LONDON--(BUSINESS WIRE)--The do-it-yourself (DIY) home improvement retailing market is expected to grow by USD 143.3 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The advent of e-commerce had enabled convenient and comfortable shopping, which has become very important for consumers owing to hectic lifestyles and work schedules. Many key competitors have opened their own online stores to offer economic pick-up and delivery services. This helps consumers to purchase DIY home improvement products without incurring extra costs. In 2018, Walmart alone experienced a rise of over 20% to 25% in its online revenues, after it embraced e-commerce. The convenience of online shopping and doorstep delivery of products will further boost market growth over the forecast period.
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As per Technavio, the growing popularity of RTA furniture, especially customized RTA furniture for home interiors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Do-It-Yourself (DIY) Home Improvement Retailing Market : Growing Popularity Of RTA Furniture
The growing popularity of RTA furniture, especially customized RTA for home interiors is one of the major trends being witnessed in the global DIY home improvement retailing market. In addition, factors such as increasing population, reducing living space, and migration are also likely to boost the RTA furniture market to a considerable extent. The growing trend of customization has compelled key competitors to manufacture custom-designed RTA furniture. This also enables them to attract more DIY customers. Key vendors are also offering products in different colors, shades, shapes, and themes that enables customers to select from a range of options. With growing focus on home decor, customization is expected to offer key competitors a competitive edge.
“Factors such as the uptake of AR applications for home improvement projects, and increasing focus on organized retailing will have a positive impact on the growth of the DIY home improvement retailing market value during the forecast period,” says a senior analyst at Technavio.
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Do-It-Yourself (DIY) Home Improvement Retailing Market: Segmentation Analysis
This market research report segments the do-it-yourself (DIY) home improvement retailing market by product (lumber and landscape management, tools and hardware, decor and indoor garden, kitchen, and others), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the do-it-yourself (DIY) home improvement retailing market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, North American is expected to register the highest incremental growth due to factors such as the economic recovery of countries such as the US and Canada, and increasing rate of urbanization.
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Some of the key topics covered in the report include:
- Lumber and landscape management
- Tools and hardware
- Decor and indoor garden
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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