DIY Home Improvement Market in the US 2017-2021
About DIT Home Improvement
DIY (Do-it-yourself) in home improvement is defined as the concept in which an individual homeowner/consumer, executes task/job related to home improvement by himself with the help of DIY tool, equipment, and appliances. As the name suggests, the concept involves only the end consumer and no other third party to execute a project.
Technavio’s analysts forecast the DIY home improvement market in the US to grow at a CAGR of 6.01% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the DIY home improvement market in the US for 2017-2021. To calculate the market size, the report considers the retail sales value.
Technavio's report, DIY Home Improvement Market in the US 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – DIY Home Improvement Market in the US 2017-2021
Technavio recognizes the following companies as the key players in the DIY home improvement market in the US: Ace Hardware, ADEO, Home Depot, Lowe's, Menard, and Walmart.
Other Prominent Vendors in the market are: Bauhaus, Bed Bath & Beyond, Cost Plus World Market, Crate and Barrel, Do it Best, HORNBACH Holding, Jensen Distribution service, OBI Group Holding, Sears Holding, and The True value Company.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growing online DIY sales. Leading retailers in the market such as Home Depot, Lowe’s, and Walmart have started sales of DIY products in their online portals. In the US, a huge segment of consumer base prefers to shop online due to the convenience offered and availability of multiple payment options. Also, the distribution network in the US is smooth; therefore, the end mile delivery to the customers is efficient.”
According to the report, one of the major drivers for this market is product innovation and wide product assortment. Vendors have increased their level of innovation and product assortment to combat stiff competition from rivals. For instance, one of the leading vendors in the market, Home Depot, is operational with multiple brands named as HDX, Husky, Hampton Bay, Home Decorators Collection, Glacier Bay, and Vigoro. This leads to better visibility of products and their assortment under different brands and thus, increasing customer traction. Also, improved assortment of products provides a window for integrated pricing strategy to vendors.
Further, the report states that one of the major factors hindering the growth of this market is shift in preferences from owner-occupied houses toward rentals. The US housing market has observed an increase in the number of renters. Also, the rental vacancy rate has fallen to its lowest point as the number of tenants has outpaced the growth momentum of rental properties. This has had a negative effect on the market as tenants invest less in home improvements and have limited spending.
Ace Hardware, ADEO, Home Depot, Lowe's, Menard, Walmart, Bauhaus, Bed Bath & Beyond, Cost Plus World Market, Crate and Barrel, Do it Best, HORNBACH Holding, Jensen Distribution service, OBI Group Holding, Sears Holding, and The True value Company.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook