Global Home Improvement Market Overview
Home Improvement Market Size was valued at USD 835.2 Billion in 2022. The home improvement market industry is projected to grow from USD 884.47 Billion in 2023 to USD 1399.117 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 - 2032). Rapid urbanization, rising disposable income, and expanding consumer expenditure on home improvements, together with an increase in the availability of home renovation services and innovations, are major market drivers boosting the growth of the worldwide home improvement market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Home Improvement Market Trends
The worldwide home improvement market is expanding due to the combination of rising disposable income and rapid urbanization in developing economies. Supporting the need for home improvement services is an increase in socializing, which includes hosting house parties and family get-togethers. As demand for home improvements grows, the sector is witnessing an increase in product developments and design with a variety of colors and finishing options. A total of USD 15,000 was spent on various home improvements, such as remodeling, decorating, and repairs, according to Home Renovation Statistics and Trends. Renovations come in second at 58%, followed by repairs at 52%, and decorating at 65% as the most popular of the three hobbies. Due to this increasing urbanization, American cities are now the main forces behind the country's economic expansion.
Global demand for the home improvement market is being driven by a shift in consumer preferences toward better and more convenient facilities. Compared to other generations, the current generation is more eager to spend money and try out new products and services. Furthermore, customers are increasingly inclined to select cutting-edge home technology and security measures, succeeded by an array of practical elements such as smart lighting, weather control appliances, and so on, so augmenting their needs for house enhancement. Additionally, as more people live in cities, there are more and more options for market participants to meet the global need for home improvement services.
The increasing consciousness among consumers about sustainability is forcing market participants to demand effective measures towards sustainability in order to grow their customer base. For instance, Home Depot stated in 2020 that, over the previous few years in the US, store electricity usage had decreased by 44%. In 2020, US merchants used 14% less electricity as a result of installing LED lighting, using building automation systems, and installing energy-efficient HVAC (heating, ventilation, and air conditioning) systems. Additionally, the company is close to reaching its goal of replacing PVC film and expanded polystyrene (EPS) foam in private-label packaging with the newest recyclable materials by 2023. Thus, driving the home improvement market revenue.
Home Improvement Market Segment Insights:
Home Improvement Project Insights
The Home Improvement Market segmentation, based on project includes DIY and DIFM. The DIY segment dominated the market. DIY home improvement solutions are in high demand due to the explosive rise of e-commerce sales channels. Most buyers choose do-it-yourself projects because they are more affordable, provide a sense of accomplishment, and allow for personalization. There are no other third parties involved in these projects; only end users are involved. The sector will grow as a result of psychological rewards that promote social interaction, the acquisition of numerous skills, high adaptability, and efficient use of resources.
Figure 1: Home Improvement Market, by Project, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Home Improvement End-use Insights
The Home Improvement Market segmentation, based on end-use, includes Kitchen Improvement & Additions, Bath Improvement & Additions, System Upgrades, Exterior Replacements, Interior Replacements, Property Improvements, Disaster Repairs, and Other Room Additions & Alterations. The exterior replacements category generated the most income because consumer perceptions of outdoor leisure activities are shifting. The outside has been renovated with new doors and windowpanes, newly painted walls, garden accents, and other improvements. They improve the construction and functionality of the house without sacrificing its aesthetic appeal. For instance, individuals favor exterior repairs like roofing since it improves the appearance and feel of their homes. The market is expected to advance because to consumer preferences for siding made of vinyl and polymer that mimics the appearance of real wood grain.
Home Improvement Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American home improvement market area will dominate this market. Growing customer preferences for eco-friendly and aesthetically pleasing items for remodeling projects are driving the market demand. A major driver of the market's expansion will be the United States' booming residential construction industry along with the country's quick population rise. The quick adoption of cutting-edge construction systems and technologies to increase air filtering capacity and enhance heat transfer methods has been increasingly popular in recent years.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: HOME IMPROVEMENT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe home improvement market accounts for the second-largest market share. In the upcoming years, it is anticipated that the quick adoption of more energy-efficient building systems and technologies to boost air filtering capacity and superior heat transfer methods would become more and more common. Furthermore, the expansion of government rules and initiatives aimed at lowering CO2 emissions will be advantageous for home improvement market expansion in this region. Further, the German home improvement market held the largest market share, and the UK home improvement market was the fastest growing market in the European region
The Asia-Pacific Home Improvement Market is expected to grow at the fastest CAGR from 2023 to 2032 because to growing disposable income, shifting consumer tastes, quick urbanization, and advancements in technology. The home improvement industry is being driven by rising housing costs and interest rates. The fastest rate of increase in residential property values in recent memory is driving increased urbanization in developing nations and markedly stronger economies in industrialized nations. Moreover, China’s home improvement market held the largest market share, and the Indian home improvement market was the fastest growing market in the Asia-Pacific region.
