DIY Home Improvement Market in Europe 2017-2021
About DIY Home Improvement
Do-it-yourself (DIY) home improvement products that are used in building maintenance, plumbing, and other home improvement purposes are considered the target products of the market. DIY home improvement products and activities allow homeowners/consumers to execute tasks by themselves with the help of DIY home improvement tools, equipment, and appliances. These projects or tasks only involve end-consumers (householders or home users), without involvement from any third party. The DIY home improvement market in Europe encompasses DIY home improvement product categories that cover raw materials, appliances, hardware, tools, equipment, and several instruments that are used in the execution of DIY home improvement projects. It also covers all indoor and outdoor DIY home improvement activities executed by an individual. The report is focused on the analysis of retail distribution of DIY home improvement products, which fulfill the requirement of residential customers.
Technavio’s analysts forecast the DIY home improvement market in Europe to grow at a CAGR of 1.71% 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 Europe for 2017-2021. To calculate the market size, the report considers the value sales of the DIY home improvement products to the householders or home users (as end-users or consumers).Technavio's report, DIY Home Improvement Market in Europe 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 Europe 2017-2021
Technavio recognizes the following companies as the key players in the DIY home improvement market in Europe: ADEO, BAUHAUS, HORNBACH Baumarkt, Kingfisher, and Travis Perkins.
Other Prominent Vendors in the market are: Bauvista, EUROBAUSTOFF, Intergamma, K-GROUP, Les Mousquetaires, The Sherwin-Williams Company, Toolstation, and WESFARMERS.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Customization in DIY home improvement products. Customization of products enjoys dynamic demand and is a commonly practiced approach in the region. Hence, it plays a vital role in the growth of the DIY home improvement business. With the DIY trend largely influencing the home improvement segment, the opportunities for homeowners to customize their homes with innovative and new features have also increased. Currently, a certain number of home improvement physical retail stores offer a wide variety of inexpensive pieces and finishes, which enables consumers to customize them as per their needs.”
According to the report, one of the major drivers for this market is Low cost of operation. In Europe, DIY home improvement is considered an affordable substitute of do-it-for-me (DIFM). Fully assembled products, such as furniture, are often expensive, which attributes to the increase in production costs, raw materials costs, metallic components, assembling, and labor wages. As most of these products are bulky and large in shape and designs, their shipping charges are also paid by customers, which in turn raises the price of finished products and consequently the cost of operation. DIY is an activity that eliminates additional costs of operation, making it more economical for market players and consumers. The selection of raw materials and designs can also be customized by consumers themselves to ensure a low price of assembled products. Prominent DIY home improvement vendors allow the flexibility of customization in terms of raw materials and pricing of products, which are not offered on standard ready-made products. The growing rivalry through both online and offline distribution channel has led to a decline in the prices of DIY home improvement products, thereby increasing their demand.
Further, the report states that one of the major factors hindering the growth of this market is Increase in aging population and low DIY expertise of consumers. Aged consumers above 50 years tend to refrain from participating in DIY home improvement projects and purchasing DIY home improvement tools. This is especially prominent in countries such as Italy and Germany, where per The World Bank Group, in 2016, the number of people aged 65 years and above was 22.70% and 21.47% of the total population, respectively. In such economies, consumers prefer to get hire labor or get their work done from other third-party service organizations, which offer home decor, product installation, and assembling services.
ADEO, BAUHAUS, HORNBACH Baumarkt, Kingfisher, Travis Perkins, Bauvista, EUROBAUSTOFF, Intergamma, K-GROUP, Les Mousquetaires, The Sherwin-Williams Company, Toolstation, and WESFARMERS.