DIY & Hardware Store - Nicaragua | Statista Market Forecast

In Nicaragua, the revenue generated in the DIY & Hardware Store market is projected to reach US$1.12bn in 2024.
This market segment is expected to grow annually by 2.08% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market, with US$785bn in 2024.
In terms of per person revenues, in Nicaragua generates US$156.40 in 2024.
With an increasing emphasis on self-sufficiency and resourcefulness, Nicaragua's DIY & Hardware Store market is flourishing.

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 Nicaragua is currently experiencing a negligible growth rate. This can be attributed to a variety of factors, including a slow adoption of digital technologies, limited consumer awareness of health and safety in home improvement, and a lack of convenience in accessing necessary supplies. Additionally, the presence of informal markets for building materials and tools may also impact the overall market growth.

Customer preferences: As the DIY & Hardware Store Market in Nicaragua continues to grow, consumer preferences are shifting towards eco-friendly and sustainable products. This trend is driven by a growing awareness and concern for the environment. Consumers are also placing a higher value on quality and durability, making them more willing to invest in higher-priced, long-lasting products. Additionally, there is a rising demand for personalized and customizable products, catering to individuals' unique needs and tastes. This can be seen in the increasing popularity of DIY kits and workshops, allowing consumers to create their own customized home items.

Trends in the market: In Nicaragua, the DIY & Hardware Store Market is seeing a shift towards online shopping and e-commerce. This trend has been accelerated by the COVID-19 pandemic, which has forced consumers to turn to digital channels for their shopping needs. Additionally, there is a growing demand for sustainable and environmentally-friendly products, as well as an increase in home improvement projects due to people spending more time at home. This trend is expected to continue, with stakeholders in the industry needing to adapt their strategies to cater to the changing consumer behavior. It also presents opportunities for digitalization and innovation in the sector.

Local special circumstances: In Nicaragua, the DIY & Hardware Store market is heavily influenced by the country's geography and economy. As a developing nation, many Nicaraguans rely on DIY solutions for home repairs and renovations. Additionally, the availability of affordable materials and tools plays a significant role in shaping the market. The country's cultural preference for DIY projects also contributes to the growth of this market. However, government regulations surrounding importation and taxation of materials can pose challenges for businesses in this sector.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Nicaragua is heavily influenced by various macroeconomic factors. One of the key drivers is the country's national economic health, which is closely tied to its political stability and infrastructure development. Additionally, global economic trends, such as fluctuations in commodity prices and trade policies, can also impact the market. Fiscal policies, including tax rates and foreign investment regulations, also play a crucial role in shaping market performance. Other relevant financial indicators, such as consumer confidence and purchasing power, also have a significant influence on the demand for DIY and hardware products. Overall, a stable and growing economy, coupled with favorable government policies, is essential for the growth of the DIY and hardware store market in Nicaragua.

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.