DIY & Hardware Store - Latvia | Statista Market Forecast

In Latvia, the revenue in the DIY & Hardware Store market is estimated to reach US$1.26bn in 2024.
It is projected that the market will experience an annual growth rate of 3.60% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this sector, with US$785bn recorded in 2024.
In terms of per person revenues, in Latvia generates US$696.40 in 2024.
Latvian DIY & Hardware stores are experiencing a surge in demand for sustainable and eco-friendly products, reflecting the country's commitment to environmental consciousness.

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 Latvia is currently experiencing negligible growth, which can be attributed to factors such as the increasing use of digital technologies, growing consumer awareness about home improvement, and the convenience of online shopping for supplies. Other sub-markets, such as Floor Covering and Tools & Machines, may also contribute to this sluggish growth as they have faced challenges in meeting consumer demands and adapting to changing market trends. Additionally, the unstable economic climate and fluctuating demand for hardware and building materials may also be impacting the market's growth rate.

Customer preferences: The DIY & Hardware Store Market in Latvia has experienced a increase in demand for eco-friendly and sustainable products, as consumers become more conscious of their environmental impact. This trend is driven by a growing awareness of climate change and the need to reduce waste. Additionally, there has been a rise in the popularity of DIY and home improvement projects, as individuals look for ways to personalize and upgrade their living spaces. This can be attributed to a desire for creativity and self-expression, as well as a shift towards a more frugal and self-sufficient lifestyle. Overall, these factors have contributed to a growing market for eco-friendly and DIY products in Latvia.

Trends in the market: In Latvia, the DIY & Hardware Store Market is experiencing a shift towards sustainable and eco-friendly products. This trend is being driven by consumer awareness of environmental issues and a desire for more environmentally friendly options. As a result, there is a growing demand for products made from recycled materials and those with energy-saving features. This trend is expected to continue as consumers become more environmentally conscious. This presents opportunities for industry players to expand their product offerings and cater to this growing market segment. Additionally, the use of smart technology in home improvement is gaining popularity, allowing for more efficient and convenient DIY projects. With the rise in e-commerce, online sales of DIY products are also increasing, providing a new avenue for retailers to reach customers. As the trend towards sustainability and digitalization continues, industry stakeholders will need to adapt and innovate to stay competitive in the market.

Local special circumstances: 'In Latvia, the DIY & Hardware Store Market is heavily influenced by the country's strong DIY culture, which has been passed down through generations. This has led to a high demand for home improvement tools and materials, as well as a strong DIY mentality among the population. Additionally, Latvia's geographical location between major European markets has made it a key player in the distribution of construction and building materials, further driving the growth of the DIY & Hardware Store Market.

Underlying macroeconomic factors: The DIY & Hardware Store Market market in Latvia is influenced by various macroeconomic factors, including the country's overall economic health and global economic trends. The growth of this market is also affected by fiscal policies and other financial indicators, such as consumer spending and employment rates. Additionally, the increasing focus on sustainability and eco-friendly products in the DIY & Hardware Store Market is influenced by global environmental regulations and consumer awareness. This has led to a growing demand for eco-friendly products and materials in the market. Moreover, the country's expanding construction and renovation activities, coupled with a growing DIY trend, are contributing to the growth of the DIY & Hardware Store Market in Latvia. Overall, favorable economic conditions and an increasing focus on sustainability are expected to drive the growth of this market in the country.

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.