LONDON--(BUSINESS WIRE)--The DIY home improvement market in Europe is expected to grow at a CAGR close to 2% from 2017-2021, according to a new market research report by Technavio.
European DIY home improvement market segmentation by distribution channel and geography
Technavio’s report on the DIY home improvement market in Europe analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by distribution channel (offline distribution channel and online distribution channel) and by product (lumber and landscape management, decor and indoor garden, kitchen, painting and wallpaper, tools and hardware, building materials, lighting, plumbing and equipment, flooring, repair, and replacement, and electrical work). As projected in 2016, approximately 93% of the market share originated from the offline distribution channel.
Based on geography, the DIY home improvement market in Europe has been segmented into Germany, UK, France, Italy, and Rest of Europe. As of 2016, Germany has a market share of approximately 20%. The most popular DIY home improvement projects in Germany is painting and assembling ready-to-assemble (RTA) furniture. As compared to other Western European countries, the number of DIY home improvement activities and projects planned on an average is relatively higher in Germany. This is a key factor for the growth of the DIY home improvement market in the country.
“There is an active participation among the target population base in the country in DIY home improvement projects. These projects range from small house repairs to sophisticated and large-scale projects. The popularity of DIY home improvement products and the penetration of this concept is expected to rise in the country during the forecast period,” says Tamal Saha, a lead analyst at Technavio for retail goods and services research.
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DIY home improvement market in Europe: competitive vendor landscape
With the presence of both global and regional players, the DIY home improvement market in Europe is fragmented. Manufacturers are focusing on R&D with respect to products to meet the buying nature of their target consumers, due to high rivalry in the market. During the forecast period, the competition in the global market is also expected to get stiffer with several price wars, product launches, M&A, and strategic alliances. The profit margins are getting affected due to the rising competition among the rivals.
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Other topics covered in the report:
Market drivers:
- Low cost of operation
- Wide product assortment and product innovation
Market challenges:
- Increase in aging population and low DIY expertise of consumers
- Do-it-for-me (DIFM) culture threat
Market trends:
- Customization in DIY home improvement products
- Growing interest of women in DIY home improvement activities
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