DIY & Hardware Store - Lithuania

Lithuania

In Lithuania, the revenue generated in the DIY & Hardware Store market reaches US$2,134.00m in 2024.
Looking ahead, the market is projected to experience an annual growth rate of 5.82% (CAGR 2024-2029).
When compared globally, in China takes the lead in revenue generation, with a staggering US$785bn in 2024.
In terms of per capita figures, each individual in Lithuania contributes US$792.30 in revenue for the year 2024.
The DIY & hardware store market in Lithuania is experiencing a surge in demand for eco-friendly products and sustainable building materials.

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

Region comparison

Currency

Analyst Opinion

The DIY & Hardware Store market in Lithuania is experiencing minimal growth, influenced by factors such as increasing consumer preference for DIY projects, rising housing awareness, and the convenience of online shopping. With sub-markets ranging from floor coverings to bathroom hardware, the industry is constantly evolving to meet customer demands.

Customer preferences: As Lithuania's economy continues to grow, the DIY & Hardware Store Market is experiencing a shift towards eco-friendly and sustainable products. This trend is driven by consumer awareness of the impact of their purchasing decisions on the environment. As a result, there is a growing demand for products made from natural materials, such as bamboo, and for those that can be reused or repurposed. Additionally, there is a preference for products that are locally sourced and support small businesses. This reflects a cultural value of supporting the community and promoting a more environmentally friendly lifestyle.

Trends in the market: In Lithuania, the DIY & Hardware Store Market is experiencing an increase in e-commerce sales, as more consumers turn to online purchasing due to convenience and social distancing measures. This trend is expected to continue as digitalization becomes more prevalent in the country. Additionally, there is a growing demand for eco-friendly and sustainable products in the market, as consumers become more conscious of the environmental impact of their purchases. This presents opportunities for retailers to expand their offerings and cater to this emerging trend. Furthermore, with the rise of home renovation and DIY projects during the pandemic, there is also a surge in demand for home improvement products. This trend is likely to persist even after the pandemic subsides, as consumers continue to prioritize their home spaces. As a result, industry stakeholders should consider incorporating digital and sustainable solutions into their business strategies to stay competitive and meet changing consumer demands.

Local special circumstances: In Lithuania, the DIY & Hardware Store Market is heavily influenced by the country's traditional DIY culture and strong home ownership rates. This has led to a high demand for home improvement and maintenance products, driving the growth of local hardware stores. Additionally, the country's relatively small size and dense population make it easier for these stores to establish a loyal customer base and expand their reach. Moreover, the government's efforts to promote energy-efficient renovations, particularly in the residential sector, have further boosted the market. This unique combination of factors sets the Lithuanian DIY & Hardware Store Market apart from others, creating a highly competitive and innovative landscape.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Lithuania is heavily influenced by macroeconomic factors such as the country's economic health and fiscal policies. In recent years, Lithuania's economy has been growing at a steady pace, with a strong focus on developing its infrastructure and attracting foreign investments. This has resulted in increased consumer spending and a growing demand for DIY and hardware products in the market. Additionally, the country's stable regulatory environment and supportive government policies have further contributed to the growth of the market. Furthermore, the aging population in Lithuania and the increasing prevalence of home renovations and repairs have also fueled the demand for DIY and hardware products, driving the growth of the market in the country.

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.