Home Improvement Market – Global Industry Analysis and Forecast (2023-2029)

Home Improvement Market is anticipated to reach US$ 11.23 Bn by 2029 from US$ 8.31 Bn in 2022 at a CAGR of 4.4% during a forecast period.

Homeowners' shifting preferences for energy-efficient and luxury living areas are helping to propel the market forward. The market has grown as a result of rapid urbanization and government measures to give incentives and tax credits for green building expansion. Furthermore, the popularity of e-commerce and the availability of technologically improved system improvements are expected to drive the Home Improvement Market.

COVID-19 impact on market: COVID-19 has the potential to have three major effects on the global economy: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets. Our analysts, who are monitoring the situation throughout the world, believe that the market would provide producers with lucrative opportunities following the COVID-19 dilemma.

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Home Improvement Market Dynamics
The growing popularity of smart kitchens in home improvement is due to the rising demand for simple add-ons like self-regulating dispensers, motion-sensing water faucets, and chillers with a one-touch function. Additionally, efficient storage cabinetry, new appliance types and preferences, hardwood flooring, back splash trends, and an efficient link to the outdoors are expected to drive the growth of the market. Soaring mortgage and interest rates, as well as rising new house prices, are boosting millennial home improvement expenditures.

Homeowners are quickly adopting integrated home control systems as one of the most popular technologies. The technology improves simplicity, accessibility, and security by allowing users to control their whole house from a single touch screen panel. The connectivity of lighting, audio, video, cameras, HVAC, and door access from conveniently positioned panels inside the premises has been made possible thanks to IoT integration. Furthermore, with security system connectivity, it is possible to monitor a whole property from any remote place utilizing smartphone and tablet apps. As a result, these factors are expected to drive the home improvement market forward.

According to Home Renovation Statistics and Trends, the average cost of all types of home renovations, such as decorating, remodeling, and repairing, was USD 15, 000 in 2022. Decorating is the most popular of the three hobbies, with 65 percent of respondents choosing it above renovations about 58 percent and repairs about 52 percent. Cities have become the primary drivers of economic growth in the United States as a result of this rising urbanization.

According to the United Nations Development Program, more than two-thirds of the world's population is expected to be living in cities by 2050. In addition, for consumers, small businesses, and service providers, online sales have emerged as the fastest-growing channel for home renovation components. According to a survey on online transactions performed by ABN AMRO, the use of internet channels to sell renovation components and materials has nearly quadrupled in the last two years. To place orders and have items delivered on-site, it uses the web, mobile phones, and apps. Customers may use the service to get product information, make purchasing selections, compare prices, and monitor their orders in real-time.

Market Trends:

From 2022 to 2029, the number of searches for home remodeling has more than doubled. According to the data obtained, the house remodeling sector grew to 93% in 2022 from 39% in 2022. Searches for home appliances have grown by 26% in the previous year compared to 2022. Conversions from organic traffic increased by 12% from 2022 to 2029. As a result, the option to purchase home repair goods online and have them delivered for remodeling tasks is becoming increasingly popular. In 2022, smart houses are expected to be valued at $53.5 billion.
Home Improvement Market Segmentation Analysis
By Project, in 2022, the DIY home improvement market was valued at USD 290 billion, and it is expected to grow at a 4.5 percent CAGR through 2029. The demand for DIY home improvement solutions has risen due to the fast growth of e-commerce sales channels. DIY is preferred by the majority of customers since it saves money, provides satisfaction, and allows them to customize their projects. End users are involved in these initiatives, and no other third parties are involved. The segment's growth is expected to be boosted by the supply of psychological benefits that promote social connection, the development of numerous talents, high adaptability, and efficient resource use.

By End-use, the exterior replacements end-use segment is expected to account for more than 19% of worldwide consumption during the forecast period. Because of evolving consumer attitudes toward outdoor leisure activities, this segment is expected to dominate the total home improvement market. Newly painted walls, updated window panes and doors, garden accessories, and other improvements have been made to the outside. They improve the look of the home while also improving its function and structure. Siding, for example, is a popular exterior repair among homeowners since it improves the appearance and aspect of their homes. Consumer preferences for polymer and vinyl sidings that have a similar appearance to real wood grain are expected to propel the segment forward.
Home Improvement Market Regional Insights
North America dominated the home improvement market in 2022. Some of the key reasons driving the growth of the home improvement market size in this region include rising expenditure on home improvement projects as a result of a preference for installing contemporary household items with attractive and appealing finishes. Home remodeling and renovations in the United States totaled approximately USD350 billion, according to Home Improvement Industry Statistics in 2022.

