Home Improvement Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2024-2032 Segmented By Product (Building and Remodeling, Home Décor, Tools and Hardware and Outdoor Living), By Project (DIFM and DIY), By Sourcing (Homeware Stores, Franchised Stores, Specialty Stores, Online Sales Channel and Others {Direct Sellers, General Merchandised Retailers, etc.}) and By
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationHome Improvement Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2024-2032 Segmented By Product (Building and Remodeling, Home Décor, Tools and Hardware and Outdoor Living), By Project (DIFM and DIY), By Sourcing (Homeware Stores, Franchised Stores, Specialty Stores, Online Sales Channel and Others {Direct Sellers, General Merchandised Retailers, etc.}) and By
Global home improvement market is anticipated to grow at a CAGR of 5.23% on account of increasing disposable income and changing consumer preferences, etc. Rapidly increasing urbanization and technological advancements are also driving the growth of the global home improvement market in the upcoming five years.
The process of upgrading or adding things to one's home that are linked to home décor, gardening, or other similar hobbies is known as home improvement. The house renovation industry entails efforts to improve the interior, exterior, or other aspects of an existing home. Maintenance, repair, and basic servicing are also part of the home improvement business.
Due to the spread of the COVID-19 pandemic, several governments around the world temporarily ceased all activities, forcing restaurants, workplaces, and other businesses to close. Customers were stranded at home as a result of the lockdown. People focused on renovating and refurbishing their homes as they spent more time at home. With restaurants closing and no other places to go for entertainment, several homeowners spruced up their decks and patios to make their homes more appealing. Many homeowners installed more extensive and high-end lighting equipment to make areas more appealing, particularly area lighting and floodlights.
The COVID-19 pandemic had a huge influence on the transportation, logistics, and shipping industries, as well as manufacturing supply chains, resulting in a considerable drop during the lockdown period. Reduced workforce, increased strain on equipment availability, congestion at specific ports, cost-related challenges, and surcharges on a few services all caused problems for the logistics business.
Growing D-I-Y (Do it Yourself) Concept Drives the Market Growth
During the COVID-19 pandemic, the do-it-yourself home improvement industry grew dramatically. Due to the changes brought on by COVID-19, many customers embarked on home improvements. For example, construction of home offices and gyms, landscape, or just redecorating the living area. The majority of consumers are changing their preferences toward DIY because it saves money and allows them to tailor their home upgrades and remodeling to meet their own requirements. In addition, rising labor costs in the construction and installation industries are a major driver of the do-it-yourself trend.
Rising Demand for Smart Kitchens Fueling the Market Growth
The introduction of high-end, smart equipment, particularly in kitchen has supported the home improvement industry's rise in recent years. The growing need for simple add-ons like one-touch chillers, self-regulating dispensers, and motion-sensing water faucets, among other things, has spurred the acceptance of smart kitchens in home restorations and remodeling.
Changing Tastes and Preferences of Consumers Aids Market Growth
Consumer preferences are shifting towards better and more convenient amenities, which is driving the demand for the home improvement market globally. The generation today is more willing to spend and experiment with new brands and services than previous generations. Also, consumers are more willing to choose advanced home technology and security measures, followed by a slew of convenient components like weather control appliances, smart lighting, and so on, further enhancing their home improvement requirements. Moreover, the rising urban population has given immense opportunities to the market players to cater to the growing demand for home improvement services across the world.
Rising Awareness Pertaining to Sustainability to Fuel the Market
The rising consumer awareness regarding sustainability is prompting market players to require efficient steps towards sustainability so as to expand their consumer base. For example, in 2020, Home Depot reported a decrease in store's electricity usage by 44% within the last years in the US. Thanks to the installation of LED lighting, the usage of building-automation systems, and therefore the inclusion of energy-efficient heating, air conditioning, and ventilation systems, electricity use among the US retailers declined by 14% in 2020. The corporation is additionally making headway towards its objective of eliminating expanded polystyrene (EPS) foam and PVC film from private-label packaging by 2023 in favor of the latest recyclable alternatives.
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Market Segmentation
In terms of country, the United States home improvement market is forecast to grow at a faster rate and is expected to reach around USD530.68 billion during the forecast period 2026.
Company Profiles
The Home Depot U.S.A., Inc., Lowe's Companies, Inc., Groupe Adeo SA, Wesfarmers Limited (Bunnings Warehouse), Kingfisher Plc, Menards, Inc., Ace Hardware Corporation, OBI Group Holding SE & Co.KGaA, Hornbach Holding AG & Co. KGaA Group, 3M Company, etc., are among the major market players in the global platform that lead the market growth of the global home improvement market.
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