DIY & Hardware Store - Montenegro

Montenegro

In Montenegro, the revenue in the DIY & Hardware Store market reached US$161.30m in 2024.
It is projected to experience an annual growth rate of 2.74% (CAGR 2024-2029).
When compared to other countries worldwide, in China generates the highest revenue in this market, amounting to US$785bn in 2024.
Taking into account the total population, the per capita revenue in Montenegro is US$257.60 in 2024.
The DIY & Hardware Store market in Montenegro continues to show promising growth and potential.
Montenegro's DIY & Hardware store market 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 Montenegro is experiencing slow growth, influenced by factors such as limited consumer awareness, competing brick-and-mortar stores, and a lack of online presence. This is evident in the stagnant growth rates for sub-markets such as Floor Covering, Paint, and Hardware & Building Materials. Despite this, the market shows potential for growth with increasing demand for convenience and quality products.

Customer preferences: As the concept of home improvement gains momentum in Montenegro, there is a growing trend towards DIY projects and a rise in demand for affordable and multifunctional home products. This shift is influenced by an increasing preference for sustainable and budget-friendly solutions, as well as a growing DIY culture among younger generations. Additionally, the emergence of online tutorials and communities has made DIY projects more accessible and appealing to a wider audience.

Trends in the market: In Montenegro, the DIY & Hardware Store Market is experiencing a shift towards e-commerce and online sales channels. With the convenience of online shopping and the proliferation of mobile devices, consumers are increasingly turning to digital platforms to purchase home improvement and DIY products. This trend is expected to continue in the coming years, with the market projected to see significant growth in online sales. This has significant implications for industry stakeholders, as they need to adapt to this shift and prioritize investments in online capabilities to stay competitive in the market. It also opens up opportunities for new entrants to capitalize on the growing demand for digital shopping experiences in the DIY & Hardware Store Market in Montenegro.

Local special circumstances: In Montenegro, the DIY & Hardware Store Market is heavily influenced by its unique geographical location between the Adriatic Sea and the Balkan Mountains. This has led to a high demand for construction and renovation materials, as well as outdoor equipment. Additionally, the country's rich culture and history have influenced the DIY market, with a preference for traditional building techniques and materials. The lack of strict regulations in the market has also allowed for a thriving small-scale DIY industry, where locals offer their services and products.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Montenegro is impacted by macroeconomic factors such as the country's overall economic stability and investment climate. This includes factors such as political stability, availability of financing, and consumer buying power. Additionally, global economic trends and fiscal policies can also play a role in the performance of the market. For instance, changes in tariffs and trade policies can affect the cost of imported goods and impact market prices. Furthermore, fluctuations in exchange rates can also impact the affordability of products for consumers. As a result, it is important for businesses operating in the DIY & Hardware Store Market in Montenegro to closely monitor these macroeconomic factors in order to make informed decisions and adapt to changing market conditions.

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.