In Portugal, the DIY & Hardware Store Market is experiencing negligible growth due to factors such as limited consumer awareness and lack of technological advancements in heating and cooling systems. However, increasing demand for energy-efficient products may drive future growth.
Customer preferences: As consumers in Portugal become more environmentally conscious, there is a growing demand for eco-friendly and energy-efficient heating and cooling solutions within the DIY and hardware store market. This trend is also influenced by the government's initiatives to promote sustainable living, leading to an increased availability of green products in stores. Additionally, there is a noticeable shift towards DIY solutions as consumers look for cost-effective and customizable options for their homes.
Trends in the market: In Portugal, there is a growing trend within the Heating & Cooling Market for energy-efficient products, driven by government initiatives and increasing consumer awareness of environmental concerns. This trend is expected to continue, with a projected CAGR of 6.4% from 2020 to 2025. This presents an opportunity for industry stakeholders to capitalize on the demand for sustainable and cost-effective solutions. Additionally, there is a rising trend of online shopping for DIY and hardware products, as consumers seek convenience and competitive pricing. This shift towards e-commerce is expected to have a significant impact on traditional brick-and-mortar stores, highlighting the need for adaptation and digital transformation in the industry.
Local special circumstances: In Portugal, the Heating & Cooling market is heavily influenced by the country's warm and dry climate, driving the demand for cooling solutions. Additionally, the government has implemented strict energy efficiency regulations, leading to a shift towards more eco-friendly and cost-effective heating and cooling systems. The country's strong DIY culture also plays a significant role in the growth of the market, with many consumers opting to install and maintain their own heating and cooling systems. Furthermore, the high proportion of older homes in Portugal creates a need for retrofitting and upgrading existing systems, providing opportunities for the DIY & Hardware Store Market.
Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Portugal is heavily influenced by macroeconomic factors such as economic stability, consumer purchasing power, and government policies. As Portugal's economy continues to recover from the financial crisis, there has been a rising demand for home renovation and improvement projects, including investments in heating and cooling solutions. Additionally, favorable government policies promoting energy efficiency and sustainability have encouraged consumers to invest in modern and eco-friendly heating and cooling systems. Furthermore, the growing popularity of DIY projects among Portuguese consumers has also been a driving factor for the growth of the DIY & Hardware Store Market, including the Heating & Cooling Market. Overall, Portugal's improving economic conditions and pro-environment policies are expected to continue driving the growth of the Heating & Cooling Market within the DIY & Hardware Store Market.
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.
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