New Delhi, May 02, 2022 (GLOBE NEWSWIRE) — The global home improvement market is growing at a high CAGR owing to increasing disposable income as well as rapid urbanization coupled with changing trends and growing trend of younger consumers to transform their homes according to their aesthetics and improve their living comfort….
A recent study conducted by the strategic consultancy and market research firm, BlueWeave Consultingrevealed that the global home improvement market was worth USD 333.7 billion in 2021. The market is expected to grow at a CAGR of 6.40%, with revenue reaching approximately USD 514.9 billion by the end of 2028. The global market home improvement market is gaining momentum due to increasing disposable income and rapid urbanization. Furthermore, changing trends and increasing propensity of young consumers to remodel their homes to suit their aesthetics and improve their living comforts also play a crucial role in propelling the growth of the global home market. home renovation.
Growing Popularity of Online Channels Drives Global Home Improvement Market
The growing popularity of online channels for acquiring home improvement tools and materials presents lucrative growth opportunities for the market. Online shops are now partnering with home improvement components and service companies to offer attractive services such as same-day delivery. Additionally, consumers can now access a wide range of components that are not locally available or produced. Additionally, the growing popularity of mobile wallets and online payment methods is also expected to prosper the global home improvement market.
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Growing integration of advanced technologies is propelling the global home improvement market
Increasing integration of advanced technologies such as Internet of Things (IoT), Artificial Intelligence (AI), etc., further propels the demand for home improvement services. Installing IoT sensors and smart devices in homes requires services such as maintenance and repair, as well as interior modifications offered by home improvement services. With the growing popularity of smart homes among consumers, additional security is expected to drive the growth of the global home improvement market.
Global Home Improvement Market – By End Use
On the basis of end use, the global home improvement market is segmented into kitchen improvement and additions, bathroom improvement and additions, system upgrades, exterior replacements, interior replacements, property improvements, repairs after disaster and other parts additions and modifications. The exterior replacements segment accounts for the largest market share. The exterior of the house is constantly exposed to harsh environments and is therefore more susceptible to damage than other parts. Hence, consumers are investing heavily in the maintenance and repair of exteriors, which is driving the growth of this segment.
Please find the press release of home improvement market: https://www.blueweaveconsulting.com/press-release/home-improvement-market-to-be-worth-over-usd-500-billion-by-2028
Global Home Improvement Market – Regional Insights
Geographically, the global home improvement market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Europe dominates the global home improvement market owing to the high disposable income of customers in this region. The presence of Tier I countries such as UK, France, Germany, Spain, etc. and the availability of advanced home improvement services in these countries also plays a crucial role in propelling the growth of the global home improvement market. After Europe, North America also covers a substantial market share.
Impact of COVID-19 on the Global Home Improvement Market
The global home improvement market has been negatively affected by the unprecedented COVID-19 pandemic outbreak. Several countries have faced an economic recession of some level due to restrictions on economic activities, which have had a direct impact on the disposable income and purchasing power of consumers. As a result, a large percentage of consumers postponed their home improvement investment plans, which forced industry players to bear huge losses. Additionally, restrictions on supply chains and social distancing norms have also affected the market growth.
Major players in the global home improvement market are Sherwin-Williams Company, Power Home Remodeling Group, The Home Depot, Kingfisher, Ferguson Enterprises, Owens Construction, Andersen Corporation, State-wide Remodeling, DuPont de Nemours, Harvey Building Products, Watsco , Inc., Boral Building Products, Beacon Roofing Supply, APCO Industries, Pella Corporation, Robert Bowden, Kohler, Keller Supply Company, Dreamstyle Remodeling, Lutron Electronics and other leading players. The market is fragmented with the presence of several global and regional industrial players. Companies are constantly launching new home improvement designs and methods to attract customers and bring innovation to their offerings. Moreover, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, joint ventures, etc., is also important in this market.
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The report’s in-depth analysis provides insights into the growth potential, upcoming trends, and statistics of the global home improvement market. It also highlights the factors driving the forecast of the total market size. The report promises to provide the global home improvement market recent technology trends and industry insights to help decision makers take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.
- In February 2022, Lowe’s Companies Inc., an American home improvement company, announced a partnership with Instacart, an online grocery platform in North America for same-day delivery of home improvement products.
- In November 2021, Block Renovation, a US-based home improvement technology platform, announced that it has raised $50 million in Series C investment led by Softbank Vision Fund 2.
|Years considered||Historical data – 2018-2021|
|Base year – 2021|
|Forecast – 2022 – 2028|
|Facts Covered||Revenue in billions of dollars|
|Market coverage||United States, Canada, Germany, United Kingdom, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, United Arab Emirates, South Africa, Saudi Arabia|
|Product Service/Segmentation||By project, by end use, by region|
|Key players||Sherwin-Williams Company, Power Home Remodeling Group, The Home Depot, Kingfisher, Ferguson Enterprises, Owens Construction, Andersen Corporation, State-wide Remodeling, DuPont de Nemours, Harvey Building Products, Watsco, Inc., Boral Building Products, Beacon Roofing Supply , APCO Industries, Pella Corporation, Robert Bowden, Kohler, Keller Supply Company, Dreamstyle Remodeling, Lutron Electronics and other top players.|
By end use
- Kitchen upgrades and additions
- Bath improvement and additions
- System upgrades
- Exterior replacements
- Interior replacements
- Property improvements
- Disaster repairs
- Other Parts Additions and Changes
- North America
- Asia-Pacific (APAC)
- Latin America (LATAM)
- Middle East and Africa (MEA)
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