Global Home Improvement Service Market Overview
The Home Improvement Service Market Size was estimated at 625.42 (USD Billion) in 2022. The Home Improvement ServiceIndustry is expected to grow from 674.77(USD Billion) in 2023 to 1,336.3 (USD Billion) by 2032. The Home Improvement Service Market CAGR (growth rate) is expected to be around 7.89% during the forecast period (2024 - 2032).
Key Home Improvement Service Market Trends Highlighted
Emerging trends in the Home Improvement Service Market include the growing popularity of smart home technology and eco-friendly renovations. Consumers are increasingly looking to integrate advanced technology into their homes, such as smart lighting, automated thermostats, and security systems, to enhance convenience and energy efficiency. Furthermore, the demand for sustainable and environmentally conscious home improvement is on the rise, with homeowners seeking products and services that minimize their ecological impact. Homeowners are also increasingly prioritizing home improvement projects that enhance their health and well-being, such as installing air purification systems and creating outdoor living spaces. The market is also seeing a rise in demand for specialized services, such as kitchen and bathroom remodeling, as homeowners seek to maximize the functionality and aesthetic appeal of these essential spaces.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Home Improvement Service Market Drivers
Rising Disposable Income and Homeownership Rates
As disposable income levels rise, homeowners are becoming more likely to invest in home improvement projects to enhance their living spaces and increase their property value. Furthermore, the increasing number of homeowners globally contributes to the growing demand for home improvement services as homeowners seek to maintain and upgrade their properties. The rising disposable income and homeownership rates are major factors driving the growth of the Home Improvement Service Market Industry. With more homeowners having the financial means and the desire to improve their homes, the demand for home improvement services is expected to remain strong in the coming years.
Growing Popularity of DIY Home Improvement Projects
The widespread adoption of DIY home improvement projects is another factor that fosters Home Improvement Service Market Industry’s growth. Nowadays, with the increasing number of home improvement shows, available online tutorials, and the prevalence of social media, people feel more confident in their ability to perform home improvement projects by themselves. This factor is most pronounced in younger generations, who are more inclined to engage in DIY projects to save money and get a sense of accomplishment from their work. The growing popularity of DIY home improvement projects in turn creates new opportunities for home improvement service providers, such as planning a project, helping to source materials, or renting specific tools.
Aging Housing Stock and Need for Repairs and Renovations
In many developed countries, the aging housing stock is another factor leading to the expansion of the Home Improvement Service Market Industry. Namely, as the age of the home, their repairs and improvements become more and more necessary to preserve the overall construction from destruction and maintain its normal state. This trend is believed to remain existent over the following years because the number of houses that date to the postwar era still remains high; at the same time, the major share of these is even expected to become older. This way, the aging housing stock generates a substantial demand for wall and roofing, window as well as door improvements.
Home Improvement Service Market Segment Insights
Home Improvement Service Market Improvement Type Insights
The Home Improvement Service Market segmentation by Improvement Type comprises Interior Improvement, Exterior Improvement, Renovation, and Repair Maintenance. Among these segments, Renovation is expected to hold the largest market share in 2023, owing to the increasing demand for home renovations as homeowners seek to update and modernize their living spaces. The rising popularity of home improvement TV shows and the availability of affordable financing options are also contributing to the growth of this segment. Interior Improvement is another significant segment, driven by the growing trend of homeowners investing in home décor and furnishings.Consumers are increasingly seeking ways to personalize their living spaces and create a more comfortable and stylish home environment. This segment is expected to witness a steady growth rate in the coming years as homeowners continue to prioritize interior design and aesthetics. Exterior Improvement, which includes services such as landscaping, roofing, and siding, is also expected to experience significant growth as homeowners focus on enhancing the curb appeal and functionality of their homes. The increasing popularity of outdoor living spaces and the desire for energy-efficient homes are driving the demand for exterior improvement services.Repair Maintenance is a crucial segment, as it addresses the ongoing need to maintain and repair homes. This segment is expected to remain stable, driven by the need for regular maintenance and repairs to ensure the safety, functionality, and longevity of homes. Overall, the Home Improvement Service Market is expected to continue its growth trajectory, driven by the increasing demand for home improvement services across various segments.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Home Improvement Service Market Property Type Insights
The Home Improvement Service Market segmentation by property type includes residential, commercial, and industrial. Among these, the residential segment held the largest market share in 2023, and it is expected to continue its dominance throughout the forecast period. The growth of the residential segment can be attributed to the increasing number of homeowners undertaking home improvement projects to enhance their living spaces. Furthermore, the rising disposable income and the growing trend of homeownership are also contributing to the growth of this segment.The commercial segment is also expected to witness significant growth due to the increasing demand for renovation and maintenance services from businesses. The industrial segment is expected to grow at a steady pace, driven by the need for regular maintenance and upgrades in industrial facilities.
Home Improvement Service Market Service Provider Type Insights
The Home Improvement Service Market is segmented based on service provider type into Contractors, Handymen, DIY (Do-It-Yourself), and Home Improvement Stores. Among these segments, Contractors held the largest market share in 2023 and are expected to maintain their dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for professional home improvement services, such as renovations, additions, and repairs. Furthermore, the rising trend of outsourcing home improvement projects to qualified contractors is expected to drive the growth of this segment in the coming years.Handymen are expected to witness a steady growth rate during the forecast period, owing to their ability to provide a wide range of services at a relatively lower cost compared to contractors. DIY (Do-It-Yourself) is another significant segment, driven by the growing popularity of home improvement shows and online tutorials, which have made it easier for homeowners to undertake small-scale home improvement projects on their own. Home Improvement Stores are expected to experience moderate growth, primarily due to their focus on providing a wide range of home improvement products and materials.
