As per the study conducted by Research Dive, the do-it-yourself (DIY) home improvement retailing market is anticipated to generate a revenue of $7,84,024.6 million by 2027, with an increase from $6,11,764.7 million in 2019, at a noteworthy growth rate of 3.2%.
Impact Analysis of COVID-19 on the Do-It-Yourself (DIY) Home Improvement Retailing Market:
The global do-it-yourself (DIY) home improvement retailing market experienced a noteworthy growth in the past years and is estimated to grow constantly with a notable rate throughout the forecast time. Rising importance of DIY products among consumers and the significant growth in adoption of innovative technologies by retail suppliers is projected to drive the do-it-yourself (DIY) home improvement retailing market growth in the forecast years. However, the COVID-19 emergency had a significant impact on the global market. Though predictions estimated a negative impact on the market growth during the lockdown period, the market retained its growth trajectory due to increasing adoption of growth strategies such as geographical expansions and strategic investments made by major players. For example, in December 2020, the Home Depot planned to open 2 new distribution hubs in New Jersey and Perth Amboy to support the rising demand for sustainable and flexible delivery options especially from DIYers, amid the COVID-19 pandemic. Furthermore, the company expanded skilled trade initiative “PATH TO PRO”, a new education & job placement program, to train its employees through educational campaigns. The company invested about $50 million for the program to address the professional labor gap by educating their workers. These aspects may eventually impact the investment segment of the global do-it-yourself (DIY) home improvement retailing market in the outbreak period.
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Do-It-Yourself (DIY) Home Improvement Retailing Market Analysis:
The rising importance of do-it-yourself among people will propel the market growth in the forecast period. This growth will majorly be attributed to increasing number of people adopting the zero-waste lifestyle, an effective way to reduce plastic waste. Currently, plastic is a major pollutant to our environment. Thus, DIY manufacturers are majorly focusing on safety, sustainably and efficiency of products as utilization of hazardous chemicals and plastic substances create environmental pollution once dumped in the environment. Further, the manufacturers are offering various products including DIY un-paper towels, reusable snack bags, and DIY disinfectant wipes that are easily reusable and recyclable to meet zero waste standards. For example, utilization of DIY un-paper towels can reduce paper waste which decreases the frequency of paper towel purchased by consumers.
Some of the challenges associated with DIY home improvement retailing products, such as less availability of skilled workers to produce DIY products, are predicted to hinder the market growth. For instance, decorating & painting is one of the major DIY activities that require highly skilled professionals to handle it.
Many DIY retailers adopted significant changes in their strategies such as supporting the manufacturers by promoting the final products. For instance, in January 2021, Walmart, a leading retail corporation, established a new fin-tech start-up especially discovered to develop and offer innovative, affordable, and modern financial DIY solutions to associates and customers. The company designed the start-up through a strategic partnership with Ribbit Capital, a leading fin-tech investment firm. Through this partnership, both companies aim to share retail experience and fin-tech expertise to provide tech-driven DIY financial experiences to Walmart associates and customers. Such company initiatives have created positive impact on the global market, during the COVID-19 pandemic.
The painting sub-segment for global market has experienced substantial growth and is expected to generate a revenue of $1,43,625.5 million during the forecast period.
The growth of painting sub-segment is mainly driven by the availability of wide range of DIY paint products such as terrace wall proofing, self-painting kit, frost effect spray, crackle effect spray, etc. Notable paint manufacturers such as Berger Paints India Limited, and Asian Paints are adopting development strategies like product innovation to strengthen their customer reach worldwide. For example, in August 2020, Asian paints, announced to release ‘ezyCR8’ a new DIY painting spray product. Such company initiatives are expected to drive the sub-segment, in the forecast years.
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The online sub-segment for do-it-yourself (DIY) home improvement retailing market is expected to grow at notable CAGR of 7.1% and generate a revenue of $60,624.2 million by 2027. Online distribution channel is considered as the most improved communication channel in the recent years. The channel provides multiple advantages like minimal barriers to entry, streamlined communication, and enhanced customer service. Also, these channels are fast to launch, cost-effective, and quick to reach the market. The above-stated factors are expected to bolster the sub-segment’s growth, throughout the analysis period.
APAC do-it-yourself (DIY) home improvement retailing market will cross $85,145.1 million by 2027, increasing at a healthy CAGR of 4.1%.
Increasing popularity of visual discovery platforms like Pinterest for attempting DIY projects among Asian countries such as India, China, and Japan is driving the market. In addition to this, in August 2019, Pinterest announced about opening new offices in Australia and Singapore in order to strengthen their footprint in the Asia pacific countries. Furthermore, established companies as well as start-ups entering the Asian market are emphasizing mainly on collaborations for new inventions of cutting-edge DIY products. Extensively rising disposable income, massive change in the lifestyle of people, and exponential growth in urbanization of Asian countries are some of the factors also driving the Asia-Pacific do-it-yourself (DIY) home improvement retailing market.
The North America region for do-it-yourself (DIY) home improvement retailing industry has dominated the market and is further expected to register a revenue of $4,21,138.1 million by 2027, increasing from $3,40,569.4 million in 2019. The significant increase in adoption of luxury real estate particularly in the U.S. and Canada is expected to generate massive demand for DIY products and is projected to foster the market growth. Also, key players like Lowe’s, Benjamin Moore, and others are opting for effective changes in strategies to attract more customers to select the best option for their DIY projects. For example, Benjamin Moore, an American paint company and Ace Hardware Corporation, American hardware retailer announced their partnership and expansion in their business by 2020. This collaboration will offer customized DIY products, hardware and services to customers. Such company initiatives will provide lucrative opportunities for do-it-yourself (DIY) home improving retailing market, in the region.
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