DIY & Hardware Store - Paraguay | Statista Market Forecast

In Paraguay, the revenue in the DIY & Hardware Store market in 2024 is estimated to reach US$1.78bn.
It is projected to experience an annual growth rate of 3.25% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market, amounting to US$785bn in 2024.
In terms of per capita revenue, each person in Paraguay is expected to generate US$256.60 in 2024.
Paraguay's DIY & Hardware Store market is experiencing a surge in demand for locally sourced tools and materials.

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 Paraguay has been experiencing modest growth due to factors such as the increasing trend of DIY projects, rising disposable incomes, and the convenience of online shopping. While investments in home improvement have increased, the market's growth rate has been hindered by the slow growth of the construction industry and the availability of cheaper alternatives in neighboring countries. However, with the rising demand for energy-efficient and sustainable products, the market is expected to witness a steady growth in the coming years.

Customer preferences: An increasing number of Paraguayan consumers are turning to DIY and hardware stores to fulfill their home improvement needs, as they continue to spend more time at home due to the pandemic. Moreover, there is a growing trend towards sustainability in product choices, with consumers prioritizing eco-friendly and locally sourced materials for their DIY projects. This shift is driven by a growing awareness of the environmental impact of consumer choices and a desire to support the local economy.

Trends in the market: In Paraguay, the DIY & Hardware Store Market is experiencing a surge in online sales, with more consumers turning to e-commerce platforms for their home improvement needs. This trend is expected to continue as the country's internet penetration rate and access to mobile devices increase. Additionally, there is a growing demand for eco-friendly and sustainable products in the market, driving stores to expand their offerings and cater to the environmentally conscious consumer. These trends present both opportunities and challenges for industry stakeholders, as they navigate the evolving landscape and strive to meet changing consumer preferences.

Local special circumstances: In Paraguay, the DIY & Hardware Store Market is characterized by a strong demand for affordable and durable building materials, as well as a growing trend towards home improvement and renovation. This can be attributed to the country's geographical location, which often experiences extreme weather conditions such as heavy rains and strong winds. Additionally, the cultural emphasis on self-sufficiency and resourcefulness has led to a strong DIY culture in Paraguay, with many individuals opting to purchase building materials and tools from local hardware stores. Furthermore, the government's efforts to promote small businesses and stimulate the economy through tax incentives have created a favorable environment for the growth of local hardware stores, further contributing to the unique dynamics of the market.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Paraguay is greatly impacted by macroeconomic factors, such as the country's overall economic health and government fiscal policies. As the global economy continues to evolve and shape consumer behaviors, the DIY market in Paraguay is also influenced by global economic trends. In addition, the national economic health of Paraguay plays a crucial role in determining the purchasing power and consumer confidence in the country's DIY market. Furthermore, government policies and financial indicators, such as interest rates and inflation rates, can greatly affect the demand and growth of DIY and hardware products in Paraguay's market. Overall, these macroeconomic factors can either hinder or drive the growth of the DIY & Hardware Store Market in Paraguay.

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.