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Do-It-Yourself Home Improvement Retailing Market Size, Growth Analysis, Share, Key Trends And Forecast To 2033
Do-It-Yourself Home Improvement Retailing Market Size
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According to The Business Research Company's, The do-it-yourself home improvement retailing market size has grown strongly in recent years. It will grow from $807.6 billion in 2023 to $863.57 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increase in popularity of DIY projects, rise in demand for personalized interior design, shift in lifestyle changes, increase in participation of working women in home decoration, surge in cost-conscious consumers, growth of the residential real estate industry.
The do-it-yourself home improvement retailing market size is expected to see strong growth in the next few years. It will grow to $1,134.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to expanding of online sales channels, increasing adoption of wooden furnishings, growing demand personalized lawn management, rising popularity of DIY products, rise in emergence of DIY-focused social media platforms and online tutorials. Major trends in the forecast period include smart home integration and technology adoption, focus on sustainability and eco-friendly products, adoption of personalization and niche market products, advancements in AR-based virtual previews of furniture and decor, innovation in personalized interior design.
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Market Drivers and Trends:
The growth in e-commerce is expected to propel the growth of the do-it-yourself home improvement retailing market going forward. E-commerce expansion is driven by the widespread use of smartphones and internet access, offering consumers convenience and diverse product choices. E-commerce enhances the do-it-yourself home improvement retail sector by providing customers greater access to diverse products, comprehensive tutorials, and convenient shipping, thus encouraging more home renovation projects and fueling market expansion. For instance, in May 2024, according to the Census Bureau of the Department of Commerce, a US-based government agency, U.S. retail e-commerce sales for the first quarter of 2024 reached $289.2 billion. This marks a 2.1% increase from the fourth quarter of 2023. Therefore, the growth in e-commerce is driving the do-it-yourself home improvement retailing market.
Major companies operating in the do-it-yourself home improvement retailing market focus on technological advancements such as integrating augmented reality (AR) and data analysis in home improvement retail stores to enhance customer engagement, improve product visualization, and optimize inventory management. Augmented reality (AR) in home improvement retail enhances the shopping experience by integrating digital overlays such as visual guides and product demos into the physical store environment. For instance, in September 2022, Lowe's Inc., a US-based home improvement and retail company, launched an interactive store digital twin. Lowe's digital twin, built-in NVIDIA's Omniverse, is a virtual replica of a physical store. The concept is related to landscape management that combines spatial data with product location and order history into a 3D visual package, accessible on devices from desktops to AR headsets. This enables Lowe's associates to interact with store data, enhancing their ability to optimize operations and meet customer needs effectively.
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Major Key Players of the Market:
Amazon.com Inc., The Home Depot Inc., Lowe's Companies Inc., IKEA, Groupe Adeo SA, Wesfarmers Limited, BayWa AG, Tractor Supply Company, Menard Inc., Bunnings Group Limited, OBI Group Holding SE and Co. KGaA, Ace Hardware Corporation, Toolstation Limited, HORNBACH Holding AG and Co. KGaA, Flipkart Private Limited, Home Hardware Stores Ltd., Grafton Group plc, Maxeda DIY Group B.V., Mr D.I.Y. Group, Castorama, Brico BricoPlanit, REWE Group, UBUY Inc., Wickes Group Plc, Praktiker AG
Do-It-Yourself Home Improvement Retailing Market 2024 Key Insights:
• The do-it-yourself home improvement retailing market size is expected to see strong growth in the next few years. It will grow to $1,134.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Impact of E-commerce Growth on the DIY Home Improvement Retailing Market
• Technological Advancements In DIY Home Improvement Retail Through AR Integration
• North America was the largest region in the do-it-yourself home improvement retailing market in 2023
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