Home Improvement Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the home improvement market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, home improvement industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global home improvement industry to benefit clients and increase the market sector. In recent years, the home improvement industry has offered some of the most significant advantages to medicine. Major players in the home improvement market are attempting to increase market demand by investing in research and development operations includes Home Depot, Lowe's, Canadian Tire, Inside Tweedy and Popp Hardware, Ace Hardware, Bricostore, Homebase, Wickes, Praxis, Rona, Alibaba, eBay, Bauhaus, Amazon, Bunnings Warehouse, and others.
Automotive retailers Canadian Tire Corp Ltd (Canadian Tire) provides a wide array of products and services. Its product line includes garments, backpacks, sports goods, home goods, gasoline, financial products, and automobile parts, accessories, and services. It provides banking services and runs a network of gas stations, franchise stores, general goods stores, specialized stores, and convenience stores. The business also runs a real estate investment trust that develops, owns, and rents out commercial real estate. Toronto, Ontario, Canada serves as the home base for Canadian Tire.
A marketplace that links buyers and sellers is eBay Inc., sometimes known as eBay. Via its online store, the business sells office supplies, craft supplies, electronics, antiques, art, baby items, books, car accessories, apparel, shoes, and lifestyle items. Other products including sports, health and beauty, industrial equipment, and home and garden are also available. eBay operates a number of platforms, such as its mobile app store and its language versions of www.ebay.com, which include an off-platform operation in Japan.
Key Companies in the home improvement market include
Home Improvement Industry Developments
February 2022: Home improvement firm Lowe's Companies Inc. of America has partnered with online grocery delivery service Instacart in North America to offer same-day home improvement goods delivery.
November 2021: Block Renovation, a US-based digital platform for house remodeling, has revealed that Softbank Vision Fund 2 lead a USD 50 million Series C investment round.
June 2020: With the introduction of Lowe's for Pros JobSIGHT powered by Streem, an enhanced video chat service that enables Pros to conduct virtual home visits with customers, Lowe's unveils the first phase of its previously announced USD 25 million commitment to support small businesses in an effort to help keep Pros working. Keeping homes operating safely is more crucial than ever since more people are choosing to stay at home.
Home Improvement Market Segmentation:
Home Improvement Project Outlook
Home Improvement End-use Outlook
Home Improvement Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 835.2 Billion |
| Market Size 2023 | USD 884.47 Billion |
| Market Size 2032 | USD 1399.117 Billion |
| Compound Annual Growth Rate (CAGR) | 5.90% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Project, End-use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Home Depot, Lowe's, Canadian Tire, Inside Tweedy and Popp Hardware, Ace Hardware, Bricostore, Homebase, Wickes, Praxis, Rona, Alibaba, eBay, Bauhaus, Amazon, Bunnings Warehouse, and others |
| Key Market Opportunities | ·      Growing Consciousness about Sustainability among Individuals |
| Key Market Dynamics | ·      Shifting Consumer Preferences and Tastes ·      In Developing Economies, there is a Strong Correlation between Rapid Urbanization and Higher Disposable Income |
Frequently Asked Questions (FAQ) :
The Home Improvement Market size was valued at USD 835.2 Billion in 2022.
The global market is projected to grow at a CAGR of 5.90% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Home Depot, Lowe's, Canadian Tire, Inside Tweedy and Popp Hardware, Ace Hardware, Bricostore, Homebase, Wickes, Praxis, Rona, Alibaba, eBay, Bauhaus, Amazon, Bunnings Warehouse, and others.
The DIY category dominated the market in 2022.
The exterior replacements category had the largest share in the global market.
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