The DIY home improvement market trend is picking-up steam across a number of developed & developing nations over the past years, primarily on account of the easily accessible home improvement tutorials on online platforms such as YouTube and the readily available home improvement products on e-commerce portals such as Amazon & Alibaba.
One of the most overlooked factors that has been providing momentum to the market is the prevalence of natural disasters, which possess the ability to completely decimate homes & buildings. The unpredictable nature of these disasters will thus further fuel the growth map of the global home improvement market.
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The revenue graph of home improvement market is slated to depict substantial gains over the many years to come, pertaining to a plethora of factors, one of the most prominent being, sustainable construction policies. Not to mention, the expansion of this remodeling industry can also be equally attributed to the increasing momentum picked up by the Do It Yourself (DIY) trend and the rising frequency of natural disasters.
Several nations across the globe are increasingly becoming aware of the deplorable environmental conditions prevailing worldwide. It has been observed that prompted by the Paris Agreement, many of these countries are also actively working towards reducing that impact. One of the biggest hurdle in addressing that goal is the residential & commercial buildings’ insatiable power consumption, which according to the UN accounts for 39% of the world’s energy-related CO2 emissions.
Impact of favorable environmental regulations on the home improvement market
The Drivers: The Paris Agreement has been providing nations more impetus to adopt sustainable solutions, such as the Green Building initiative in North America and the Renovate Europe campaign in Europe. This has in consequence, paved the way for the expansion of home improvement market.
The Potential: According to the Commission for Environmental Cooperation (CEC), the U.S. Green Building Council estimated that green building practices, on average reduces energy consumption by as much as 30%, carbon emissions by over 35% and water consumption by approximately 30% to 50% while generating waste cost savings of more than 50% to 90%.
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Impact of the growing DIY trend on the home improvement market
The Drivers: A major promoter of the DIY trend is that it is a financially viable option for someone with a strict budget that does not allow them to hire, often costly, professionals. It is far more affordable to purchase a home improvement product & install it properly using a readily available online tutorial than hiring a professional handyman.
The Potential: According to NerdWallet, homeowners across America did approximately 43 million home improvement projects (DIYs) from 2015 & 2017. Surveys depicted that around 80% claim professionals to cost too much and over 73% state that there are enough informational sources that they could conduct home improvements themselves. Moreover, with a majority of DIYers being millennials according to Forbes, the DIY home improvement trend is slated to pick-up significant momentum in upcoming years.
As per Global Market Insights, Inc., DIY-based home improvement industry share is estimated to cross a mammoth USD 680 billion by 2025.
Meanwhile, the Renovate Europe, introduced by the European Alliance of Companies for Energy Efficiency in Buildings, aims to lessen the building stocks’ energy demand by more than 80% by 2050 in an effort to attain the Nearly Zero Energy Buildings (NZEB) standard.
Effects of natural disasters on the global home improvement market
While meteorologists are able to predict the prevalence of natural disasters for most parts, lately, several nations have experienced unexpected events such as typhoons, tornadoes, wildfires, floods, mudslides consecutively in recent years owing to changing climate conditions.
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The Numbers: According to Harvard & National Oceanic and Atmospheric Administration, Hurricanes Irma, Harvey & Maria along with the Northern California wildfires and other natural calamities caused more than $313 billion in damages, making 2017 the costliest year for natural calamities. Ironically, this had provided a significant boost to the home improvement market as recovering homeowners took up reparations & renovations on a large scale.
The Impact: While standalone natural disasters cost a lot in reparations, according to Nature International Journal of Science, the rise in cascading events such as wildfires, mudslides & floods are expected to commendably boost post-disaster home improvement projects.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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