DIY & Hardware Store - Slovakia

Slovakia

In Slovakia, the revenue in the DIY & Hardware Store market is projected to reach US$1,595.00m in 2024.
It is anticipated that the market will experience an annual growth rate of 4.04% (CAGR 2024-2029).
When compared to other countries globally, in China generates the highest revenue in this market, amounting to US$785bn in 2024.
In terms of per capita figures, the revenue generated per person in Slovakia's DIY & Hardware Store market is estimated to be US$279.70 in 2024.
Slovakia's DIY & Hardware Store market is experiencing a surge in demand for eco-friendly and energy-efficient 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

Region comparison

Currency

Analyst Opinion

The DIY & Hardware Store Market in Slovakia is experiencing slow growth, primarily due to the country's focus on traditional methods of home improvement. Factors such as a lack of consumer awareness, limited availability of digital options, and a preference for in-person shopping are hindering market growth. Additionally, the presence of local, family-owned hardware stores and a slow adoption of online shopping among consumers are impacting the market's growth rate, which is currently negligible. However, the market has potential for growth as online shopping becomes more widespread and as younger generations become more interested in DIY projects.

Customer preferences: As technology continues to advance, consumers in Slovakia are becoming more reliant on digital tools for DIY and home improvement projects. This includes increased use of online tutorials, virtual design programs, and mobile apps for purchasing and tracking home improvement supplies. Demographically, younger generations are driving this trend, as they are more tech-savvy and value convenience. Additionally, with the rise of sustainability and environmental awareness, there is also a growing preference for eco-friendly products and materials among consumers in the DIY and hardware store market.

Trends in the market: In Slovakia, the DIY & Hardware Store Market is experiencing a shift towards omni-channel strategies, with brick-and-mortar stores expanding their online presence and offering click-and-collect services. Additionally, there is a growing focus on sustainability and environmentally-friendly products, with more stores offering eco-friendly options and promoting recycling and upcycling projects. These trends are significant as they cater to changing consumer preferences and have the potential to attract a wider customer base. However, they also pose a challenge for smaller, independent stores who may struggle to keep up with the investments needed for these changes.

Local special circumstances: In Slovakia, the DIY & Hardware Store Market is heavily influenced by the country's geographical location and landscape. With a large portion of the population living in rural areas, there is a strong demand for DIY solutions as access to professional services may be limited. Additionally, the country's history of self-sufficiency and craftsmanship has also contributed to the popularity of DIY projects. Furthermore, the local regulatory environment has led to the growth of smaller, independent hardware stores, catering to the specific needs and preferences of Slovakian consumers. This unique combination of factors has created a strong and dynamic market for DIY and hardware products in Slovakia.

Underlying macroeconomic factors: The DIY & Hardware Store market in Slovakia is influenced by various macroeconomic factors, including the overall economic climate both nationally and globally. The country's economic growth and stability, as well as its fiscal policies, play a significant role in the performance of the market. Other financial indicators such as consumer spending, inflation, and interest rates also impact the market's growth and profitability. Additionally, the DIY & Hardware Store market in Slovakia is affected by global economic trends, such as changes in consumer behavior, international trade policies, and fluctuations in the exchange rate. These factors can create both opportunities and challenges for the market, requiring businesses to be adaptable and strategic in their approach.

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.