Market Insights Consumer DIY & Hardware Store

Heating & Cooling - Mexico

Mexico

In Mexico, the revenue in the Heating & Cooling market is projected to reach US$1.23bn in 2024.
It is anticipated that the market will experience an annual growth rate of 1.88% (CAGR 2024-2029).
When comparing globally, in the United States generates the highest revenue in this market, with US$126bn in 2024.
In terms of per capita revenues, in Mexico generates US$9.47 per person in the year 2024.
The demand for energy-efficient heating and cooling systems in Mexico is rapidly increasing as the country aims to reduce its carbon footprint.

Key regions: India, Japan, China, Turkey, Worldwide

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Analyst Opinion

The DIY & Hardware Store Market in Mexico is facing negligible growth, influenced by factors such as low consumer interest in DIY projects and the availability of cheaper alternatives. Despite the increasing use of digital technologies, the Heating & Cooling Market remains largely unaffected.

Customer preferences: As sustainability becomes a growing concern among consumers in Mexico, the Heating & Cooling Market within the DIY & Hardware Store Market is seeing a rise in demand for energy-efficient and eco-friendly products. This shift is influenced by the country's cultural values of environmental responsibility and preservation. There is also a trend towards self-sufficiency, as more individuals are opting to install and maintain their own heating and cooling systems to reduce costs and have greater control over their energy usage.

Trends in the market: In Mexico, the Heating & Cooling Market within the DIY & Hardware Store Market is seeing a rise in smart thermostats and connected HVAC systems. This trend is driven by the increasing demand for energy-efficient solutions and the growing adoption of smart home technology. These advancements allow for remote control and monitoring of heating and cooling systems, providing convenience and cost savings for consumers. However, this also presents new challenges for industry stakeholders, such as ensuring data privacy and cybersecurity for these connected devices. There is also a potential for market growth in product innovation and integration with other home automation systems.

Local special circumstances: In Mexico, the DIY & Hardware Store Market is heavily influenced by the country's geographic diversity. The varying climate conditions in different regions lead to a high demand for both heating and cooling products. Additionally, Mexico has a large DIY culture, with many households preferring to carry out minor repairs and maintenance themselves. This trend has significantly contributed to the growth of the DIY & Hardware Store Market, particularly in the Heating & Cooling sector. Furthermore, Mexico's regulatory environment, including the Energy Reform, has encouraged the use of energy-efficient heating and cooling solutions, driving the market towards more sustainable options. Overall, these unique local factors have shaped the dynamics of the Heating & Cooling Market within the DIY & Hardware Store Market in Mexico.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Mexico is heavily influenced by macroeconomic factors such as the country's overall economic health and fiscal policies. The increasing trend towards energy efficiency and sustainability has led to a growing demand for heating and cooling solutions, driven by government initiatives and consumer awareness. Moreover, the construction industry in Mexico is experiencing steady growth, which is fueling the demand for heating and cooling products within the DIY & Hardware Store Market. Additionally, the country's strong manufacturing sector and favorable trade policies contribute to the availability of diverse and affordable heating and cooling options, further boosting market growth. However, challenges such as inflation and fluctuations in currency exchange rates can impact market performance in the short term.

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.