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DIY stands for "Do It Yourself" and is the method of constructing, assembling, and modifying furniture without the help of any professionals or experts. DIY furniture includes a wide range of products, including cabinets, chairs, tables, and others. DIY allows individuals to display their creativity and personal style by designing and constructing furniture according to their interests. The rising trend of sustainable living and consumers' growing interest in creative hobbies support market growth. Furthermore, the rise in the use of natural materials, such as cork, hemp, and bamboo, in making sustainable furniture designs with attractive shapes and cleanliness has increased significantly in DIY furniture.
The evolving lifestyle and growing trend of modern home renovation support the growth of the DIY furniture market. Furthermore, the rise in disposable income, urbanization, globalization, the growing working population, and others have increased individuals' purchasing power, thereby increasing the demand for DIY furniture.
The growing integration of technological advancements, such as 3D printing, intelligent technologies, machine learning, and others, significantly impact DIY furniture's design, quality, and functionality. In addition, these technological upgrades provide individuals with wide opportunities to create unique, attractive products. These tools help consumers visualize the design and improve efficiency and comfort while creating more customized furniture products.
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The report covers the following key insights:
Based on material, the global DIY furniture market is segmented into wood, plastic, glass, and others. The wood segment is anticipated to dominate the market, owing to the rapid urbanization and the significant growth of real estate development in developed and developing countries. According to the India Brand Equity Foundation (IBEF), in FY 2023, India’s residential property has observed an all-time high home sales of USD 42 billion, marking a robust 48% year-on-year increase.
The plastic segment is anticipated to grow with a significant CAGR during the forecast period, owing to the rising adoption of plastic tables and chairs of various shapes, sizes, designs, and colors globally. Furthermore, the rise in demand for easy-moving and portable furniture in compact and modular homes is further boosting the growth of the segment.
Based on the end-user, the DIY furniture market is segmented into residential and commercial. The residential segment holds a significant market share owing to the rise in consumer interest in customized furniture products. Furthermore, the increase in the trend of social media influencers in digital platforms such as Instagram, LinkedIn, Facebook, and YouTube toward DIY furniture will further bolster segmental growth. In addition, the easy availability of DIY furniture in e-commerce/online shopping platforms will further attract a large consumer base by providing high discounts and price comparison features to the consumer.
The commercial segment is projected to witness the highest CAGR owing to the rise in the use of DIY furniture in commercial spaces, bars, and restaurants to create a distinctive and welcoming ambiance. DIY furniture is unique, sustainable, and versatile, owing to the significant growth of its demand in commercial places.
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The global market is geographically segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The North American DIY furniture market is growing significantly due to increased individual interest in modifying and upgrading their furniture. The rise in demand for creative and attractive furniture in residential and commercial places in the region will further fuel market growth.
The Asia Pacific DIY furniture market is expected to grow significantly due to increasing employment opportunities, rising disposable income, urbanization, expansion of e-commerce platforms, growing trade among countries, strong growth in housing units, and many others. According to the India Brand Equity Foundation (IBEF), in FY 2023, India’s residential property witnessed a strong volume sale of 36% to 379,095 units sold. Furthermore, the emergence of e-commerce platforms and the adoption of online shopping by individuals will further drive the market growth.
The DIY furniture market report includes the profiles of key players, such as IKEA, Herman Miller, Inc., Steelcase, Godrej & Boyce, Williams-Sonoma, and Wipro Furniture.
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