LONDON--(BUSINESS WIRE)--Technavio’s latest global DIY market report highlights the top three emerging trends predicted to impact market growth through 2020. Technavio defines an emerging trend as something that has potential for significant impact on the market and contributes to its growth or decline.
“Due to the low popularity of DIY culture in the APAC nations, the market is highly concentrated among Western countries. The Americas region occupies the largest share in the global DIY market, and it held a share of close to 61% in 2015. The US market holds the largest market in the Americas region, and this trend is expected to continue over the forecast period,” said Vijay Sarathi, one of Technavio’s senior industry analysts for retail goods research.
Technavio’s consumer goods and retail market research experts have identified the following three emerging trends for the global DIY market:
- Growing home improvement market
- Online presence driving growth
- Customization of DIY products
Growing home improvement market
The main factor contributing to the demand DIY products is the robust growth of home improvement segment. This segment provides enormous opportunities for manufacturers to explore market opportunities. In Europe, the market for home improvement stood at close to USD 362 billion in 2014, while the market in the US stood at around USD 690 billion in 2014.
Home improvement remains a top priority as people demand better home space with improved standards of living. Homes are critical assets that people possess, and carry a strong emotional attachment for. This emotional attachment allows home improvement to be a great business to be in.
With globalization, major manufacturers are expanding their presence globally to meet the unmet needs of the diverse population. For instance, Kingfisher has expanded to over 1,200 stores across 11 countries across Europe and China thanks to its omni-channel presence. Similarly, many market vendors are predicted to diversify into new regions over the next four years.
Online presence driving the growth of the global DIY market
The boom in online retailing for DIY vendors is set to play a key role in the expansion of the DIY market globally. Market players are increasingly entering the e-commerce space with attractive websites and product offers. Companies such as IKEA, Wayfair, and Ashley Furniture Industries have already entered the e-commerce space for selling their products online.
Manufacturers are now able to cover a greater region without any physical presence, while reducing costs involved with warehousing at different locations. The convenience of purchasing online has thus spurred online sales in the market.
In the UK, top DIY retailers like Maxwells and Range are taking steps to improve their online presence for enhancing customer experience. Screwfix, another top DIY retailer in the UK, has already started a nationwide online delivery service, while B&Q, the biggest online DIY retailer in the UK, also launched ‘Click, Pay & Collect’ on over 14,000 products with the release of its new portal, diy.com, with superior online content. This market trend is expected to significantly expand the DIY market until 2020.
Customization of DIY products
As the DIY market is largely growing in the home improvement segment, there are more opportunities for home owners to customize their homes with unique features to match their requirements. For catering to this market, home improvement stores are offering a variety of inexpensive pieces and finishes. Stores are also offering DIY features that help add architectural elements in the form of cabinet moldings, cornices, and doorway arches.
In the Netherlands, Daniel Venneman and Mark van der Net have developed an open-source home kit that allows DIY customers to build and customize their own micro-house. Despite its 14 square meter footprint, the Hermit House is aimed at creating multipurpose interiors with a spacious feel. The inexpensive build with lightweight materials also makes it inexpensive. With eight different versions to choose from, each Hermit House can be customized, while including features, such as an eco-bathroom or from features from its various kitchen options. Similar innovations in customized DIY products are expected to immensely benefit the market during the forecast period.
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