Published on : May 31, 2017
Albany, New York, May 31, 2017: After taking a beating from the financial meltdown precipitated by the banking collapse in 2008, the U.S. do-it-yourself (DIY) home improvement market is once again progressing at a steady pace. A recently added report by ResearchMoz.us, titled, “ DIY Home Improvement Market in the US 2017–2021,” furnishes key insights into the market by factoring in growth drivers, restraints, and trends shaping its trajectory. Exhaustive research has been carried out, which includes gathering opinions from prominent industry experts, to prepare the report.
The report finds that the U.S. do-it-yourself (DIY) home improvement market will rise at a 6.01% CAGR from 2017 to 2021.
DIY in home improvement entails the end consumer, usually the homeowner, carrying out tasks pertaining to home improvement all by himself/herself using do-it-yourself tool, equipment, and appliances. Some of the factors promoting growth in the U.S. do-it-yourself (DIY) home improvement market are the wide array of products and constant thrust on product innovation which is further serving to add to the product list.
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One challenge crimping the growth in the market is the increasing trend of renting a place to stay instead of investing in buying one. This is thwarting the take-up of DIY kits and tools. However, popularity of online purchases of DIY kits and tools has opened up new avenues to purvey them, thus helping manufacturers to improve profit margins. Other key trends currently prevailing in the market are the emergence of DIT products meant for green homes and smart homes and a strong demand for customized and personalized products.
Having thrown light on the growth drivers, restraints, and key trends in the U.S. do-it-yourself (DIY) home improvement market, the report goes on to segment it based on different parameters such as products and distribution channels. In order to study the market in-depth and assess its current size and competitive dynamics, the report factors in multiple things. The current size of the U.S. population, demographic patterns, proportion of the population residing in urban areas, per capita gross domestic product (GDP), GDP growth over the years, and proportion of employed people, are to name a few of them.
The report also leverages market-leading analytical tools such as Porter’s Five Forces analysis, which entails a study of the supplier power, buyer power, competitive rivalry, threat of substitution, and threat of new entry to gauge the competition in the market. To that end, the report also profiles key players in the U.S. do-it-yourself (DIY) home improvement market. Some of them are Home Depot, Ace Hardware, ADEO, Walmart, Bed Bath & Beyond, Lowe’s, Bauhaus, and Menard. The report studies their product offerings, pricing and other important marketing strategies, sales and revenues, market shares, and growth prospects going forward.
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