DIY & Hardware Store - North Macedonia

North Macedonia

The DIY & Hardware Store market in North Macedonia is projected to generate a revenue of US$463.50m in 2024.
It is estimated that the market will experience an annual growth rate of 2.71% (CAGR 2024-2029).
When compared globally, in China leads the market with a revenue of US$785bn in 2024.
In terms of per capita revenues, in North Macedonia is expected to generate US$222.50 per person in 2024.
North Macedonia'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 North Macedonia is currently experiencing slow growth, with various factors impacting this trend. These include the limited availability of resources for home improvement, rising costs of building materials, and decreased consumer spending due to economic uncertainties. Additionally, the lack of advanced technology and online services in the DIY sector may also contribute to the market's slow growth rate. However, with increasing urbanization and a growing interest in DIY projects, the market is expected to see modest growth in the coming years.

Customer preferences: The DIY and hardware store market in North Macedonia is witnessing a rise in demand for eco-friendly and sustainable products, driven by growing awareness around environmental conservation. Additionally, consumers are looking for more personalized and innovative DIY solutions, leading to a surge in demand for smart home automation products. This shift is fueled by the increasing adoption of technology and the desire for convenience and efficiency in home maintenance and upgrades.

Trends in the market: 'In North Macedonia, the DIY & Hardware Store Market market is seeing an increase in e-commerce sales, as consumers prioritize convenience and safety amidst the COVID-19 pandemic. This trend is expected to continue, with a shift towards online sales and home deliveries. Additionally, there is a growing demand for environmentally friendly and sustainable products, leading to the rise of eco-friendly DIY and hardware stores. These developments pose both opportunities and challenges for industry stakeholders, who must adapt to a changing retail landscape and cater to evolving consumer preferences.

Local special circumstances: In North Macedonia, the DIY & Hardware Store Market is heavily influenced by the country's mountainous terrain, as well as its cultural emphasis on home improvement and building projects. As such, there is a high demand for locally sourced materials and products, leading to a thriving market for small, independent hardware stores. Additionally, government regulations and building codes play a significant role in shaping the market, with strict enforcement and licensing requirements creating barriers to entry for larger, international retailers. This unique blend of geographical and cultural factors creates a dynamic and competitive DIY & Hardware Store Market in North Macedonia.

Underlying macroeconomic factors: The DIY & Hardware Store Market in North Macedonia is influenced by various macroeconomic factors, such as the country's economic health, fiscal policies, and global economic trends. As the economy grows and consumer spending increases, demand for DIY and hardware products also rises. In addition, government initiatives to improve the country's infrastructure and promote homeownership are expected to drive market growth. However, fluctuations in exchange rates and trade policies could impact the prices of imported products, affecting market performance. Furthermore, changes in consumer preferences towards sustainable and energy-efficient products could also influence the DIY & Hardware Store Market in North Macedonia.

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.