DIY & Hardware Store - Turkmenistan

Turkmenistan

in Turkmenistan, a country known for its rich history and cultural heritage, is not exempt from the global trends in the DIY & Hardware Store market.
In 2024, the revenue in this market segment is projected to reach US$1,567.00m.
It is important to note that this figure reflects the total revenue generated withTurkmenistan alone.
Looking ahead, the DIY & Hardware Store market in Turkmenistan is expected to experience an annual growth rate of 4.59% from 2024 to 2029.
This compound annual growth rate (CAGR) signifies the steady expansion of the market during this period.
When comparing in Turkmenistan to other countries on a global scale, it is worth mentioning that in China takes the lead in terms of revenue generation.
In 2024, in China is projected to generate a staggering US$785bn in the DIY & Hardware Store market.
This highlights the significant role that in China plays in this industry.
To gain a deeper understanding of the market's impact on individuals withTurkmenistan, it is essential to consider per person revenues.
In 2024, the per person revenue in the DIY & Hardware Store market is estimated to be US$237.50.
This figure illustrates the average amount of revenue generated per individual in Turkmenistan within this specific market segment.
Turkmenistan's DIY & Hardware Store market is flourishing due to the country's emphasis on infrastructure development and urbanization.

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 Turkmenistan is experiencing slow growth, influenced by factors such as limited consumer demand, economic instability, and competition from traditional brick-and-mortar stores. Despite this, the market is expected to gradually expand due to increasing urbanization and government initiatives to promote home improvement. Value-added services and digitalization may also drive growth in specific sub-markets, such as Tools & Machines and Heating & Cooling.

Customer preferences: Consumers in Turkmenistan are increasingly interested in home improvement and DIY projects, resulting in a growing demand for DIY and hardware stores. This trend is driven by a growing middle class with disposable income and a desire for modern and convenient living. Additionally, the cultural value of self-sufficiency and pride in one's home may also be contributing to the popularity of DIY projects. As a result, retailers in this market are shifting towards offering a wider range of products, including a focus on eco-friendly and energy-saving options. This shift towards DIY and home improvement is expected to continue as the country continues to experience economic growth and modernization.

Trends in the market: In Turkmenistan, there is a growing trend in the DIY & Hardware Store Market for online shopping and home delivery services. This is driven by the increasing availability of internet and mobile technology, as well as the convenience and safety measures during the COVID-19 pandemic. As a result, more consumers are turning to online platforms to purchase DIY and hardware products, with a shift towards contactless payment methods. This trend is expected to continue, creating opportunities for retailers to expand their online presence and offer more diverse products to meet the evolving consumer needs. Additionally, this trend may also lead to a decrease in foot traffic in physical stores, prompting retailers to rethink their strategies and invest more in their online capabilities.

Local special circumstances: In Turkmenistan, the DIY & Hardware Store Market is influenced by the country's limited access to imported goods due to its geographical isolation. This has led to a high demand for locally sourced materials and products. Additionally, the country's traditional culture values self-sufficiency and frugality, driving the popularity of DIY projects and the need for affordable hardware solutions. The government's emphasis on promoting domestic production and supporting local businesses also plays a key role in shaping the market dynamics.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Turkmenistan is influenced by various macroeconomic factors such as the country's overall economic health, global economic trends, and fiscal policies. The performance of the market is also impacted by financial indicators such as consumer spending, disposable income, and inflation rates. Additionally, government initiatives to support small businesses and stimulate economic growth can play a significant role in the development of the DIY & Hardware Store Market. Moreover, with the growing trend of DIY projects and increasing home improvement activities, the demand for DIY & Hardware Store products is expected to rise, further fueling the market's growth.

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.