Fragmentation To Affect DIY Retailing Market

The do-it-yourself (DIY) home improvement retailing market is poised to grow by US$154.76 billion during 2021 to 2025, progressing at a compound annual growth rate of almost five per cent during the forecast period, says a report from Technavio. It says that the market is currently fragmented and the degree of fragmentation will accelerate during the forecast period. Although the greater emphasis on DIY home improvement projects for personalized interior designing will offer immense growth opportunities, shifting consumer preference for do-it-for-me (DIFM) from DIY culture will challenge the growth of the market participants. North America was the largest do-it-yourself home improvement retailing market in 2019 and the region will offer several growth opportunities to market vendors during the forecast period. The economic recovery of countries such as the U.S. and Canada, increasing rate of urbanization, and rising income levels will significantly influence do-it-yourself home improvement retailing market growth in this region. To make the most of the opportunities, the report says market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.