Market analysis, segmentation, forecast to 2030

Home Improvement Services Market by Type (Kitchen Renovation and Expansion, Bathroom Renovation and Expansion, External and Indoor Replacement, System Upgrades, and others), Buyer Age (under 35, 35-54, 55-64 and over 65) and City Type (Metro.) Cities and Other Non-Metro Cities and Towns: Global Opportunity Analysis and Industry Forecast, 2021-2030

The market for home improvement services The size was estimated at $ 316.8 billion in 2020 and is projected to reach $ 585.3 billion by 2030, a CAGR of 6.2% from 2021 to 2030. Home improvement services include renovation, remodeling and refurbishment of old houses at the customer’s option.

Drivers, Limitations, and Opportunities

Rising interest rates and real estate costs as well as the increase in new old buildings are driving the growth of the global market for home improvement services. However, the rise in DIY culture is hindering market growth. On the contrary, the rise in smart homes and home automation technology is expected to open up lucrative opportunities for market participants in the future.

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Covid-19 scenario:

  • The Covid-19 outbreak hampered demand for home improvement services due to restrictions on construction activity. However, demand would increase once the lockdown restrictions are lifted.
  • The ongoing lockdown hampered the supply chain. However, as the market stabilizes again, resumption of home improvement services would help the market rebound.

By type

  • Kitchen renovation and expansion
  • Bathroom renovation and completion
  • Exchange of exterior and interior
  • System upgrades
  • Other

According to age of buyer

  • Under 35
  • 35-54
  • 55-64
  • Over 65

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The Metro Cities segment held the lion’s share

By kind, the metropolitan segment dominated the market in 2020 and accounted for more than four-fifths of the global home improvement services market due to the high spending capacity of people in the metropolitan areas due to high income. However, the segment of other cities and towns outside of the metro is expected to have the highest CAGR of 6.9% from 2021 to 2030 as residential development in rural areas increases.

North America held the largest share

The market across North America held the largest share in 2020 and contributed almost half of the market due to the high spending capacity of people in the region. However, the global market for home improvement services is Asia Pacific is expected to record the highest CAGR of 7.5% over the forecast period. This is due to the rapid development of the infrastructure in the region.

Important market participants

  • Belfor
  • Crane renovation group
  • Coit Services, Inc.
  • FirstService Corporation
  • DKI Ventures, LLC
  • Power Home Remodeling Group, LLC
  • Mr handyman
  • Servpro
  • Rainbow restoration
  • Venturi restoration.

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