LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global do-it-yourself (DIY) home improvement retailing market to grow at a CAGR of close to 4% during the forecast period, according to their latest market research report.
The growing popularity of RTA furniture, especially customized ones for personal interiors is one of the major trends being witnessed in the global do-it-yourself home improvement retailing market 2019-2023. Trendy and innovatively-designed RTA furniture is witnessing significant growth. Moreover, factors like increasing population, reducing living space, and migration are also likely to boost the market of RTA furniture to a considerable extent. The growing trend of customization has compelled the key competitors to manufacture custom-designed RTA furniture. This has enabled them to attract more DIY customers, thereby, bringing in high sales figures. Moreover, many players use consumer interaction platforms on a regular basis to get feedback from customers. The key competitors provide different colors, shades, shapes, and themes that help customers select from a range of options. With extra attention to home decor, customization is expected to offer the key competitors a competitive edge.
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According to Technavio analysts, one of the key factors contributing to the growth of the global do-it-yourself home improvement retailing market is the advent of e-commerce, free pick-up, and delivery opportunities by key competitors:
Global do-it-yourself home improvement retailing market: Advent of e-commerce, free pick-up, and delivery opportunities by key competitors
Convenient and comfortable shopping has become very important because of hectic lifestyles and work schedules. Many key competitors have opened their own online stores to offer cheap pick-up and delivery services. This reduces the efforts of the consumers to get their DIY home improvement products by incurring extra costs. For example, in 2018, Walmart alone experienced a rise of over 20% to 25% in its online revenues, ever since it embraced e-commerce. It has become a major competitor to popular online retailers such as Amazon.com and others. The convenience of shopping and doorstep delivery of products have raised online purchases of DIY products.
According to a senior analyst at Technavio for research on home improvement retail, “The change in lifestyles have raised the interest in DIY interior designing. Moreover, in developing regions, the growing population of working women and their participation in the decision-making process for home decoration are also pushing the sales of products required for such projects. Subsequently, there is a growing adoption of DIY home improvement products.”
Global do-it-yourself home improvement retailing market: Segmentation analysis
The global do-it-yourself home improvement retailing market research report provides market segmentation by product (lumber and landscape management, tools and hardware, décor and indoor garden, kitchen, others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for over 60% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
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