Technavio have released the “Do-it-Yourself (DIY) Home Improvement Retailing Market in Europe 2019-2023” report. It forecasts the market in Europe to post a CAGR of more than 2% between 2019-2023.
A key factor driving the growth of the do-it-yourself home improvement retailing market in Europe is the growth of the residential real estate industry. The real estate industry in Europe is growing at a rapid pace, resulting in the construction of residential buildings and societies. Increasing residential construction can be attributed to the rising population in this region. The housing construction is also increasing due to the recovery from macro-driven factors’ uncertainty, which has led to a rebound of the residential housing, DIY home improvement market, and low interest rates. This is propelling the demand for DIY home improvement products, which are used to carry out home improvement operations while saving costs.
As per Technavio technological advances in DIY home improvement projects tools will have a positive impact on the market and contribute to its growth significantly over the forecast period. This do-it-yourself home improvement retailing market in Europe 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
The DIY home improvement market in Europe is witnessing several technological advances. Several players in the market are working towards product differentiation through innovation to overcome the intense competition. The constant efforts from companies has resulted in the emergence of several technological advances in the market, such as the upgradation of mobile in-store technology which now allows mobile checkout and offers a service tool to check inventory, locate products, and explain mobile features.
“The online sale of DIY home improvement products is growing at a significant rate in Europe with consumers increasingly preferring online retail platforms over traditional stores. The convenience of having products delivered at the doorstep has resulted in a rise in online purchases, which will result in the growth of the DIY home improvement retailing market in Europe,” says a senior research analyst at Technavio.
This market research report segments the do-it-yourself home improvement retailing market in Europe by product (lumber and landscape management; décor and indoor garden; kitchen, painting and wallpaper; tools and hardware; building materials; lighting; plumbing materials and equipment; flooring, repair, and replacement; and electrical work) and geographic regions (Germany, France, the UK, Italy, and ROE).
The lumber and landscape management segment held the largest DIY home improvement retailing market share in Europe in 2018. This segment is expected to remain the largest revenue contributor owing to several varieties of products available for lumber and landscape management.
Germany led the market in 2018 with a market share of close to 22%, followed by France, the UK, Italy, Rest of Europe (ROE). The market growth in Germany can be attributed to the introduction of innovative DIY products, improvement in economic conditions, and an increase in construction due to low interest rates.
Some of the key topics covered in the report include:
Market segmentation analysis
Market size and forecast
Five Forces Analysis
Key leading countries
Market positioning of vendors