NEW YORK, USA, August 31, 2022 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the The global DIY home improvement (DIY) retail market. Expected to generate a file $1,278.0 billion in revenue and rise at a Compound annual growth rate of 4.37% During the forecast time frame from 2022 to 2030.
According to our analysts, with the increasing popularity of DIY projects among individuals especially home owners across the globe, the DIY home improvement (DIY) retail market is expected to witness gradual growth during the forecast period. Besides, increasing urbanization, changing consumer lifestyle, and increasing disposable income among people are the expected factors to boost market growth over the time frame of the analysis. Moreover, the increasing focus on waste-free DIY projects to create eco-friendly homes is expected to create huge growth opportunities for the market over the estimated period. However, lack of DIY (DIY) expertise may limit market growth during the forecast period.
Segments of the do-it-yourself home improvement retail market
The report has segmented the market into segments based on type, distribution channel, and region.
Type: sub-panel to be the most profitable
The coating sub-segment is expected to generate $237.5 billion in revenue over the time frame of the analysis. This is mainly due to the availability of a wide range of DIY paint products that include balcony wall insulation, frost effect spray, self-painting kit, and many more. Moreover, increasing strategic innovations by the major major players and increasing disposable income among individuals are expected to drive further growth of the market sub-segment during the forecast period.
Distribution channel: the online sub-part is the most productive
The online sub-segment is expected to generate $148.0 billion in revenue during the analysis period. This is mainly due to the availability of huge DIY resources on many online platforms. Moreover, massive smartphone penetration across developing economies, safe and convenient shopping, minimization of human error, and many more are the expected factors for further growth of the market sub-segment over the estimated period.
Region: North America has expanded growth opportunities
The North American region of the do-it-yourself retail home improvement market is expected to generate $688.8 billion in revenue over the time frame of the analysis. This is largely due to the economic recovery of countries and the increase in urbanization in this region. Moreover, the increased promotion of “do-it-yourself” activities by knowledge centers in this region and expansion of advertising operations for sellers on social media is expected to drive the regional growth of the market during the forecast period.
Covid-19 impact on the ‘do-it-yourself’ home improvement retail market
Although the novel coronavirus outbreak has devastated many other industries, it has had a positive impact on the do-it-yourself retail market. Due to the prolonged lockdown imposed by the governments of many countries, many DIYers in both developed and developing countries have started investing time in complete home improvement projects and gardening practices to keep them entertained. Moreover, the increasing trend of beauty care (DIY) practices has fueled the market growth during the pandemic period.
Major Players in the Do-It-Yourself Home Improvement Retail Market
Major players in the DIY home improvement (DIY) retail market include
- Travis Perkins
- Kesk company
- Lowe Companies, Inc.
- Amazon.com, Inc.
- Wal-Mart Corporation
- UBUY Inc.
- Tool station
- Home Depot Product Authority, LLC
- UBYLD RETAIL PRIVATE LIMITED. , and many more.
These players are extensively working on developing new business strategies such as mergers and acquisitions, partnerships, collaborations and product development to gain a leading position in the global industry. – Buy the full report here!
For example, in February 2022, Lowe’s Companies, Inc. , an American retail company specializing in home improvement, announced a new ecosystem for DIY makers called “DIY-U” that could bring live, on-demand skill building and home improvement into an advanced and personalized era. This ecosystem developed by Lowe’s is a one-stop shop for project mentorship workshops from the most trusted home improvement brands.
In addition to this, the report also presents other vital aspects including SWOT analysis, latest strategic developments, product portfolio and financial performance of the major players.
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