Post COVID-19 Impact on Do-It-Yourself (DIY) Home Improvement Retailing Market
With the emergence of the COVID-19 crisis, the world is fighting a health pandemic as well as an economic emergency, almost impacting trillions of dollars of revenues.
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Our study helps to acquire the following:
- Long-term and short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on Do-It-Yourself (DIY) Home Improvement Retailing Market, due to the impact on its extended ecosystem
- Understanding the market behaviour Pre- and Post-COVID-19 pandemic
- Strategy suggestions to overcome the negative impact or turn the positive impact into an opportunity
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Pre COVID-19 Analysis on Do-It-Yourself (DIY) Home Improvement Retailing Market
According to a study of Research Dive, Do-It-Yourself (DIY) Home Improvement Retailing Market forecast will surpass $189.1million by 2026, increasing at a healthy CAGR of 4.1%.
Extensive rise in popularity of online platforms coupled with the availability of a high number of techniques for the DIY projects are one of the significant factors for the growth of global do-it-yourself (DIY) home improvement retailing market. For instance, in 2018, Pinterest has witnessed around 450% substantial growth in the searching activity from users for DIY projects forchildren. Also, in recent times, significant growth in urbanization, rising disposable incomes in the developing countries and changing lifestyles of people are some of the driving factors projected to grow the do-it-yourself (DIY) home improvement retailing market. For example, the global urban population is anticipated to grow by around 2.5 billion urban dwellers from year 2018 to 2050.In addition, do-it-yourself projects contain wall painting, letter boards, shoe holders, planters, outdoor furniture projects, and many others; also, DIY products are preferably used in plumbing and building maintenance.These factors are expected to drive the demand for the products and services of the do-it-yourself (DIY) home improvement retailing market.
Leading E-Commerce players such as Shopify and 3dcart for Do-It-Yourself are anticipated to drive theglobal Do-it-yourself (DIY) home improvement retailing market @ https://www.researchdive.com/purchase-enquiry/157
Porter’s Five Forces Analysis for Do-It-Yourself (DIY) home improvement retailing market:
- Bargaining Power of Suppliers:The established suppliers in the Do-It-Yourself (DIY) home improvement retailing industry havelow negotiating power to extract high prices mainly because of a high number of suppliers in the market. Furthermore,the switching barriers from one supplier to the other supplier is expected to be low.
The bargaining power of suppliers is LOW.
- Bargaining Power of Buyer: Lower switching costs give buyers substantial bargaining power. Moreover, the medium population of the customer is also one of the key factors for the reason that some buyers can switch to other firms.
The bargaining power of the buyer is HIGH
- Threat of New Entrants:New market players are likely to enter a DIY home improvement industry even after the stronger footprint of significant players. New companies in the DIY industry are utilizingthe newest inventions in the products and services. It immenselyboosts the extraordinary profits for the new market players.
The threat of new entrants is HIGH
- Threat of Substitutes: The threat from the substitute product is very less because, it doesn’t offer a better value proposition as compared to DIY products.
The threat of substitutes is LOW
- Competitive Rivalry in the Market: This market has the highest number oflarge and small market players. These market players are majorly following business strategies like strategic partnerships and production of cutting-edge DIY products.
The competitive rivalry in the industry is HIGH
However, lack of availability as well as the quality of the product, andlack of infrastructure in the operations of DIY home improvement tool are the elements that are declining the global Do-It-Yourself (DIY) home improvement retailing market growth, during the forecast period.Contrary to this, the eco-friendly DIY projects are anticipated to generate vast opportunities in the global Do-It-Yourself (DIY) home improvement retailing market.Among these, the recycled planters, never-ending vegetable garden and many others are becoming more popular among the clients. For instance, mason jars or old coffee tins are majorly used as a recycled planter. Clients prefer a cost-effective technique of growing herbs indoors such aschives, oregano, and thymes in small spaces and big kitchens.In addition,there are numerous online guides available on the internet which anticipate significant opportunities for the Do-It-Yourself (DIY) home improvement retailing market.
Do-it-yourself (DIY) home improvement retailing market for the onlinesegment will have significant growth and it is anticipated to register a revenue of $84.9million,over the forecast period @ https://www.researchdive.com/download-sample/157
Do-It-Yourself (DIY) Home Improvement Retailing Market Segmentation by Types
- Building Materials
- Décor and Indoor Garden
- Electrical Work Materials,
- Tools and Hardware,
- Painting, Wallpaper, and Supplies,
- Plumbing Materials and Equipment,
- Flooring Repair and Replacement Materials
The décor and indoor gardensegmentwitnessed the fastest growth and it willregister a revenue of$23.3million by the end of 2026, growing at a CAGR of4.4%,during the forecast period.The increasing population of working women coupled with women’s involvement in home decoration is also projected to drive the growth of this market.Moreover, DIY planter projects are cost-effective, convenient, and easy to follow. The use of DIY products minimizes the long-term costs than work outsourced to high cost labor. Thesefactors are projected to fuel the growth of the global market.
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The online segment has witnessed massive market growth and it is projected to register a revenue of $84.9million, over the projected period. This is mainly because of the huge availability of DIY resources on the online platform. Also,in the online segment, a customer doesn’t face the issue of human error. In addition,customer has access to the online store with the easy availability of the services.
The Asia-PacificDo-It-Yourself (DIY) home improvement retailing marketshallsurpass $43.3million by 2026, growing at a healthy CAGR of 4.6%.Established market players are focusingmore on collaboration for the inventions of cutting-edge DIY products and manufacturing facilities in countries like India,China, and Japan; thisisanticipated to fuelthe growth of Asian Do-It-Yourself (DIY) home improvement retailing market.Moreover, Asian people are using more visual discovery platforms like Pinterest for the enhancements in DIY projects. Furthermore, in the year 2019, to strengthen the footprint in the APAC region, Pinterest has announced the openingsof new offices in Singapore and Sydney. Moreover, a tremendous change in the lifestyle of people and high growth indisposable personal income, and exponential growth in urbanization of Asian countries are projected to drive the growth of Asia-Pacific Do-It-Yourself (DIY) home improvement retailing market.
- Lowe’s (NYSE: LOW)
- Amazon.com, Inc (NASDAQ: AMZN)
- Itsy Bitsy
- Home Depot Product Authority, LLC
- UBYLD RETAIL PRIVATE LIMITED
- Walmart India
- UBUY CO.
The North American Do-It-Yourself (DIY) home improvement retailing market is anticipated to grow at a CAGR of 3.7% by generating revenue of $71.5 million by 2026. The rising adoption ofluxury real estate in countries such as the US, and Canadaareprojected to create high demand for DIY products and further, it is expected to boost the growth of Do-It-Yourself (DIY) home improvement retailing market. Moreover, increasing housing construction projects mainly in private and public housing, along with growing consumer spend on real estate is projected to boost the demand for Do-It-Yourself (DIY) home improvement retailing products,which eventually drive the North Americanmarket.
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