DIY & Hardware Store - Hungary

Hungary

In Hungary, the revenue in the DIY & Hardware Store market is projected to reach US$2,655.00m in 2024.
It is expected that the market will experience an annual growth rate of 2.03% (CAGR 2024-2029).
Comparing to other countries worldwide, in China generates the highest revenue in this market segment, amounting to US$785bn in 2024.
Calculating per person revenues based on the total population, each individual in Hungary is estimated to generate US$265.60 in revenue in 2024.
The DIY & Hardware Store market in Hungary is experiencing a surge in demand for eco-friendly and sustainable products.

Key regions: Worldwide, China, United States, India, Japan

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.

Market

Region

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Currency

Analyst Opinion

The DIY & Hardware Store market in Hungary is facing challenges in terms of growth, as the market is experiencing a negligible growth rate. Factors such as economic slowdown, uncertain political climate, and the shift towards DIY culture among consumers can be attributed to this slow growth. However, with the increasing popularity of online shopping and rising demand for home improvement products, the market is expected to see a gradual growth in the coming years. Additionally, the availability of a wide range of products under one roof and the convenience of shopping at hardware stores also contribute to the market's growth potential.

Customer preferences: In Hungary, DIY and hardware store market is witnessing a growing demand for eco-friendly and sustainable products. This is driven by the cultural value of preserving the environment and increasing awareness about the impact of consumer choices on the planet. Furthermore, with the rising popularity of DIY home improvement projects, there is a growing trend towards purchasing quality, durable and locally sourced materials. This not only supports the local economy but also aligns with the increasing preference for "buying local" and reducing carbon footprint.

Trends in the market: In Hungary, the DIY & Hardware Store Market is currently experiencing a rise in e-commerce sales, with customers increasingly turning to online platforms for their home improvement needs. This trend is expected to continue as consumers become more comfortable with online shopping and seek convenient and cost-effective solutions. Additionally, there is a growing demand for eco-friendly and sustainable products, as the government and consumers place greater emphasis on environmental protection. This presents an opportunity for industry players to offer a wider range of environmentally-friendly options and position themselves as responsible retailers. Furthermore, with the increasing popularity of home renovation and improvement projects, the DIY & Hardware Store Market can expect a surge in demand for high-quality products and services, which can result in higher profit margins for stakeholders.

Local special circumstances: In Hungary, the DIY & Hardware Store Market is heavily influenced by the country's geographical location and cultural preferences. Due to its centralized location in Europe, Hungary serves as a major hub for transportation and trade, making it a prime market for DIY and hardware products. Additionally, the country's strong DIY culture and passion for home improvement projects has led to a demand for high-quality and affordable tools and materials. Furthermore, the government's favorable policies towards small and medium-sized enterprises have fostered a competitive environment for DIY and hardware stores, driving innovation and growth in the market.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Hungary is heavily influenced by macroeconomic factors such as the country's economic health, fiscal policies, and global economic trends. The performance of the market is closely tied to the overall state of the economy and consumer confidence. Additionally, government policies and regulations related to the construction industry and infrastructure development can have a significant impact on the demand for DIY and hardware products. Immigration trends and population demographics can also play a role in shaping the market as they influence the demand for housing and home improvement projects. Overall, a stable and growing economy, combined with favorable government policies, can stimulate market growth and drive consumer spending on DIY and hardware products in Hungary.

Methodology

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.