Do-it-Yourself (DIY) Home Improvement Retailing Market to grow at a CAGR of 4.41% during 2024-2028
The Do-it-Yourself (DIY) Home Improvement Retailing Market is expected to grow at a CAGR of 4.41% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 196.61 billion. In the DIY home improvement retailing market, technological advancements have significantly transformed the customer experience. For instance, Kingfisher, a leading player, introduced a web-enabled handheld device in 2014, enabling mobile checkout and product locating capabilities. Additionally, customers can access online reviews and compare prices from various assortments. The company's new mobile application offers an enhanced in-store map and live chat feature. Moreover, Kingfisher's catalog employs augmented reality (AR) technology, providing a virtual preview of DIY products in a room setting. These innovations underscore Kingfisher's commitment to delivering a seamless and tech-savvy shopping experience.
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Technavio analysts predict that the Lumber and landscape management subsegment will lead the Product segment during 2024 and 2028 The global do-it-yourself (DIY) home improvement retailing market holds substantial growth potential, driven by the rising trend of wooden furnishings, lawn management, and gardening. Key categories within this market segment include tree cutting and woodworking for creative applications in windows, fences, and walkways; door installation and fitting for entryways, interiors, and exteriors; and bricklaying for small walls, pools, and other projects. Additionally, outdoor lawn and yard maintenance, involving techniques for soil types, plant selection, and landscaping design, contributes significantly to this market's expansion. These diverse applications make the DIY home improvement retailing market a promising sector for growth during the forecast period.
Here are the various ways based on which the market is segmented:
Key Companies and Market Insights
Some of the key companies in the Do-it-Yourself (DIY) Home Improvement Retailing Market include:
There are several factors that are causing the market to flourish greater emphasis on diy home improvement projects for personalized interior designing
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The Do-It-Yourself (DIY) home improvement retailing market is experiencing a surge in popularity, fueled by consumer disposable income, the DIY movement, and home decor initiatives. Big-box retailers dominate this sector, offering Ready-to-assemble (RTA) furniture, DIY items, tools and hardware, building materials, lighting, electrical work materials, and more. In-store displays inspire DIYers with ideas for projects, while online resources provide endless inspiration for DIY projects. Consumer preferences for zero-waste and sustainable living have led to an increase in demand for e-commerce platforms selling DIY products. Online revenues from DIY home improvement are on the rise, with DIYers appreciating the convenience, time savings, and cost effectiveness of shopping online. DIY product manufacturers have responded with innovative offerings, including DIY kits and augmented reality (AR) apps to help consumers visualize their projects before purchase. Professional DIYers and hobbyists alike are embracing the DIY movement, with a growing interest in electrical work, painting, and interior design decision-making. Online stores offer a wide range of resources, tools, and materials to help DIYers bring their visions to life, making home purchases more accessible and affordable than ever before.
The Do-It-Yourself (DIY) home improvement retailing market is a significant segment of the global home furnishing industry, as classified by Technavio. This market encompasses businesses involved in the sale of DIY home improvement products, including tools, materials, and accessories. The parent home furnishing market, which includes manufacturers and marketers of consumer electronics, furnishings, decorative products, household appliances, and other homeware, generates revenue for market size estimation by Technavio. Factors driving growth in the global home furnishing market include the increasing construction of residential and commercial properties, resulting in heightened demand for new furniture and home improvement products. The focus on infrastructure development is anticipated to significantly boost sales in this sector.
The Do-it-Yourself (DIY) Home Improvement Retailing Market is experiencing significant growth, fueled by the greater emphasis on diy home improvement projects for personalized interior designing. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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Email: media@technavio.com
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