DIY & Hardware Store - Norway

Norway

In Norway, the revenue in the DIY & Hardware Store market is projected to reach US$7.06bn in 2024.
It is anticipated that the market will experience an annual growth rate of 3.14% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, amounting to US$785bn in 2024.
In terms of per-person revenues, in Norway generates US$1,281.00 in 2024.
Norway's DIY & Hardware Store market is experiencing a surge in demand for sustainable and eco-friendly 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.

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Analyst Opinion

The DIY & Hardware Store Market in Norway has been facing negligible growth in recent years, influenced by factors such as the increasing adoption of online shopping, shifting consumer preferences, and stiff competition from e-commerce platforms. Additionally, the market is impacted by the sub-markets of Floor Covering, Paint, Wallpaper & Supplies, Tools & Machines, Hardware & Building Materials, Lawn & Garden, Heating & Cooling and Bathroom Hardware, which have varying levels of demand and growth potential. The convenience of online shopping and the availability of a wide range of products have contributed to the growth of the market, but stiff competition and changing consumer preferences have limited its growth rate.

Customer preferences: As sustainability becomes a growing concern among consumers in Norway, the DIY & Hardware Store Market has seen a rise in demand for eco-friendly and sustainable products. This trend is driven by the increasing awareness of the impact of consumerism on the environment and a desire for more sustainable living. This has led to an increase in the availability of products made from recycled materials, as well as a focus on energy-efficient and environmentally friendly home renovation and improvement projects. Additionally, there is a growing interest in DIY solutions for recycling and upcycling items, as well as a rise in popularity for organic gardening and sustainable landscaping supplies. This shift towards eco-consciousness in the DIY & Hardware Store Market is influenced by the Norwegian culture's strong emphasis on environmentalism and the country's goal of becoming carbon-neutral by 2030.

Trends in the market: In Norway, the DIY & Hardware Store Market is witnessing a rise in e-commerce, as more consumers turn to online shopping for convenience and a wider product selection. This shift is driven by the increasing use of digital platforms and mobile devices for shopping. In addition, there is a growing trend of DIY enthusiasts using social media and online forums for inspiration and advice. These developments are significant for industry stakeholders as it presents opportunities for digital marketing and personalized customer engagement. However, it also poses challenges for traditional brick-and-mortar stores to remain competitive and adapt to the changing landscape.

Local special circumstances: In Norway, the DIY & Hardware Store Market is heavily influenced by the country's strong DIY culture and the cold climate. Despite the presence of large international chains, locally-owned hardware stores have remained popular due to the preference for personalized customer service. Additionally, Norway's strict building regulations have created a demand for specialized products and services, such as eco-friendly and sustainable building materials. This has also led to the rise of niche hardware stores catering to specific needs, such as woodworking or alternative energy systems. Furthermore, the country's emphasis on outdoor activities has resulted in a demand for specialized equipment and products, leading to the growth of outdoor and adventure-focused hardware stores.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Norway is greatly impacted by macroeconomic factors such as the country's high GDP per capita, stable economic growth, and favorable business climate. The government's investments in infrastructure development and its support for small and medium enterprises have created a conducive environment for the growth of the DIY & Hardware Store Market. Additionally, the rising trend of DIY projects and home renovations, driven by increasing disposable income and changing consumer preferences, have also contributed to the market's growth. Furthermore, the country's focus on sustainable development and eco-friendly products has created opportunities for environmentally friendly DIY and hardware products in the market.

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.