DIY Home Improvement Market Outlook 2031
The global DIY home improvement market size was valued at USD 748.38 Billion in 2022 and is anticipated to reach USD 1012.01 Billion by 2031, expanding at a CAGR of 3.41% during the forecast period, 2023 – 2031. The market growth is attributed to growing awareness regarding home decoration and rising demand for cost-effective methods for house renovation.
A DIY or do-it-yourself refers to managing activities by oneself without the assistance or needs for professional or expert involvement. DIY home improvement involves a process of designing, building, modifying or repairing home surroundings without experts. Plumbing, building, and maintenance are some of the major activities involved in home improvement tasks. To conduct a range of DIY activities, homeowners have to access to an extensive use of appliances, tools, and equipment.
The COVID-19 pandemic outbreak had positively impacted the market due to growing interest of masses for DIY projects and interior decorating due to the changing lifestyles as well as increasing time spent at home. The work-from-home policy due to movement restriction imposed by governments to curb the virus spread has allowed more women’s participation in home decoration.
DIY Home Improvement Market Trends, Drivers, Restraints, and Opportunities
- Increasing disposable income among a large number of women globally and need for personalization of projects around house are key factors fueling the market.
- Rising demand for DIY home renovation, and cost efficiency solutions for home renovation are likely to boost the global DIY home improvement industry forward.
- Growing awareness about aesthetic values of home decors and changing lifestyle present another key driver of the market.
- Factors such as hectic life schedule and lack of interest among people due to less expertise in the field are major challenges that can hamper the market growth.
- Reduction of overall cost for home repairing and renovation with ease availability of home improvement tools are projected to create several growth opportunities of the market.
Scope of DIY Home Improvement Market Report
The report on the global DIY home improvement market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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DIY Home Improvement Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Types (Decor & Indoor Garden, Lumber & Landscape Management, Tools & Hardware, Kitchen, Painting & Wallpaper, Building Materials, Plumbing, Lighting & Equipment, Flooring, and Repair & Replacement), Distribution Channels (DIY Home Improvement Stores, Online Stores, Specialty Stores, Furniture Stores, and Others), and End-users (Bath Improvement & Additions, Kitchen Improvement & Additions, Systems Upgrades, Property Replacements, Interior Replacements, Exterior Replacements, Disaster Repairs, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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BAUHAUS; ADEO; BAUVISTA; Kesko; Home Depot; Kingfisher Plc; Lowe’s; Walmart; Travis Perkins; and Wesfarmers Ltd.
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DIY Home Improvement Market Segment Insights
Kitchen, painting, & wallpaper segment to grow at a significant rate
Based on product types, the DIY home improvement market is divided into decor & indoor garden, lumber & landscape management, tools & hardware, kitchen, painting & wallpaper, building materials, plumbing, lighting & equipment, flooring, and repair & replacement.
The kitchen, painting, & wallpaper segment is expected to grow at a notable CAGR in the coming years owing to the availability of good quality DIY paint products such as terrace wall proofing, self-painting kits, crackle effect spray, and frost effect spray.
DIY shops segment to hold a key market share
In the terms of distribution channels, the market is categorized as DIY home improvement stores, specialty stores, online stores, furniture stores, and others. The DIY shops segment is projected to hold a key market share in the coming years since DIYers mostly prefer to explore products in the store, even if the final purchase is made online. Moreover, the millennial DIYers are more likely to seek the product and make the final purchase of quality products in-store, especially for products such as paint.
Exterior replacements segment to grow at a rapid pace
Based on end-users, the DIY home improvement market is fragmented into kitchen improvement & additions, bath improvement & additions, systems upgrades, exterior replacements, interior replacements, property replacements, disaster repairs, and others.
The exterior replacements segment is expected to grow at a rapid pace, representing more than 18.6% of the global market share in the near future due to soaring demand for outdoor leisure activities.
Europe to dominate the global market
In terms of regions, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe constituted a significant share of the market in 2020 and is anticipated to dominate the global market during the forecast period.
The regional market growth is accelerated by the emergence of smart infrastructure with energy conservation solutions along with the presence of large number of population about home decorations and designs in the region.
Segments
The global DIY home improvement market has been segmented on the basis of
Product Types
- Decor & Indoor Garden
- Lumber & Landscape Management
- Tools & Hardware
- Kitchen, Painting, & Wallpaper
- Building Materials, Plumbing, Lighting, & Equipment
- Flooring
- Repair & Replacement
Distribution Channels
- DIY Home Improvement Stores
- Online Stores
- Specialty Stores
- Furniture Stores
- Others
End-users
- Bath Improvement & Additions
- Kitchen Improvement & Additions
- Systems Upgrades
- Property Replacements
- Interior Replacements
- Exterior Replacements
- Disaster Repairs
- Others
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the global DIY home improvement market are BAUHAUS; ADEO; BAUVISTA; Kesko; Home Depot; Kingfisher Plc; Lowe’s; Walmart; Travis Perkins; and Wesfarmers Ltd. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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