Global DIY home improvement retailing market is anticipated to observe momentous growth over the forecast period, primarily owing to the increasing popularity of DIY projects across the globe. By type, the painting sub-segment is estimated to be most profitable by 2027. Regionally, Asia Pacific is anticipated to observe significant growth in the projected timeframe.
According to a newly published report by Research Dive, the global do-it-yourself (DIY) home improvement retailing market is estimated to generate $7,84,024.6 million by 2026, and grow at a CAGR of 3.2% over the forecast period from 2019 to 2026. As per our analysts, the growing disposable income and rising popularity of DIY projects are the major factors estimated to foster the growth of the global DIY home improvement retailing market during the forecast period. In addition, the growing urbanization along with changing consumer lifestyle are other factors predicted to bolster the growth of the global market by 2027. Conversely, lack of expertise in DIY business and the lack of availability of DIY products are the factors expected to hamper the market growth in the coming years.
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Impact of COVID-19 on the Market
The outbreak of coronavirus around the world has impacted the global DIY home improvement retailing market in a progressive way in 2020. The positive growth of the market in the pandemic is majorly because DIYers in developing as well as developed countries are investing time to complete home improvement projects as most of the areas and people across the globe are under COVID-19 lockdown. In addition, a number of DIYers are engaged in gardening practices to enhance customer’s living space in order to keep them entertained in the pandemic crisis.
Painting Sub-segment to Hold Largest Market Share
By types, the painting sub-segment valued for $1,04,419.4 million in 2019 and is estimated to account for the largest share in the global industry by 2027. This is majorly due to the availability of extensive range of DIY paint products including crackle effect spray, self-painting kit, terrace wall proofing, frost effect spray, and many more.
Online Sub-segment to Witness Significant Growth
By distribution channel, the online sub-segment is expected to account for $60,624.2 million by 2027 and grow at an exponential rate during the forecast period. This significant growth can be majorly attributed to the availability of huge DIY resources on multiple online platforms.
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Asia Pacific Region to Grow at Substantial Rate
By region, the Asia Pacific market for do-it-yourself (DIY) home improvement retailing is expected to value for $85,145.1 million and grow at significant CAGR during the forecast period. The considerable growth of the region can be owing to technological advancements and rising cutting-edge DIY product innovation.
Major Market Players
Some of the top players operating in the global do-it-yourself (DIY) home improvement retailing industry include
- Travis Perkins
- Kesko corporation
- Lowe's Companies, Inc.
- Amazon.com, Inc.
- Walmart Inc.
- UBUY Inc.
- Toolstation
- Home Depot Product Authority, LLC
- flipkart.com
- UBYLD RETAIL PRIVATE LIMITED.
Further, the report presents and outlines various aspects of these major players such as business performance, recent developments, recent strategic moves, product portfolio, and SWOT analysis.
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These players are adopting several strategies and applying numerous business tactics to acquire a leading position in the global industry. For instance, in August 2020, The Home Depot, the largest home improvement retailer in the United States, announced to open three new distribution centers in Georgia over the next 18 months to fulfil the rising demand from DIYers for sustainable and flexible delivery options.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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