New York, USA, May 04, 2023 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the Asia-Pacific do-it-yourself (DIY) home improvement retailing market is predicted to garner a revenue of $87,135.4 million and rise at a CAGR of 3.9% during the estimated period from 2021 to 2028.
As per our analysts, with the significant expansion in urbanization in Asia-Pacific nations such as immense urban increments, the prominence of megacities, and many more, the Asia-Pacific do-it-yourself (DIY) home improvement retailing market is predicted to witness exponential growth during the forecast timeframe. Moreover, the growing emphasis on environmentally friendly DIY projects in Asian countries by DIYers to create eco-friendly homes is expected to create massive growth opportunities for the market over the analysis period. Additionally, the increasing interest of Asian customers in eco-friendly DIY products which are healthier and cost-effective is predicted to boost the growth of the market during the estimated timeframe. However, the lack of skilled professionals in the Asia-Pacific do-it-yourself (DIY) home improvement retailing market may hinder the growth of the market over the forecast period.
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Segments of the Asia-Pacific Do-it-yourself (DIY) Home Improvement Retailing Market
The report has divided the market into segments based on type, distribution channel, and region.
Type: Painting Sub-Segment to be Most Productive
The painting sub-segment is predicted to generate a revenue of $15,790.4 million throughout the estimated timeframe. This is mainly due to the increasing availability of a wide range of DIY paint products including self-painting kits, terrace wall proofing, crackle effect spray, and many more. Moreover, the growing innovative strategies made by many leading companies of paint & coating to expand their position in the marketplace are expected to bolster the growth of the market sub-segment over the analysis period.
Distribution Channel: Online Sub-Segment to be Most Lucrative
The online sub-segment is expected to garner a revenue of $7,034.8 million during the analysis timeframe. This is mainly due to the availability of huge DIY resources on online platforms. In addition, the strong existence of renowned e-commerce companies and their effective strategies such as attractive discounts and offers are expected to augment the growth of the market sub-segment over the estimated timeframe.
Rest of the Asia-Pacific Region to Hold the Maximum Share of the Market
The Rest of the Asia-Pacific region is projected to generate a revenue of $25,961.5 million throughout the analysis timeframe. This is mainly because of the rise in the purchasing power of South-East Asian consumers. Furthermore, the increasing investments in R&D activities, growing state-of-the-art DIY product inventions, and rising technological advancements are predicted to thrive the regional growth of the market over the forecast period.
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Covid-19 Impact on the Asia-Pacific Do-it-yourself (DIY) Home Improvement Retailing Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries. It has had a positive impact on the Asia-Pacific do-it-yourself (DIY) home improvement retailing market. This is mainly due to the adoption of advanced technologies such as the internet of things (IoT), augmented reality (AR), and other technologies by some retailers to deliver an improved user experience to customers. This led to a significant change in customer behavior and resulted in increased online shopping among them which further inclined the growth of the market over the crisis period.
Key Players of the Market
The major players of the Asia-Pacific do-it-yourself (DIY) home improvement retailing market include
- Home Depot Product Authority LLC.
- MINISO CO. LTD
- hello Innoware
- Nendo Inc.
- Australian Bunnings
- MR. DIY
- UBYLD RETAIL PRIVATE LIMITED
- Asian Paints
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to procure a leading position in the industry.
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For instance, in August 2022, Mr. DIY, a Malaysia-based home improvement retailer, announced to revise its store expansion target by opening its 500th store in Thailand. By revising the decision, Mr. DIY planned to provide over 2500 new employment opportunities for the people of Thailand and serve around 50 million customers across the country.
Further, the report also summarizes other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
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