February 25, 2020
According to a recent study titled ‘Home Improvement Market Size By Project (DIY, DIFM), By End-Use (Kitchen Improvement & Additions, Bath Improvement & Additions, System Upgrades, Exterior Replacements, Interior Replacements, Property Improvements, Disaster Repairs, Other Room Additions & Alterations), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, China, India, Japan, South Korea, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa, Turkey), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, the global home improvement market is projected to register a strong growth through 2025.
Expansion of real estate industry and rising disposable income in emerging economies such as India, Indonesia, Brazil, and Mexico are fueling the growth of home improvement market. Increasing expenditure on home improvement projects for installation of modern household products to enhance aesthetics is favoring the business outlook.
Rapid urbanization and thriving e-commerce industry are positively impacting the market growth. Surging occurrence of natural disasters along with temperature fluctuations is boosting the integration of smart automation systems, thereby driving the home improvement market. Moreover, stringent government regulations towards efficient energy usage and construction of green buildings in tandem with surging demand for smart home products such as wireless lighting systems and smart kitchens will stimulate the market growth over the forecast period.
Based on the project, DIY segment held 50% share of home improvement market in 2018 and is expected to show considerable growth during the analysis period. Expansion of DIY stores and better accessibility of DIY equipment through online platforms are driving the segment growth.
Speaking of the end-use spectrum, kitchen improvement & additions segment is expected to grow with a CAGR of 6% during 2019-2025. The growth can be attributed to increasing number of residential remodeling and replacement projects across the globe, in conjunction with increasing demand for quartz countertops, streamlined cabinets, and functional design solutions.
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Considering the geographical outlook, home improvement market in North America is anticipated to grow significantly over the analysis timeframe, owing to increasing expenditure on renovations and remodeling in the residential sector. Dense presence of major manufacturers and retailers of DIY projects in the region is another major driver of the market. Increasing real estate sales, low interest rates for loans, and high mortgage rates will further augment the regional market share.
Prominent players of home improvement market are The Home Depot, Anderson Corporation, Pella Corporation, Steves and Sons, Inc., Henkel Corporation, AARP American Exteriors, LLC, and Kingfisher plc among others.
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