LONDON, January 19, 2022 /PRNewswire/ — According to Brandessence Market Research, the Home improvement market size reached $798.10 billion in 2021. The home improvement market is expected to grow at a robust CAGR of 4.6% and reach a size of $1093.40 billion by the end of 2028.
Rapid urbanization accompanied by an increase in disposable income in developing economies is one of the major factors driving the growth of the global home improvement industry.
Rapid urbanization accompanied by increasing disposable income in developing economies is propelling the growth of the global home improvement market. An increase in socializing, including house parties and family gatherings, is also supporting demand for home improvement services. The industry is seeing an increase in design and product innovations with multiple colors and finish options to meet the growing demand for home improvement. According to Home Renovation Statistics and Trends, the average spending on $15,000 was on all kinds of home improvements including decorating, remodeling and repairs. Of the three activities, the most popular is decoration at 65% followed by renovations at 58% and finally repairs at 52%. This increasing urbanization means that cities have become the main engines of economic growth in United States.
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Players in the home improvement market include:
DuPont de Nemours, Dreamstyle Remodeling, Steves and Sons Roxul, Sherwin-Williams Company, The Home Depot, Ferguson Enterprises, Andersen Corporation, Builders FirstSource, Masco Corporation, State-wide Remodeling, Owens Constructio, Beacon Roofing Supply, Kohler, Neil Kelly Company , Keller Supply Company, Robert Bowden, Boral Building Products, Harvey Building Products, American Exteriors, Lutron Electronics, MS International, Power Home Remodeling Group, etc.
Home Improvement Industry Scope
Home improvement refers to the process of renovating or adding to one’s home. Also referred to as remodeling or renovation. These can be activities that improve the interior or exterior of the existing home or other improvements to the property. Indeed, home improvement is also a great opportunity to improve the comfort, security and energy performance of a house or apartment by adding or improving insulation. While home improvement often refers to building projects that alter the structure of an existing home, it can also include improvements to lawns, gardens, and outdoor structures, such as gazebos and garages. . It also includes maintenance, repair and general upkeep tasks. The global home improvement industry is expected to show significant growth in the coming years. According to the Joint Center for Housing Studies in Harvard University; Baby boomers are expected to account for 56% of all home renovation spending by 2025, up from 31% in 2005. This gives renovators plenty of opportunities to meet the growing need for aging renovations in place.
Home Improvement Segmentation Analysis
- DIY Home Improvement
- DIFM Home improvement
By end use
- Interior replacements
- Property improvements
- Bath improvement and additions
- System upgrades
- Exterior replacements
- Kitchen upgrades and additions
- Disaster repairs
Home Improvement Market Drivers:
According to World in data, the United Nations estimates that 54% of the world’s population lived in urban areas in 2016. According to United Nations Urbanization Prospects projections, in 2018 this would represent just over 55% of the population world. By 2050, more than two-thirds of the world’s population is expected to live in urban areas, according to the United Nations Development Programme. In order to cope with this rapid expansion of urban homes, experts believe that $57 trillion in global infrastructure investment is needed by 2030 alone. Over a billion people live in housing below minimum comfort and sanitation standards and new homes will need to be built for 3 billion people by 2030.
However, rising prices of home building products may restrain the growth of the home improvement market. The industry is seeing an increase in design and product innovations with multiple colors and finish options to meet the growing demand for home improvement. Despite this, new product innovation, online selling and effective advertising can provide various growth opportunities for the future growth of the global home improvement industry.
North America expected to dominate the global home improvement market
North America is expected to dominate the global home improvement market. Rising expenditure on home improvement projects owing to the inclination towards installation of modern household products having attractive and attractive finish are some of the major factors driving the growth in market size of home renovations in this region. According to home improvement industry statistics, home improvement and renovations in the United States totaled more than $350 billion. $194 billion of this figure represents the 13 million projects launched in 2018 that cost more than $1,000. Those with higher incomes and multiple properties tend to renovate more and undertake home improvement projects more frequently. 25% of owners spent between $10, 000 and $25000 on their home improvement and renovation projects in 2018. Additionally, according to Home Improvement Trends 2016, 60% of Canadian homeowners had realistic budgets for roofing renovations.
Europe is the second largest region for home improvement market growth due to increase in construction activities and rising cost of land which has shifted the preference towards home renovation existing.
Key Benefits for Home Improvement Market Report-
- The Global Home Improvement Market report covers in-depth historical and forecast analysis.
- Global Home Improvement Market research report provides in-depth information about market introduction, market summary, global market revenue (Revenue in USD), market drivers, restraints of the market, market opportunities, competitive analysis, regional and national levels.
- The Global Home Improvement Market report helps to identify opportunities in the market.
- The Global Home Improvement Market report covers an in-depth analysis of emerging trends and competitive landscape.
The Special Requirement Home Renovation Market report is also available for the region below:
- Germany, France, United Kingdom, Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC,
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, United Arab Emirates, Egypt, South Africa, Rest of MEA
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