New York, USA, March 28, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market is predicted to register a revenue of $87,135.4 million by 2028 and grow at 3.9% CAGR over the analysis period from 2021-2028. The comprehensive report provides a concise outlook of the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market’s present scenario including chief aspects of the market such as growth elements, challenges, hindrances, and several opportunities during the projected period of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market:
Drivers: Overall rise in the population and major demographic shifts have resulted in a surge in urbanization. These factors are estimated to drive the growth of the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market by 2028. In addition, the dominance of populated countries like India, China, Pakistan, etc. in the retail sector, immense urban increments, and prominence of megacities are predicted to further boost the market growth during the forecast period.
Opportunities: Growing emphasis on environment-friendly projects and initiatives like DIY combo kits, reusable snack bags, DIY un-paper towels, etc. by innovative companies are some factors anticipated to offer abundant growth opportunities for the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market during the forecast timeframe.
Restraints: Lack of skilled professionals in the DIY home improvement sector is the major factor expected to hinder the market growth during the analysis years.
Covid-19 Impact on the Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market:
The onset of the Covid-19 pandemic wreaked havoc across several industries and businesses, however, the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market witnessed a significant growth rate. Many retailers adopted advanced technologies like the Internet of Things (IoT), augmented reality (AR), etc. to provide an enhanced user experience. In addition, acquisitions by some major market players like that of Scapic by Flipkart to boost online shopping rate among customers during the pandemic by utilizing modern technologies also accelerated the market growth during the deadly coronavirus pandemic.
Segments of the Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market:
The report has fragmented the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market into a few segments based on type, distribution channel, and regional analysis.
Type: Painting Sub-segment to be Most Lucrative
By type, the painting sub-segment of the market is estimated to have a lucrative growth rate and garner a revenue of $15,790.4 million by 2028 due to the availability of several DIY paint products. These include terrace wall proofing, frost effect spray, self-painting kit, crackle effect spray, etc. In addition, some significant market players are implementing product enhancements due to rise in the customer demands for DIY painting projects. These factors are projected to accelerate the growth of the sub-segment during the forecast years.
Distribution Channel: Offline Sub-segment to be Most Dominant
By distribution channel, the offline sub-segment is predicted to hold a dominating market share and register a revenue of $80,100.5 million by 2028. Offline distribution channels effectively help in enlarging the customer base of the local market. This factor is anticipated to bolster the sub-segments growth by 2028. In addition, lack of awareness about internet services among 65+ aged people is also expected to accelerate the demand for Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market’s offline distribution channel development during the analysis timeframe.
Region: Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market in the Asia-Pacific Region to Witness Ample Growth Opportunities
By regional analysis, the Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market in the rest of the Asia-Pacific region is predicted to garner a revenue of $25,961.5 million by 2028 due to the rising South-East Asian customers. In addition, technological advancements, ultra-modern DIY product enhancements by market players, their powerful acquisitions, and heavy investments in the R&D activities are some factors estimated to propel the market development in the rest of the Asia-Pacific region during the forecast period.
Region: Asia-Pacific has vast growth in the coming forecast year
Prominent Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market Players:
Some prominent Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market players are
- UBYLD RETAIL PRIVATE LIMITED
- B&Q
- Asian Paints
- Nendo Inc
- Home Depot Product Authority, LLC.
- Marshalls
- MR.DIY
- MINISO CO.LTD
- Bunnings Australia
- Allo Innoware., among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships, and collaborations to sustain the market growth. - Inquire and Get a Quick Access to the Development Countries Strategy Report
For example, in November 2020, Flipkart, a renowned eCommerce company that also provides DIY home improvement products, announced its decision to acquire Scapic, a Bengaluru-based visual tech organization. This acquisition was aimed to adopt augmented reality for its operating models to offer a better user experience to their clientele, which resulted in a spike in people’s online shopping rates.
The report also sums up many important facets including the financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
Trending Related Article:
- Acquisitions Like That of Huntsman Advanced Materials Solutions by Pidilite Industries Limited to Propel the Growth of the Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market
- 5 Reasons Why DIY Improvement Retailing Sector is So Popular
- The Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market Anticipated To Register A Revenue Of $87,135.4 Million, Growing At A CAGR Of 3.9% From 2021 To 2028
