Market Insights Consumer DIY & Hardware Store

Heating & Cooling - Armenia

Armenia

Armenia's Heating & Cooling market in 2024 generates a revenue of €20.53m.
It is projected to experience an annual growth rate of 7.23% (CAGR 2024-2029).
When compared globally, in the United States leads the market with a revenue of €116bn in 2024.
In terms of per capita figures, in Armenia generates a revenue of €7.39 per person in 2024.
Armenia is experiencing a growing demand for energy-efficient heating and cooling systems to combat the harsh winters and hot summers.

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

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Analyst Opinion

The DIY & Hardware Store Market in Armenia has been experiencing minimal growth, impacted by factors such as low purchasing power, limited infrastructure, and lack of consumer awareness. Despite this, the Heating & Cooling Market continues to grow, driven by the increasing demand for energy-efficient and cost-effective products.

Customer preferences: As Armenia's population continues to age, there is a growing demand for more energy-efficient and user-friendly heating and cooling solutions. Consumers are now looking for products that not only provide comfort and convenience but also reduce energy consumption and environmental impact. This trend is further driven by the increasing emphasis on sustainable living and the government's efforts to promote eco-friendly practices. As a result, DIY and hardware stores are now offering a wider range of eco-friendly heating and cooling options, such as smart thermostats and energy-efficient air conditioning units.

Trends in the market: In Armenia, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a surge in demand for energy-efficient products. With an increasing focus on sustainability and cost-effectiveness, consumers are seeking out products that can reduce their energy consumption and save them money in the long run. This trend is expected to continue, with more government initiatives and regulations promoting eco-friendly products. Industry stakeholders in Armenia should take note of this trend and stock their stores accordingly to cater to the growing demand for energy-efficient heating and cooling solutions. This shift towards greener options may also present opportunities for collaboration with eco-friendly brands and partnerships with energy-saving technology companies. As the trend towards energy efficiency and sustainability gains momentum, it is important for industry stakeholders to stay aligned with consumer preferences and adapt to changing market needs.

Local special circumstances: In Armenia, the Heating & Cooling Market within the DIY & Hardware Store Market is influenced by the country's harsh winters and hot summers, making the demand for these products high. Also, as a small and developing country with limited resources, consumers often turn to DIY solutions, making hardware stores a popular destination. Furthermore, government regulations and subsidies for energy-efficient products drive the market towards more environmentally friendly options.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Armenia is affected by macroeconomic factors such as the country's economic health, global economic trends, and fiscal policies. The growth of the market is closely tied to the overall economic conditions in Armenia, including GDP growth, inflation, and consumer confidence. In addition, government policies related to energy efficiency and environmental regulations also impact the demand for heating and cooling products. Global economic trends, such as fluctuations in commodity prices and exchange rates, can also influence the market in Armenia. Moreover, investments in infrastructure development, particularly in the construction sector, also play a significant role in driving the demand for heating and cooling products in the country.

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.