Furthermore, according to 2022 home repair statistics, 60% of Canadian homeowners had realistic roofing renovation budgets. Latin America is expected to be the fastest-growing market by 2029, with a CAGR of 5.2 percent. The increasing popularity of coordinated sanitary goods, concept washrooms, and other fittings and accessories is expected to give a positive commercial outlook. The region's rising number of experienced retail outlets where clients may visually examine the version of their bathrooms post-renovation is expected to boost market growth during the forecast period.

The surge in building activities and rising land costs have changed the inclination towards rehabilitation of existing homes, making Europe the second largest region for home improvement market. The European home improvement market is expected to generate more than USD 315.5 billion in sales during the forecast period. Smart infrastructure combined with energy-saving technologies is expected to have a substantial impact on market growth. Several citizens of Tier 1 countries, like the United Kingdom, Germany, France, Italy, Spain, and Poland, are investing heavily in digitization as part of their refurbishment initiatives to improve safety.

The Middle East and Africa market is expected to grow at a CAGR of 3.6 percent during the forecast period. Rising housing prices in some rising countries, including Saudi Arabia, Turkey, and the United Arab Emirates, are expected to boost regional home renovation market growth. The rising popularity of upgrading home décor is expected to benefit the region's burgeoning home improvement market. The UAE building industry is primarily driven by significant expenditures in the residential sector. Home improvement revenues are expected to be driven by projects such as Emaar Majestic Vistas, Emaar Golfville, and Emaar Grand Bleu Tower.

The objective of the report is to present a comprehensive analysis of the Home Improvement Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Home Improvement Market dynamics, structure by analyzing the market segments and project the Home Improvement Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Home Improvement Market make the report investor’s guide.
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Home Improvement Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 8.31 Bn.


Forecast Period 2023 to 2029 CAGR:
4.4%
Market Size in 2029:
US $ 11.23 Bn.


 Segments Covered:
by Project
DIY
DIFM


by Application
Online Marketing
Offline Marketing


by End-use
Kitchen Improvement & Additions
Bath Improvement & Additions
Exterior Replacements
Interior Replacements



Home Improvement Market by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Home Improvement Market  Key Players are:
1. Belfor
2. Coit Services, Inc.
3. Crane Renovation Group
4. DKI Ventures, LLC
5. FirstService Corporation
6. Mr. Handyman
7. Power Home Remodeling Group, LLC
8. Rainbow Restoration
9. Servpro
10. Venturi Restoration
11. Pella Corporation
12. Kohler
13. ABC Supply Co.
14. Neil Kelly Company
15. Henkel Corporation
16. American Exteriors
17. Lutron Electronics
18. Dreamstyle Remodeling
19. Steves and Sons Roxul
20. Builders FirstSource
Frequently Asked Questions
1. What is the projected market size & growth rate of Home Improvement Market?
Ans- Home Improvement Market was valued at USD 8.31 billion in 2022 and is projected to reach USD 11.23 billion by 2029, growing at a CAGR of 4.4 % during the forecast period.

2. What are the key driving factors for the growth of Home Improvement Market?
Ans- The popularity of e-commerce and the availability of technologically improved system improvements are expected to drive the worldwide house Improvement market.

3. Which Region accounted for the largest Home Improvement Market share?
Ans- North America dominated the home improvement market in 2022.

4. What makes Europe a Lucrative Market for Home Improvement Market?
Ans- The surge in building activities and rising land costs have changed the inclination towards rehabilitation of existing homes, making Europe the second largest region for home improvement market.

5. What are the top players operating in Home Improvement Market?
Ans- Belfor, Coit Services, Inc., Crane Renovation Group, DKI Ventures, LLC, FirstService Corporation, Mr. Handyman, Power Home Remodeling Group, LLC, Rainbow Restoration, and Servpro.