DIY Home Improvement Retailing Market to Grow by USD 196.61 Billion (2024-2028), Driven by Personalized Interior Design, with AI Shaping Market Evolution
NEW YORK, Dec. 3, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global do-it-yourself (DIY) home improvement retailing market size is estimated to grow by USD 196.61 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.41% during the forecast period. Greater emphasis on diy home improvement projects for personalized interior designing is driving market growth, with a trend towards uptake of ar applications for home improvement projects. However, shifting consumer preference for difm from diy culture poses a challenge. Key market players include Ace Hardware Corp., BayWa Bau and Gartenmarkte GmbH and Co. KG, Grafton Group plc, Groupe Adeo, hagebau connect GmbH and Co. KG, HORNBACH Holding AG and Co. KGaA, Kesko Corp., Kingfisher Plc, Menard Inc., Mr D.I.Y. Group M Berhad, OBI Group Holding SE and Co. KGaA, REWE Group, Stark Group AS, The Home Depot Inc., Travis Perkins Plc, ubyld, Wesfarmers Ltd., Wickes Group Plc, and Lowes Co. Inc..
Technavio has announced its latest market research report titled Global Do-it-Yourself (DIY) Home Improvement Retailing Market 2024-2028
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Product (Lumber and landscape management, Tools and hardware, Decor and indoor garden, Kitchen, and Lighting and others), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)
Region Covered
North America, Europe, APAC, South America, and Middle East and Africa
Key companies profiled
Ace Hardware Corp., BayWa Bau and Gartenmarkte GmbH and Co. KG, Grafton Group plc, Groupe Adeo, hagebau connect GmbH and Co. KG, HORNBACH Holding AG and Co. KGaA, Kesko Corp., Kingfisher Plc, Menard Inc., Mr D.I.Y. Group M Berhad, OBI Group Holding SE and Co. KGaA, REWE Group, Stark Group AS, The Home Depot Inc., Travis Perkins Plc, ubyld, Wesfarmers Ltd., Wickes Group Plc, and Lowes Co. Inc.
Key Market Trends Fueling Growth
DIY home improvement retailing is experiencing significant advancements with the integration of technology. Kingfisher introduced a mobile device for in-store use in 2014, enabling features like mobile checkout, product location, and inventory checks. Their mobile application offers an enhanced in-store map and live chat. AR technology is used in catalogs and apps, allowing virtual previews of furniture and precise measurements. UDecor.com’s AR-enabled room planner visualizes 3D items in real rooms. These innovations are expected to boost the DIY home improvement market’s growth during the forecast period.
The DIY home improvement retailing market is thriving with consumers seeking project solutions and supplies. DIY projects, such as painting, home repairs, and gardening, are popular trends. Profiles of DIY consumers include homeowners, renters, and those looking to save on labor costs. DIY retailers offer a wide range of products, including tools, hardware, and building materials. Online sales are growing, with consumers researching and purchasing products online for convenience. Consumers also value educational resources, such as instructional videos and tutorials, to help with their projects. The market is competitive, with retailers focusing on providing quality products, competitive pricing, and excellent customer service. Consumers are looking for one-stop shops for their DIY needs, making it essential for retailers to offer a comprehensive selection of products and services.
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Market Challenges
• The DIY home improvement retailing market may face challenges due to the increasing trend of Do-It-For-Me (DIFM) services. This shift is driven by factors such as an aging population in mature markets seeking professional help, young consumers lacking DIY skills, and employment growth leading to higher wages. As a result, DIY retailers are witnessing decreased sales as DIFM professionals prefer B2B suppliers over consumer-facing stores. However, some mature DIY retailers are capitalizing on this trend by catering to trade customers and enhancing their service offerings to attract professional consumers. For instance, Kingfisher’s TradePoints and Home Depot’s Product Authority are targeting the DIFM segment to optimize sales. These factors are expected to impact the growth of the global DIY home improvement retailing market during the forecast period.
• The Do-It-Yourself home improvement retailing market faces several challenges. Procurement of products is a significant issue, with the need to source a wide range of tools and materials. Product availability and timely delivery are crucial to meet customer demands. The market is competitive, with numerous players offering similar products. Differentiating offerings through pricing, customer service, and product selection is essential. Additionally, the increasing trend of online shopping poses a threat to brick-and-mortar stores. Digital marketing and omnichannel strategies are necessary to reach and engage customers effectively. Lastly, ensuring inventory levels and managing supply chains efficiently are ongoing challenges for retailers in this sector.
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Segment Overview
This do-it-yourself (diy) home improvement retailing market report extensively covers market segmentation by
Product
Distribution Channel
Geography
1.1 Lumber and landscape management- The DIY home improvement retailing market holds substantial potential, particularly in sectors with rising demand for wooden furnishings, lawn care, and gardening. Key categories include tree cutting for decorative uses, door installation, bricklaying, and lawn maintenance. These areas offer significant growth opportunities, contributing to the expansion of the global DIY home improvement market.
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Research Analysis
The DIY home improvement retailing market has experienced significant growth due to the professional DIY movement, with consumers increasingly opting for home purchases and DIY projects. Online stores have become a popular destination for DIYers, offering convenience, time savings, and competitive pricing. E-commerce revenues continue to rise, driven by the availability of DIY items such as painting supplies, building materials, electrical work materials, lighting, tools and hardware, and RTA furniture. Augmented reality (AR) technology is transforming the DIY landscape, enabling consumers to visualize home decor initiatives before making a purchase. Zero-waste solutions are also gaining traction, aligning with the DIY ethos of resourcefulness and sustainability. Online and in-store displays showcase a wide range of DIY resources, catering to the diverse needs of consumers. Big-box retailers continue to dominate the market, leveraging consumer disposable income to offer a comprehensive selection of DIY products. Overall, the DIY home improvement retailing market is a dynamic and evolving space, driven by consumer demand for professional-grade DIY solutions and the convenience of online shopping.
Market Research Overview
The Do-It-Yourself home improvement retailing market refers to the sale of products and tools enabling consumers to complete home improvement projects independently. This sector encompasses a wide range of merchandise, including hardware, power tools, building materials, and decorative items. Consumers are increasingly seeking cost-effective solutions and the satisfaction of completing projects themselves, leading to market growth. Retailers offer various services such as classes and workshops to assist customers in selecting the appropriate products and ensuring project success. The convenience of online shopping and the availability of a vast array of products further enhance the market’s appeal. The DIY home improvement retailing market caters to diverse demographics, with a significant portion of sales coming from homeowners and DIY enthusiasts.
7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
