DIY & Hardware Store - Guatemala | Statista Market Forecast

In Guatemala, the revenue generated in the DIY & Hardware Store market amounts to US$4.05bn in 2024.
It is projected that the market will experience an annual growth rate of 3.65% (CAGR 2024-2029).
When compared to other countries globally, China generates the highest revenue in this market segment, with US$785bn in 2024.
In terms of per person revenues, in Guatemala generates US$220.70 in 2024.
Guatemala's DIY & Hardware Store market is experiencing a surge in demand for eco-friendly and sustainable products.

Definition:

The DIY (Do-It-Yourself) market refers to the retail market for products used in home improvement and repair projects, such as tools, hardware, building materials, and lawn and garden products. These products are marketed to consumers who want to perform home improvement projects on their own rather than hire a professional. The DIY market provides consumers with the materials and tools they need to complete projects ranging from simple repairs to complete renovations, allowing them to save money and express their creativity in their living spaces.

Structure:

The market is divided into seven different segments:

The Paint, Wallpaper & Supplies segment includes products used for interior and exterior decoration, renovation, and protection of residential buildings.
The Tools & Machines segment consist of products used for construction, maintenance, and repair tasks.
The Hardware & Building Materials segment includes a diverse range of products that play an important role in the structure, safety, and functionality of a building.
The Lawn & Garden segment encompasses products that help homeowners and landscapers to create and maintain attractive and functional outdoor living spaces.
The Heating & Cooling segment focuses on produts that help regulate indoor temperatures, ensuring comfort, energy efficiency, and air quality in homes.
The Bathroom Hardware segment includes products designed to enhance the functionality and appearance of bathrooms.
The Floor Covering segment encompasses products that serve to protect the floor, enhance the appearance of the room, provide insulation and comfort, and can add value to a property.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Tools such as power tools and hand tools
Hardware such as products related to safety and security
Lawn & Garden such as gardening tools and plant supplies
Heating & Cooling systems such as air conditioners and heaters
Bathroom fixtures such as toilets, faucets, and sinks
Floor Coverings such as parquet panels

Electrical supplies such as power inlets and extension cords
Household appliances such as refrigerators and dishwashers
Hardware services such as preventitive maintenance contracts
Professsional contruction machinery such as cement mixers
Air treatment devices such as purifiers and humidifiers

The DIY & Hardware Store market in Guatemala is facing slow growth due to a combination of factors. Despite increasing consumer awareness and convenience of online shopping, the market is impacted by a lack of innovation and competition in sub-markets such as Floor Covering and Tools & Machines. Additionally, the country's economic instability and fluctuating currency exchange rates have resulted in negligible growth for the overall market.

Customer preferences: As the demand for affordable and sustainable housing continues to rise, consumers in Guatemala are increasingly turning towards DIY home renovation and improvement projects. This trend is further fueled by the country's growing middle class and the desire for personalized and unique living spaces. This has led to a surge in demand for DIY tools and building materials, as well as a preference for eco-friendly and locally-sourced products. Additionally, the rise in remote work and digital nomadism has also led to a growing need for efficient home office setups, further driving the demand for DIY and hardware supplies.

Trends in the market: In Guatemala, the DIY & Hardware Store Market is seeing a growing trend of online shopping for home improvement and construction supplies. This shift towards e-commerce is significant, as it allows customers to access a wider range of products and compare prices from different stores. Additionally, the DIY trend itself is gaining momentum in the country, as more individuals are taking on home improvement projects. This presents an opportunity for industry stakeholders to focus on providing online platforms and resources to cater to this growing demand and increase sales. Furthermore, with the rise of DIY culture, there is also a need for educational resources and tutorials to assist customers in their projects, which hardware stores can provide to establish themselves as a one-stop-shop for all home improvement needs.

Local special circumstances: In Guatemala, the DIY & Hardware Store Market is heavily influenced by the country's diverse geography, such as its varied terrain and climate. This has led to a strong demand for construction and maintenance materials, as well as a need for durable and weather-resistant products. Additionally, Guatemala's cultural emphasis on home ownership and self-sufficiency contributes to a thriving DIY market. However, the market is also constrained by the country's strict building regulations, which impact the availability and pricing of certain products. These unique factors play a significant role in shaping the DIY & Hardware Store Market in Guatemala.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Guatemala is influenced by macroeconomic factors such as economic stability, government policies, and consumer spending. The country's steady economic growth and rising disposable income have led to an increase in consumer spending on home improvement and construction projects, driving the demand for DIY and hardware products. Additionally, the recent trend towards sustainability has pushed the market towards eco-friendly and energy-efficient products. The government's efforts to promote affordable housing and infrastructure development have also contributed to the growth of the DIY & Hardware Store Market in Guatemala. Moreover, the country's strategic location and free trade agreements have opened up opportunities for international trade, leading to further market 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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Building and renovating homes involves general contractors and subcontractors who build new homes and remodel existing homes. Home renovation projects also encompass the remodeling of external structures such as gardens, garages, and lawns. The total U.S. home improvement expenditure amounted to 566 billion U.S. dollars in 2022. Homeowners undertake home improvement to make residential properties more comfortable, upgrade air conditioning and heating systems, waterproof roofs and basements, soundproof rooms, and to extend their homes and boost energy savings.