Market Insights Consumer DIY & Hardware Store

Heating & Cooling - Iran

Iran

In Iran, the revenue generated in the Heating & Cooling market in 2024 amounts to €0.82bn.
It is expected that the market will experience an annual growth rate of 4.05% (CAGR 2024-2029).
When compared globally, in the United States leads in terms of revenue generation with €117bn in 2024.
In relation to the total population figures, in Iran generates per person revenues of €9.08 in 2024.
Iran's Heating & Cooling market is experiencing a surge in demand due to extreme weather conditions and increased urbanization.

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

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Analyst Opinion

The Heating & Cooling Market in Iran nan is experiencing slow growth due to low consumer spending and lack of technological advancements. DIY & Hardware Stores are struggling to meet demand, impacting the market's negligible growth rate.

Customer preferences: With the rise in extreme temperatures and frequent power outages, consumers in Iran are increasingly investing in energy-efficient heating and cooling solutions. This trend is driven by a growing awareness of the impact of climate change and rising energy costs. Additionally, there has been a shift towards DIY home renovation and repair, with consumers turning to hardware stores for affordable and reliable solutions. This trend is further fueled by the younger generation's desire to personalize and update their living spaces.

Trends in the market: In Iran, the Heating & Cooling Market within the DIY & Hardware Store Market is currently experiencing a trend towards energy-efficient products, driven by increasing awareness about environmental sustainability and cost savings. This trend is expected to continue as the government has set targets to reduce energy consumption and promote eco-friendly solutions. Industry stakeholders should focus on providing innovative and affordable products to meet the growing demand for energy-efficient solutions. Additionally, the use of digital platforms to connect with customers and offer personalized solutions is gaining momentum, providing opportunities for market players to enhance their overall customer experience.

Local special circumstances: In Iran, the Heating & Cooling market in the DIY & Hardware Store market is heavily influenced by the country's climate and the government's efforts to promote energy efficiency. With a mostly arid and dry climate, demand for cooling systems is high, while the government's push for energy conservation has led to an increase in demand for efficient heating solutions. Additionally, strict regulations on imported products have led to a surge in demand for locally manufactured heating and cooling systems in Iran.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Iran is affected by macroeconomic factors such as the country's overall economic health, global economic trends, and fiscal policies. The growth of the market is also influenced by factors such as technological advancements and investment in infrastructure. With a favorable regulatory environment and strong investments in the sector, the market is expected to experience faster growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for energy-efficient solutions, particularly in the face of rising energy costs, is driving the market's growth, as well as the growing population and urbanization 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.