DIY & Hardware Store - Iceland | Statista Market Forecast

In Iceland, the revenue in the DIY & Hardware Store market is expected to reach US$393.50m in 2024.
It is projected to grow annually by 4.92% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market segment, amounting to US$785bn in 2024.
In terms of per person revenues, in Iceland generates US$1.04k in 2024.
The growing popularity of home renovation projects in Iceland has led to a surge in demand for DIY and hardware stores.

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 Iceland has seen marginal growth, limited by factors such as low consumer demand, competition from online retailers, and unpredictable weather affecting sales of outdoor products. Despite this, rising home renovation and repair needs and a growing interest in sustainable building materials are expected to drive moderate growth opportunities for sub-markets like Tools & Machines and Heating & Cooling.

Customer preferences: As the trend towards sustainability and environmentally responsible living continues to grow in Iceland, consumers are placing a greater emphasis on purchasing eco-friendly and sustainable products. This is reflected in the DIY and hardware store market, where there is an increasing demand for eco-friendly building materials, energy-efficient home appliances, and environmentally friendly cleaning and gardening supplies. This shift towards more conscious consumerism is driven by the country's strong emphasis on environmental conservation and the desire for a more sustainable lifestyle.

Trends in the market: In Iceland, the DIY & Hardware Store Market is witnessing a surge in online sales, driven by the increasing popularity of e-commerce among consumers. This trend is expected to continue as more people turn to online shopping for convenience and safety. Additionally, there is a growing demand for sustainable and eco-friendly products in the market. This presents opportunities for industry stakeholders to cater to the changing preferences of consumers and to innovate in the sustainability space. However, this trend also poses a challenge for traditional brick-and-mortar stores, who may need to adapt their business models to stay relevant in the evolving market.

Local special circumstances: In Iceland, the DIY & Hardware Store market is heavily influenced by the country's unique geographic location and harsh climate. The long winters and remote rural areas make it necessary for residents to have access to a variety of tools and materials for home repairs and maintenance. Additionally, the country's strong DIY culture and self-sufficiency mindset also contribute to the demand for DIY and hardware stores. The government's regulations on construction and building codes also play a role in shaping the market, as all construction projects must adhere to strict standards for safety and sustainability. This has resulted in a market with a diverse range of products and services, tailored to meet the specific needs and preferences of Icelandic consumers.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Iceland is heavily influenced by macroeconomic factors such as economic stability, consumer confidence, and government policies. The country's strong economic health and rising disposable income levels have fueled the demand for DIY and home improvement products. Moreover, favorable government policies and low unemployment rates have encouraged consumer spending, leading to increased sales in the market. Additionally, the trend of 'DIY culture' in Iceland, where consumers prefer to do their own home repairs and renovations, has further boosted the growth of the DIY & Hardware Store Market in the country. The availability of a wide range of DIY products, coupled with the convenience of online shopping, has also contributed to the market's success.

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.