According to the Do-It-Yourself (DIY) home improvement retailing market forecast, the Asia-Pacific market size is estimated to cross $87,135.4 million by 2028, growing from $64,439.5 million in 2020, at a healthy CAGR of 3.9%.
COVID-19 Impact on Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market:
The novel coronavirus pandemic had a positive impact on the Asia-Pacific DIY market due to growing adoption of growth strategies including strategic investments and geographical expansions made by prominent companies. For instance, in November 2020, MR. D.I.Y., one of the prominent home improvement retailers in Southeast Asia region, announced the opening of its 100th store in the Philippines at Quezon City. Company announced to offer 14,000+ amazing DIY home improvement products in low prices. These aspects are eventually impacting the investment segment of the Asia-Pacific do-it-yourself (DIY) home improvement retailing market, during the analysis period.
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Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market Analysis:
In the past few years, the adoption of social media and image sharing services among Asian homeowners has immensely increased. For example, Pinterest, an innovative platform for home décor ideas, has experienced almost 450% growth in the users surfing for DIY projects in 2018. Also, in August 2019, Pinterest announced the opening of new offices in Singapore, Australia, and New-Zealand which are anticipated to strengthen its footprint in the Asia-Pacific countries. It is reported that Pinners (Pinterest subscribers) from these from Australia and New-Zealand have saved almost 4 million ideas of Pinterest each day.
Moreover, established companies as well as start-ups operating in the Asian market are focusing mainly on collaborations and business expansion. For instance, in January 2020, BIG Box Centre, India-based physically large retail establishment, announced its strategic tie-up with MR DIY, Malaysia's prominent home improvement retailer. MR DIY proposed a plan to open a new store of 11,000 square feet space in collaboration with BIG Box Centre to provide a wide range of home improvement products and best-in-class buying experience. All these factors are expected to drive the Asia-Pacific do-it-yourself (DIY) home improvement retailing market in the analysis period.
Some of the challenges associated with Asia-Pacific DIY home improvement retailing products, including less availability of skilled workers to produce DIY products, are expected to decline the market growth. For instance, painting and decorating are main DIY activities that need highly skilled professionals to handle it.
Many Asia-Pacific located DIY retailers adopted notable changes in their strategies including product development and business expansion to the various places. For instance, in January 2021, Mr. DIY, Malaysia’s popular home improvement company, announced the expansion of its corporate footprint across Asian countries by continuously opening stores particularly in Thailand, Malaysia, Singapore, Indonesia, the Philippines, Brunei, India, and Cambodia. Such company initiatives have created magnificent impact on the Asia-Pacific market, during the COVID-19 pandemic.
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Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market, Segmentation
The Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market is segmented based on type, distribution channel, and region.
Type:
The type segment is further classified into front building materials, lighting, décor & indoor garden, tools & hardware, electrical work materials, wallpaper & supplies, painting, flooring repair & replacement materials, and outdoor.
Among these, the painting sub-segment is predicted to have the significant growth and cross $15,790.4 million by 2028, with the rise from $10,928.6 million in 2020.
The notable market growth of painting sub-segment is majorly attributed to the obtainability of broad range of DIY paints namely self-painting kit, frost effect spray, terrace wall proofing, crackle effect spray, and others. Also, prominent paint companies like Asian Paints and Berger Paints India Limited have adopted effective strategic steps like product invention to strengthen their foot-print on the APAC region. For instance, in August 2020, Asian paints, Indian DIY paint manufacturers and provider, announced to release ‘ezyCR8’, a new DIY painting spray product.
Distribution Channel:
The distribution channel segment is further classified into online and offline. Among these, the online sub-segment is projected to have the highest growth in Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market and register a revenue of $7,034.8 million by 2028.
Online distribution channel is recognized as the highly improved communication channel in the future. The channel delivers various benefits including streamlined communication, minimal barriers to entry, and improved customer service. The above-mentioned elements are projected to flourish the sub-segment’s growth, in the projected period.
Region:
Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market for Rest of Asia-Pacific region is extremely competitive and prominent players in the industry are adopting several strategies to gain largest market share. Rest of Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market accounted $18,392.1 million in 2020 and is expected to register a revenue of $25,961.5 million by 2028.
Established and start-up organization entering the Rest of Asia-Pacific market are focusing mainly on tie-ups and major technological advancements. Furthermore, exponentially increasing purchasing power of consumer, noticeable growth in urbanization of Asian countries, and huge change in the lifestyle of people are some of the crucial elements also booming the Asia-Pacific do-it-yourself (DIY) home improvement retailing market.
Key Players in the Asia-Pacific Do-It-Yourself (DIY) Home Improvement Retailing Market
Some of the leading Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market players are
- Asian Paints
- MR.DIY
- Nendo Inc
- Allo Innoware.
- MINISO CO.LTD
- Home Depot Product Authority, LLC.
- Marshalls
- B&Q
- Bunnings Australia
- UBYLD RETAIL PRIVATE LIMITED.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Market Expert Evaluation on Asia-Pacific Do-it-yourself (DIY) Home Improvement Retailing Market, Get in touch with Expert Analyst@ https://www.researchdive.com/connect-to-analyst/8540
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