DIY Home Improvement Market - Growth, Trends, and Forecasts (2020 - 2025)
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 to execute tasks by themselves with the help of DIY home improvement tools, equipment, and appliances. The change in lifestyle has increased interest in DIY interior designing. Moreover, in the developing regions, the growing population of working women and their participation in the decisionmaking process for home decoration are also boosting the sales of products required for such projects Subsequently, there is increasing adoption of DIY home improvement products. The use of DIY products lowers longterm costs than work outsourced to expensive labor. Therefore, the demand for DIY home improvement products is a major factor driving the market studied.
Key Market Trends
DIY Shops are Preferable Distribution Channels
As a majority of DIY resources are online, instore display plays a major role in how DIY consumers learn to manage DIYs. Bigbox retailers have seen a boost in sales by implementing these tactics, and these are also just as useful for small and local home improvement businesses. Most often, small businesses excel over the big box stores, in terms of customer service and storeconsumer relationships. 82% of all DIYers are likely to explore products in the store, even if the final purchase is made online, and Millennial DIYers are more likely to seek the product and make the final purchase of quality products instore, especially for products, like paint.
North America and Europe are Accounting for the Largest Market Share
The presence of necessary skills in consumers for carrying out the home improvement work is one of the key factors propelling market growth. Additionally, manufacturers offer smart home improvement kits to assist DIY consumers. Furthermore, the presence of large DIY stores, along with the penetration of ecommerce sales channel, may create a longterm positive impact.
Growth in demand is expected majorly, due to stringent green building regulations, rising electricity expenses, growth in internal migrations, and high household spending. Moreover, manufacturers have constantly focused on technological advancements, design innovations, and improving the product quality, and adhered to the changing trends, such as offering ecofriendly products. Furthermore, the lending rates in the region are comparatively lower and the property prices are increasing, thus supporting the home improvement market.
The report covers major international players operating in the DIY home improvement market. In terms of market share, few of the major players currently dominate the market studied. However, demand is driven by consumer income. Large companies compete through volume purchasing, breadth of products, and effective merchandising and marketing. Small companies focus on a market segment and compete through the depth of products and superior customer service.
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