Do-It-Yourself Market is expected to account for largest market share in terms of value

A creative mind is always on high alert for trying out and experimenting with home goods. An imaginative mind can easily come up with awesome do-it-yourself hacks that can convert a boring house into a lively one. Do-it-yourself (DIY) projects aims at creating items according to your taste and mold it to your heart’s content. DIY mostly falls in the category of home crafts and has existed since the 18th and 19th centuries, where women carried out most of the DIY projects. Some of the common examples of DIY projects are bird feeder wreath, yarn-wrapped painted jars, candles, leafy stepping stones, holder planter, and much more.

Forecast Analysis of Do-it-Yourself (DIY) Home Improvement Retailing Market
DIY projects are gaining enormous popularity amongst the people, especially the homeowners worldwide and this is one of the significant aspect that is estimated to bolster the do-it-yourself (DIY) home improvement retailing market in the coming years. According to a survey conducted by Pollfish in May 2020, around 92% of the US homeowners are likely to hire pros such as plumbers or electricians for home improvements. Furthermore, the survey indicates that 52% prefer landscaping and 54% favor painting as DIY projects. Apart from this, escalation of urbanization along with lifestyle changes is also predicted to uplift the global market in the forthcoming years. As per a report by Research Dive, the global do-it-yourself (DIY) home improvement retailing market is expected to generate a notable revenue of $7,84,024.6 million by the end of 2027.

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However, lack of skills and expertise in DIY business along with awareness gap regarding DIY projects in the low-income countries is estimated to hinder the market growth in the upcoming years. Whereas, growing environmental awareness is shifting the focus on creating zero-waste DIY projects. Eco-friendly DIY items are cost-effective, attractive, and sustainable to the environment. For instance, preparing a lamp out of tin cans or making plastic bag bowls are some of the effective ways to recycle waste and reuse it in an innovative way. These factors are likely to generate tremendous opportunities in the market in the upcoming years. Beyond this, geographically, the Asia-Pacific region is projected to be the fastest growing region for the global market due to rise in technical innovations in the area.

Latest Developments in Do-it-Yourself (DIY) Home Improvement Retailing Market
The leading players of the global do-it-yourself (DIY) home improvement retailing market are basically opting for unique strategies such as mergers & acquisitions, new product revelations, product portfolios, and investments in research & development projects. These strategies are helping the companies in gaining an edge in the global market. For instance, in September 2020, Mr. DIY store, which is one of the largest home improvement retailers in Malaysia, has opened in Mumbai and Pune, India for the first time.

Furthermore, in June 2020, Lowe, a retail company, has introduced a virtual method to offer the services of electricians, plumbers, and other contractors to the people during the Covid-19 pandemic. The professionals can utilize video chat services to connect to the customers.

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In January 2019, Kesko Corporation, a Finnish retail company, announced the acquisition of DIY retail business of the Sorbo retailer group, one of the prominent DIY retail businesses functioning in Norway. This acquisition encompasses two Byggmakker stores and B2B logistics center located in Norway.

Covid-19 Impact on the Market
The do-it-yourself (DIY) home improvement retailing market is experiencing considerable growth during the Covid-19 pandemic. Lockdown across the globe pushed a majority of the DIYers towards gardening and various home improvement projects. Apart from this, the key players are focusing on business expansion in various parts of the world. For example, in December 2020, Home Depot Product Authority, LLC, has proposed to open up two new distribution hubs in Perth Amboy and New Jersey in the U.S.A, in order to fulfill the demand for sustainable delivery options from the DIYers.

Future Analysis of the Market
There is always room for an innovative mind, which can build and create fabulous products from mere simple items. The do-it-yourself (DIY) home improvement retailing market is likely to face tremendous growth opportunities as long as there are new inventions lined up. Moreover, people’s demand for trendy goods for home décor is estimated to surge the market in the upcoming years.

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