The global do-it-yourself (DIY) home improvement retailing market is estimated to be valued at $1,278.0 billion by 2030, surging from $848.2 billion in 2021, at a noteworthy CAGR of 4.37%.
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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 the adoption of innovative technologies by retail suppliers are projected to drive the do-it-yourself (DIY) home improvement retailing market growth in the forecast years. 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 billion for the program to address the professional labor gap by educating their workers.
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As a result of the COVID-19 pandemic, which forced 55%of UK residents to stay at home and convert their spare room into a new office space so that they could work remotely, there has been an increase in the demand for home offices and workspaces, as well as overall decorating, as people now spend more time indoors and in their own gardens. According to the Harvey Nash Tech Study in 2021, 80% of IT personnel claimed they would like to work from home 3 to 5 days a week following the pandemic, and this tendency is expected to continue impact the investment in the global do-it-yourself (DIY) home improvement retailing market in the outbreak period.
Global Do-it-yourself (DIY) Home Improvement Retailing Market Analysis
The rising importance of do-it-yourself (DIY) home improvement retailing 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. Plastic is currently a big pollution in our world. As a result, DIY manufacturers are concentrating on product safety, sustainability, and efficiency, as the use of toxic chemicals and plastic substances pollutes the environment once they are abandoned. Furthermore, the producers are supplying a variety of reusable and recyclable products, such as homemade un-paper towel, reused snack packs, and DIY disinfectant wipes, to meet zero waste regulations. For example, using DIY un-paper napkins can reduce paper waste, lowering frequency with which paper towels are purchased. 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.
However, the truth is that if you aren't a professional, the chances are that the quality of your work will fall far short of that of a professional, and in many circumstances, it will be of terrible quality. It would have been better to enlist the help of an expert with extensive knowledge in the field. Moreover, some of the problems associated with DIY home renovation retailing products, such as a shortage of experienced labor to manufacture DIY products, are expected to stymie industry expansion. Decorating and painting, for example, are two of the most common DIY projects that require highly competent specialists to complete. 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.
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.
Furthermore, do-it-yourself industry exploded during the COVID-19 pandemic. Many clients began house modifications as a result of the changes brought about by COVID-19. For instance, building home offices and gyms, landscaping, or simply remodeling the living room. The majority of consumers are shifting their preferences toward DIY because it saves them money and allows them to customize their home upgrades and remodeling to their own needs. Furthermore, growing labor costs in the building and installation industries are fueling the do-it-yourself movement. Such factors created positive impact on the global market, during the COVID-19 pandemic.
Global Do-it-yourself (DIY) Home Improvement Retailing Market, Segmentation
The global 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 building materials, decor & indoor garden, lighting, electrical work materials, tools & hardware, painting, wallpaper & supplies, plumbing materials & equipment, flooring repair & replacement materials, and outdoor. Among these, painting sub-segment is anticipated to have the fastest growth in the market and shall surpass $237.5 billion by 2030, with an increase from $145.8 billion in 2021.
During the forecast period, rising urbanization and the growing importance of indoor aesthetics are expected to drive demand for this sub-segment, which may eventually drive the market. Furthermore, the rise in consumer living standards, combined with rising expenditures on high-end paints is propelling market growth. Furthermore, as consumer awareness of the environment has increased, customer preferences have shifted toward eco-friendly paints, which is a critical growth factor for the global market.
Distribution Channel:
The distribution channel segment is further classified into offline and online. Among these, the online sub-segment is anticipated to have the fastest growth and shall surpass $148.0 billion by 2030, with an increase from $89.7 billion in 2021.
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. Furthermore, small-scale businesses are producing cost-effective do-it-yourself products. These players are given opportunities to market their items on a worldwide retail platform through e-commerce giants. As a result, the global market will be significantly impacted by the expanding availability of low-cost do-it-yourself items. 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.
Region:
The do-it-yourself (DIY) home improvement retailing market in the Asia-Pacific region is projected to witness rapid growth. This market generated a revenue of $87.4 billion in 2021 and is further projected to reach up to $145.7 billion by 2030.
Increasing cutting-edge DIY product innovations combined with technological advancements are expected to foster the Asian market. In addition to this, rise in urbanization in Asian countries will also accelerate the market. Countries such as China and India are expected to flourish amidst the development of urbanization in the world. For instance, as per study conducted by the UN (United Nations), India comprises of 416 billion urban residents and 255 billion in China. Furthermore, business expansion and private-public strategic alliances will spur the do-it-yourself (DIY) home improving retailing market size in the foreseeable future. Asian DIY players work in the development of search engines such as Pinterest for DIY projects. For instance, in 2019, Pinterest announced about a new office in Singapore and Sydney for strengthening their presence of do-it-yourself (DIY) home improvement projects in APAC region.
Key Players in the Global Do-it-yourself (DIY) Home Improvement Retailing Market
Some of the leading global do-it-yourself (DIY) home improvement retailing market players are
- Travis Perkins
- Kesko Corporation
- Lowe's Companies, Inc.
- com, Inc.
- Walmart Inc.
- UBUY Inc.
- Toolstation
- Home Depot Product Authority, LLC
- com
- UBYLD RETAIL PRIVATE LIMITED.
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