Floor Covering - Mexico

Mexico

Highlights

In Mexico, the Floor Covering market is projected to generate a revenue of US$199.90m in 2024.
It is anticipated to experience an annual growth rate of 2.19% (CAGR 2024-2029).
When compared globally, United States leads the way with a revenue of US$6bn in 2024.
In terms of per person revenues, in Mexico is expected to generate US$1.54 in 2024.
The market for floor coverings in Mexico is experiencing a surge in demand due to the country's growing construction industry and increasing urbanization.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Floor Covering Market in Mexico's DIY & Hardware Store Market is experiencing stagnant growth rates, due to factors such as limited customer demand, pricing pressures, and competition from alternative flooring options.

Customer preferences: Consumers in Mexico are increasingly turning to DIY and hardware stores for floor covering options, as they look to revamp their homes and make them more aesthetically pleasing. This shift is driven by a growing desire for personalization and customization in home decor. Additionally, with the rise of DIY culture and home improvement projects, more individuals are opting for durable and cost-effective floor covering solutions from hardware stores. This trend is further amplified by the expanding middle-class demographic in Mexico, who are becoming more financially empowered and seek quality home improvement options.

Trends in the market: In Mexico, the Floor Covering Market within the DIY & Hardware Store Market is experiencing a surge in demand for sustainable and eco-friendly flooring options. This trend is driven by growing consumer awareness of environmental issues and a desire for more eco-conscious living spaces. As a result, industry players are increasingly focusing on offering products and services that are more environmentally friendly, such as natural and recycled materials. This trend is expected to continue in the future, as consumers become more environmentally conscious and seek out greener alternatives for their homes. The implications of this trend include potential market growth for sustainable flooring products and services, as well as increased competition among industry players to meet the demand for eco-friendly options. Additionally, this trend may also have a positive impact on the environment, as it encourages the use of more sustainable materials and practices in the construction and home improvement industry.

Local special circumstances: In Mexico, the Floor Covering Market within the DIY & Hardware Store Market is heavily influenced by the country's high rate of homeownership and the prevalence of DIY culture. The market is also affected by the country's geographical diversity, with varying preferences for flooring materials in different regions. Additionally, Mexico's strict building regulations and codes play a significant role in shaping the demand for floor covering products, as they require certain materials to withstand earthquakes and other natural disasters. These unique factors create a dynamic market with diverse opportunities for both local and international players.

Underlying macroeconomic factors: The Floor Covering Market within the DIY & Hardware Store Market in Mexico is influenced by various macroeconomic factors. These include the overall global economic trends, the national economic health of Mexico, the fiscal policies in place, and other relevant financial indicators that impact market performance. Countries with strong economic growth and stable fiscal policies tend to have a higher demand for floor covering products, leading to an increase in market growth. Moreover, the rise in disposable income and consumer spending power in Mexico has also contributed to the growth of the DIY & Hardware Store Market, driving the demand for floor covering products.

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.