London -- The global DIY home improvement retailing market size is poised to grow by $119 billion during 2019-2023, according to a recent report by Technavio, progressing at a CAGR of close to 4% during the forecast period.
The market is driven by the advent of e-commerce, free pick-up, and delivery opportunities by key competitors. Also, growing emphasis on DIY home improvement projects for personalized interior designing is anticipated to further boost the growth of the market during the forecast period.
Convenient and comfortable shopping have 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 effort 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. The convenience of shopping and doorstep delivery of products has increased the online purchase of DIY products. Thus, the advent of e-commerce, free pick-up, and delivery opportunities will drive the growth of the market during the forecast period.
The market is also expected to be driven by the growing emphasis on DIY home improvement projects for personalized interior designing. The interest of individuals in DIY interior designing is evolving due to the changes in lifestyles. In addition, the growing population of working women in developing countries and their participation in the decision-making process for home decoration is also driving the sales of products required for such projects. The use of DIY products lowers costs, which will be a major factor behind the rising demand for DIY home improvement products over the next five years.
For more information, visit www.technavio.com.