Global home improvement market is expected to reach around USD1975 billion by the end of 2026, growing at a CAGR of over 5.63% during the forecast period. Home improvement refers to the process of renovating or adding products related to home d?cor, gardening, or other similar things to one’s home. Other terms for home improvement include remodeling and renovation. The home improvement market encompasses efforts to improve the interior, exterior, or other aspects of a pre-existing home. Even the maintenance, repair, and basic service are also considered within the home improvement market.
One of the reasons for the surge in the home improvement market development is a combination of factors such as lower lending rates and rising land costs. Growing population, increasing employment, growing urbanization, internal and external migration, and innovative products offered by the company are some of the major factors in this market that are driving up the demand for home improvement.
In terms of project, the global home improvement market is categorized into DIFM (Do It for Me), and DIY (Do It Yourself). Consumer preferences are shifting towards DIFM, which accounts for approximately 55% of the global home improvement market, as consumers are willing to do it themselves due to a lack of technical expertise. Home improvement work performed by millennials in developed countries is being outsourced in order to boost the market growth. The significant increase in DIFM projects has contributed to the consumer sentiment of "don’t move, improve" as a result of the steady rise in property prices and income tax costs. Furthermore, having access to a wide range of design and texture options in house restoration will help to propel business growth.
In terms of region, the global home improvement market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Among these regions, North America dominates the global home improvement market with a market share of around 47% in 2020. Some of the primary reasons which are driving the expansion of the home improvement market size in this region are rising expenditure on home improvement projects as a result of a preference for installing new household products with attractive and appealing finishes. It is the United States of America that holds the largest market of the home improvement industry in terms of country in the year 2020. It is expected to maintain first position in the market considering the GDP and the changing lifestyle pattern. Those with higher earnings and several residences are more likely to remodel and do home improvement tasks. In 2018, 25% of households spent between USD10,000 and USD25,000 on home improvement and renovation projects.
Today, the global home improvement market has become an attractive destination for investments and several large multinational companies are entering this market. Some of the major companies are The Home Depot U.S.A., Inc., Lowe’s Companies, Inc., Groupe Adeo SA, Wesfarmers Limited (Bunnings Warehouse), Kingfisher plc, Menard, Inc., OBI Group Holding SE & Co.KGaA, ACE Hardware Corporation, HORNBACH Group (HORNBACH Baumarkt AG subgroup), 3M Company. The global home improvement market is highly fragmented due to many local and international suppliers.
Years considered for this report:
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
- To analyze the historical market size of the global home improvement market from 2016 to 2020.
- To estimate and forecast the market size of global home improvement market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast global home improvement market based on product, project, sourcing, region, and company.
- To identify dominant region or segment in the global home improvement market.
- To identify drivers and challenges for global home improvement market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global home improvement market.
- To identify and analyze the profile of leading players operating in global home improvement market.
- To identify key sustainable strategies adopted by market players in global home improvement market.
Key Target Audience:
- Home Improvement products manufacturers, distributors, and end-users
- Market research and consulting firms
- Government bodies such as regulating authorities and policymakers
- Organizations, forums, and alliances related to home improvement market
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, end-users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, global home improvement market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Building and Remodeling (Building Supplies, Electricals, Heating and Cooling, Plumbing)
- Home D?cor (D?cor, Flooring, Kitchen and Bath, Lighting and Fans, Paints, etc.)
- Tools and Hardware (Hand Tools, Hardware, Power Tools, Safety and Security)
- Outdoor Living (Books, Cleaning and Janitor, Garden Center, Outdoor Power Equipment)
- DIFM
- DIY
- Homeware Stores
- Franchised Stores
- Specialty Stores
- Online Sales Channel
- Others (Direct Sellers, General Merchandised Retailers, etc.)
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Asia-Pacific
- China
- Japan
- South Korea
- Australia
- India
- South America
- Brazil
- Argentina
- Chile
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global home improvement market.
Available Customizations:
With the given market data, our team offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
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