Market Insights Consumer DIY & Hardware Store

Floor Covering - Mongolia

Mongolia

In Mongolia, the revenue in the Floor Covering market for the year 2024 is €1.73m.
It is projected to experience an annual growth rate of 3.75% (CAGR 2024-2029).
Comparatively, in the United States generates the highest revenue in this market, reaching €5,496m in 2024.
When considering the population, the per person revenue in Mongolia for the year 2024 is €0.49.
Mongolia's demand for traditional hand-woven carpets is on the rise, as consumers seek to preserve their cultural heritage in their homes.

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

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Analyst Opinion

The DIY & Hardware Store Market in Mongolia nan is experiencing steady growth with increasing demand for floor coverings. Factors such as rising DIY culture and convenience are driving this trend, offsetting the negligible growth rate impacted by economic factors.

Customer preferences: With changing lifestyles and growing awareness of the importance of eco-friendly and sustainable products, consumers in Mongolia are increasingly gravitating towards environmentally-friendly flooring options. This trend is also seen in the DIY & Hardware Store Market, where there is a rising demand for ethically-sourced and environmentally-friendly floor coverings. This shift is influenced by the country's nomadic culture and reverence for nature, as well as a growing desire for healthier living spaces.

Trends in the market: In Mongolia, the Floor Covering Market within the DIY & Hardware Store Market is experiencing a rise in the demand for sustainable and eco-friendly flooring materials. This trend is driven by increasing awareness and concerns about environmental preservation. As a result, more stores are offering a wide range of sustainable options, such as bamboo, cork, and recycled materials. This trajectory is significant as it aligns with global efforts towards sustainability and creates new opportunities for industry stakeholders to cater to environmentally conscious consumers. Additionally, it may have implications for traditional flooring materials, as consumers shift towards more sustainable alternatives.

Local special circumstances: In Mongolia, the Floor Covering Market within the DIY & Hardware Store Market is influenced by the country's vast and sparsely populated landscape, making transportation and distribution a key challenge for suppliers. Additionally, the nomadic lifestyle of many locals reduces demand for permanent flooring solutions. However, recent economic growth and urbanization have led to an increase in demand for modern flooring options. Furthermore, strict environmental regulations in Mongolia may present barriers to certain types of flooring materials, leading to a focus on eco-friendly and sustainable options in the market.

Underlying macroeconomic factors: The growth of the Floor Covering Market within the DIY & Hardware Store Market in Mongolia is heavily impacted by macroeconomic factors. Factors such as the overall global economic trends, the national economic health of Mongolia, fiscal policies, and other financial indicators all play a significant role in the performance of the market. For example, a stable global economy and strong national economic health can lead to increased consumer spending and higher demand for floor covering products. On the other hand, a struggling global economy and weak national economic health may result in reduced consumer spending and slower market growth. Additionally, favorable fiscal policies, such as tax incentives for home improvement projects, can also positively influence the market. Overall, a strong and stable economic environment is essential for the growth and success of the Floor Covering Market within the DIY & Hardware Store Market in Mongolia.

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.