store Market is seeing a growing demand for eco-friendly and sustainable products, driven by increasing environmental awareness and a shift towards more conscious consumerism. This is particularly evident among younger generations, who prioritize ethical and environmentally-friendly choices. Additionally, there has been a rise in popularity for DIY home renovation projects, as consumers seek to personalize and improve their living spaces amidst a growing trend of spending more time at home. These factors have led to an increase in sales of do-it-yourself flooring materials and tools within the DIY & Hardware Store Market.

Trends in the market: In Hungary, the demand for floor coverings in the DIY & Hardware Store Market is driven by a growing trend towards sustainable and eco-friendly products. As consumers become more environmentally conscious, there is a shift towards using sustainable materials such as bamboo and cork for flooring. This trend is expected to continue in the future, as consumers prioritize eco-friendly options. Additionally, there is a rising demand for DIY flooring solutions, as consumers look for cost-effective options and enjoy the satisfaction of completing a project themselves. These trends present opportunities for industry stakeholders to expand their product offerings and cater to the changing preferences of consumers.

Local special circumstances: In Hungary, the Floor Covering Market within the DIY & Hardware Store Market is influenced by the traditionally strong preference for DIY projects among Hungarian consumers. This is further amplified by the government's efforts to support small businesses, leading to a rise in local hardware stores offering a variety of floor covering options. Additionally, the country's colder climate and high humidity levels make durable and water-resistant flooring materials crucial, shaping the demand for specific products within the market.

Underlying macroeconomic factors: The floor covering market within the DIY & Hardware Store Market in Hungary is influenced by macroeconomic factors such as economic growth, consumer confidence, and government fiscal policies. The country's stable economic environment and growing consumer spending power have contributed to the expansion of the floor covering market. Furthermore, favorable government initiatives and investments in the construction and housing sectors have boosted the demand for floor covering products in the DIY & Hardware Store Market. Additionally, the increasing trend towards home renovation and improvement projects in Hungary has also positively impacted the growth of the floor covering market.

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.