Home Improvement Market Segmentation:
Project Segment Analysis
DIY segment is anticipated to account for home improvement market share of around 60% by 2035. The increasing growth of online retail sales channels has led to a strong demand for do-it-yourself home improvement solutions. Given that consumers are increasingly choosing convenient shopping options and that 59.5% of the world's population has access to the internet, it makes sense that global retail e-commerce sales are predicted to reach USD 365.05 trillion by 2021. Because do-it-yourself projects are more economical, offer a sense of accomplishment, and allow for customization, most customers opt for them. These projects are solely involving end users; no other stakeholders are engaged. Psychological benefits that encourage social engagement, the acquisition of multiple skills, great flexibility, and economical resource utilization will drive the home improvement market's growth.
End Use Segment Analysis
In home improvement market, kitchen & bathroom improvements segment is projected to capture revenue share of over 30% by 2035. Increasingly, homeowners are investing in kitchen and bathroom renovations due to changing design trends, technology advancements, and the possibility of capital gains. Homeowners usually spend money updating and renovating their kitchens and bathrooms.
These products are dominant because of consumer desires for chic and contemporary living areas. The growing integration of technology into houses is expected to propel the rise of smart home goods. This covers security systems, thermostats, smart lighting, and other home automation products. The Internet of Things (IoT) is fueling the growing trend of smart homes, which in turn is driving demand for smart home renovation goods.
Our in-depth analysis of the home improvement market includes the following segments:
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