At a CAGR of 4.6%, the global home improvement market size is forecast to reach $1093.40 billion by 2028, says Brandessence Market Research
LONDON, January 19, 2022 /PRNewswire/ — According to Brandessence Market Research, market size has reached home improvement $798.10 billion in 2021. The home improvement market is expected to grow at a robust CAGR of 4.6% and size $1093.40 billion end by 2028.
Rapid urbanization, accompanied by rising disposable incomes in the developing world, is one of the main factors driving the growth of the global home improvement industry.
Rapid urbanization, accompanied by rising disposable incomes in developing countries, is driving the growth of the global home improvement market. An increase in socialization including house parties and family gatherings is also supporting demand for home improvement services. The industry is increasingly observing design and product innovations with multiple color and finishing options to meet the growing demand for DIY. According to Home Renovation Statistics and Trends, the average spend is around $15. 000 merchandise for all types of DIY jobs including decorating, renovating and repairing. Of the three activities, decorating is the most popular at 65%, followed by renovation at 58% and finally repairing at 52%. This increasing urbanization has resulted in cities becoming the main drivers of economic growth The United States.
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Home Improvement Market Players 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 , basement utilities, Robert Bowden, Boral Building Products, Harvey Building Products, American Exteriors, Lutron Electronics, MS International, Power Home Remodeling Group, etc.
scope of the home improvement industry
Home improvement is the process of renovating or adding to your home. It is also known as remodeling or renovation. It can consist of activities that improve the interior or exterior of the existing home or other improvements to the property. Because DIY is also a great opportunity to improve the comfort, safety and energy efficiency of a house or apartment by adding or increasing insulation. While home improvement often refers to construction 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. This also includes maintenance, repair and general maintenance work. Significant growth is expected for the global DIY industry in the coming years. According to the Joint Center for Housing Studies of Harvard University; Boomers are expected to account for 56% of all residential remodeling spending by 2025, up from 31% in 2005. This gives remodelers plenty of opportunity to meet the growing need for on-site renovations.
Segmentation Analysis of Home Improvement
- DIY home improvement
- DIFM DIY
According to end use
- interior design
- property improvements
- Improvement and additions to the bathroom
- system upgrades
- Outer Replacements
- Kitchen Improvement & Additions
- Disaster Repairs
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Home Improvement Market Drivers:
According to World in Data, the United Nations estimates that 54 percent of the world’s people lived in urban areas in 2016. Using projections from the UN Urbanization Prospects, this is estimated at just over 55 percent of the world in 2018. According to the United Nations Development Program, by 2050 more than two-thirds of the world’s population is expected to live in urban areas. To accommodate this rapid expansion in urban homes, experts appreciate that $57 trillion By 2030 alone, investments in infrastructure will be required worldwide. More than 1 billion people live in housing that falls below minimum standards for comfort and sanitation, and 3 billion people will need new homes by 2030.
However, rising prices for building products may stunt the growth of the home improvement market. The industry is increasingly observing design and product innovations with multiple color and finishing options to meet the growing demand for DIY. Despite this, new product innovation, online sales and effective promotion can provide various growth opportunities for the continued growth of the global home improvement industry.
North America is expected to dominate the global home improvement market
North America is expected to dominate the global home improvement market. Increasing spending on home improvement projects due to the propensity to install modern household products with attractive and pleasing finish are some of the main factors driving the growth of home improvement market size in this region. According to Home Improvement Industry Statistics, home improvements and renovations in the US added up to over $350 billion. $194 billion of which are the 13 million projects launched in 2018 that have more than cost the homeowner $1,000. Those with higher incomes and multiple homes tend to remodel more often and do home improvement projects more often. 25% of homeowners spent between $10, 000 and $25,000 on their home improvement and renovation projects in 2018. Additionally, according to Home Improvement Trends 2016, 60% of Canadian homeowners had realistic budgets for roof renovations.
Europe is the second largest region for home improvement market growth. Due to increasing construction activity and rising land costs, the preference has shifted towards the renovation of existing houses.
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 detailed information on market launch, market summary, global market revenue (sales USD), market drivers, market restraints, market opportunities, competitive analysis, and regional and country levels.
- Global Home Improvement Market report helps to identify opportunities in the market.
- The Global Home Improvement Market Report encompasses a comprehensive analysis of emerging trends and the competitive landscape.
The Special Needs Home Improvement Market Report is also available for the following region:
- Germany, France, Great Britain, 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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