DIY & Hardware Store - NAFTA

  • NAFTA
  • In NAFTA, the revenue in the DIY & Hardware Store market is projected to reach US$726.00bn in 2024.
  • Over the period of 2024-2029, the market is expected to grow at an annual rate of 2.54% (CAGR).
  • When comparing globally, in China generates the highest revenue in this market, with an estimated value of US$785bn in 2024.
  • Looking at the per person revenues, in 2024, each individual in NAFTA contributes US$1,423.00 to the total revenue.
  • In the NAFTA region, the DIY & Hardware Store market in the United States is experiencing a surge in demand for eco-friendly and sustainable products.

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

 
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Analyst Opinion

The DIY & Hardware Store Market in NAFTA has seen limited growth due to factors such as changing consumer buying habits, increasing competition from online retailers, and a decline in home ownership rates. Floor Covering, Paint, Wallpaper & Supplies, Tools & Machines, Hardware & Building Materials, Lawn & Garden, Heating & Cooling, and Bathroom Hardware sub-markets have all been impacted by these trends, leading to a negligible overall market growth rate. To remain competitive, companies in this market must adapt to the changing landscape and offer convenient online shopping options for consumers.

Customer preferences:
As the DIY & Hardware Store Market market continues to grow, consumer preferences are shifting towards more sustainable and environmentally friendly options. This is driven by a growing awareness of the impact of consumer choices on the environment, as well as a desire for products that are built to last. This trend is also influenced by the rise in popularity of upcycling and repurposing materials, as consumers seek unique and personalized items for their homes. Additionally, there is a growing demand for products that are ethically sourced and produced, reflecting a deeper understanding of the global supply chain and its impact on local communities.

Trends in the market:
In the NAFTA region, the DIY & Hardware Store Market is experiencing a rise in e-commerce, with more consumers turning to online shopping for their home improvement needs. In addition, there is a growing trend of sustainable and eco-friendly products, as more customers prioritize environmentally responsible choices. This has prompted many hardware stores to offer greener alternatives and adopt sustainable practices in their operations. These trends are expected to continue and have significant implications for industry stakeholders, as they must adapt to the changing consumer preferences and optimize their online presence to stay competitive in the market.

Local special circumstances:
In Canada and Mexico, the DIY & Hardware Store market is heavily influenced by the cold climate and strong DIY culture, with residents often needing to stock up on winter supplies and frequently engaging in home improvement projects. Additionally, regulations surrounding the import and export of construction materials and tools can impact the availability and pricing of products. In contrast, the market in the United States is more diverse, catering to a range of consumer preferences and varying state regulations. These factors contribute to a distinct market dynamic in each country, with Canada and Mexico placing a greater emphasis on seasonal products and the US offering a wider variety of options.

Underlying macroeconomic factors:
The DIY & Hardware Store Market is heavily impacted by macroeconomic factors such as consumer confidence, availability of credit, and overall economic stability. In countries with strong economic growth and low unemployment rates, consumers are more likely to spend on home improvement and DIY projects. On the other hand, in countries facing economic downturns and uncertainty, consumers tend to cut back on discretionary spending, which can impact the sales of DIY and hardware products. Additionally, changes in fiscal policies such as tax rates and tariffs can also significantly affect the market by altering production costs and consumer purchasing power.

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.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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