New York, USA, April 12, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global do-it-yourself (DIY) home improvement retailing market is anticipated to rise at a stable CAGR of 4.37%, thereby garnering a revenue of $1,278.0 billion in the 2022-2030 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the do-it-yourself (DIY) home improvement retailing market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2030. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: In recent years, there has been a growth in the disposable income of people around the world which is expected to become the primary growth driver of the do-it-yourself (DIY) home improvement retailing market in the forecast period. Additionally, there is a gradual increase in the popularity of DIY home improvement solutions as they save the cost of labor. This growth in popularity is anticipated to push the market forward.
Opportunities: Growing number of environment-friendly DIY projects is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, a gradual shift away from the “use-and-throw-away" culture is expected to help the market register substantial growth in the coming period.
Restraints: However, according to market analysts, lack of experts in DIY field might become a restraint in the growth of the do-it-yourself (DIY) home improvement retailing market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The do-it-yourself (DIY) home improvement retailing market, however, was positively impacted by the pandemic. The lockdowns forced people to engage in any repair work at their homes themselves. Moreover, many people took up gardening practices in order to beautify their home exteriors and keep themselves busy. These factors helped in the growth of the market in the forecast period.
Segments of the Market
The Research Dive report has fragmented the do-it-yourself (DIY) home improvement retailing market across different segments such as type, distribution channel, and region.
Type: Painting Sub-segment to be the Most Dominant
The painting sub-segment is expected to be the most dominant one and generate a revenue of $237.5 billion by 2030. The availability of wide range of DIY paint products including self-painting kit, terrace wall proofing, etc., is predicted to help in the growth of this sub-segment.
Distribution Channel: Online Sub-segment to be the Fastest Growing
The online sub-segment is predicted to have the highest CAGR and garner a revenue of $148.0 billion by 2030. Availability of various DIY resources on different e-commerce companies such as Amazon, Inc., Alibaba Group Holding Ltd., eBay Inc., etc., is predicted to boost the growth of this sub-segment.
Market in the North America Region to be Most Profitable
By regional analysis, the do-it-yourself (DIY) home improvement retailing market in North America region is anticipated to be the most lucrative in the forecast period and register $688.8 billion by 2030. Growing urbanization and changing buyers’ lifestyle are predicted to be the main growth drivers of the market in this region.
Prominent Market Players
Some prominent players in the do-it-yourself (DIY) home improvement retailing market are
- Travis Perkins
- Walmart Inc.
- Home Depot Product Authority LLC
- Kesko Corporation
- UBUY Inc.
- Flipkart.com
- Lowe's Companies Inc.
- Home Depot Product Authority LLC
- UBYLD RETAIL PRIVATE LIMITED
- Amazon.com Inc.
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in November 2020, Kingfisher, a global home improvement company, announced the acquisition of NeedHelp, an online platform providing home improvement services. This acquisition is predicted to help Kingfisher to increase its foothold in the market and gain an advantage over its competitors in the near future.
Finally, this comprehensive report also summarizes many crucial facets of the do-it-yourself (DIY) home improvement retailing industry including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Do-it-yourself (DIY) Home Improvement Retailing Market:
- What are the Current Trends in Do-it-yourself (DIY) Home Improvement Retailing?
- Business Expansion and Company Acquisitions by Market Players such as Kesko Corporation and Lowe to Drive the Do-it-yourself (DIY) Home Improvement Retailing Market Growth