Home Improvement Service Market Project Scope Insights
The Home Improvement Service Market segmentation by Project Scope offers insights into the market's diverse nature. Small-Scale Projects, Medium-Scale Projects, and Large-Scale Projects constitute the prominent segments within this market. In 2023, the Small-Scale Projects segment held a significant market share of around 45%, owing to the increasing popularity of DIY (Do-It-Yourself) home improvement projects and the growing number of homeowners seeking cost-effective solutions for minor repairs and renovations. Medium-scale projects accounted for approximately 30% of the Home Improvement Service Market revenue in the same year, primarily driven by the rising demand for home additions, kitchen and bathroom remodeling, and other moderate-scale renovation projects.Large-scale projects, on the other hand, captured a market share of around 25% in 2023, fueled by the increasing construction of new homes and the need for comprehensive renovations of existing properties. This segment is expected to witness steady growth in the coming years due to the growing trend of luxury homeownership and the increasing disposable income of consumers.
Home Improvement Service Market Regional Insights
The regional segmentation of the Home Improvement Service Market offers insights into the market's geographical distribution and growth potential. North America held the dominant market share in 2023, owing to factors such as the presence of established home improvement chains, a high disposable income, and a strong do-it-yourself culture. Europe represents another significant region, with countries like Germany, France, and the United Kingdom contributing to its growth. The Asia-Pacific region is projected to experience the highest growth rate during the forecast period, driven by rising urbanization, increasing disposable income, and government initiatives promoting homeownership.South America and the Middle East and Africa (MEA) are also expected to contribute to the overall market growth, with increasing construction activities and a growing middle class in these regions. 
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Home Improvement Service Market Key Players And Competitive Insights
Major players in the Home Improvement Service Market are focusing on expanding their geographic reach and product portfolio to cater to the growing demand for home improvement services. The Home Improvement Service Market industry is characterized by the presence of both and regional players. Leading Home Improvement, Service Market players, are investing heavily in research and development to introduce innovative products and services that meet the evolving needs of customers. Mergers and acquisitions are also a key strategy adopted by players to strengthen their market position and expand their service offerings. The Home Improvement Service Market is highly competitive, with major players competing on factors such as price, quality, and customer service. Partnerships and collaborations are also common in the Home Improvement Service Market industry, as players seek to leverage each other's strengths and expand their market reach.The Home Improvement, Service Market industry, is expected to witness significant growth in the coming years, driven by rising disposable income and increasing consumer awareness about the importance of home maintenance and improvement. The growing popularity of smart home technology and the increasing number of homeowners opting for DIY home improvement projects are also contributing to the growth of the market. Furthermore, government initiatives and regulations aimed at promoting energy efficiency and sustainability are expected to drive demand for home improvement services.One of the leading players in the Home Improvement Service Market is The Home Depot, Inc. The company offers a wide range of home improvement products and services, including tools, hardware, appliances, and home décor. Home Depot, Inc. has a strong presence in the United States and Canada, with over 2,300 stores. The company also operates in Mexico, China, and Central America. Home Depot, Inc. is known for its competitive pricing, extensive product selection, and excellent customer service. The company also offers a variety of financing options and home improvement services, such as installation and repair.A major competitor of The Home Depot, Inc. in the Home Improvement Service Market is Lowe's Companies, Inc. Lowe's Companies, Inc. is a home improvement retailer that offers a wide range of products and services similar to those offered by The Home Depot, Inc. Lowe's Companies, Inc. has over 2,200 stores in the United States, Canada, and Mexico. The company is known for its competitive pricing, extensive product selection, and excellent customer service. Lowe's Companies, Inc. also offers a variety of financing options and home improvement services, such as installation and repair.
Key Companies in the Home Improvement Service Market Include
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Home Depot Foundation
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Lowe's Home Improvement
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Lowe's Charitable and Educational Foundation
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Lowe's Installation Services
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Lowe's
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Home Improvement
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The Home Depot
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Lowe's for Pros
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The Home Depot for Pros
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The Home Depot Pro Services
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Lowe's Pros
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Lowe's Home Centers, LLC
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Home Depot, Inc.
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Home Depot
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Home Depot Installers
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Lowe's Companies, Inc.
Home Improvement Service Market Industry Developments
The home improvement service market is projected to reach USD 1,336.3 billion by 2032, exhibiting a CAGR of 7.89% during the forecast period (2024-2032). The growing demand for home renovations, increasing disposable income, and rising urbanization are major factors driving market growth. Additionally, the adoption of smart home technologies and the increasing popularity of DIY home improvement projects are further contributing to market expansion. Key market players are focusing on expanding their service offerings, investing in research and development, and adopting sustainable practices to meet evolving consumer demands. Recent news developments include the launch of new home improvement products and services, collaborations between home improvement companies and technology providers, and the emergence of online platforms for home improvement services.
Home Improvement Service Market Segmentation Insights
Home Improvement Service Market Improvement Type Outlook
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Interior Improvement
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Exterior Improvement
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Renovation
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Repair Maintenance
Home Improvement Service Market Property Type Outlook
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Residential
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Commercial
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Industrial
Home Improvement Service Market Service Provider Type Outlook
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Contractors
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Handymen
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DIY (Do-It-Yourself)
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Home Improvement Stores
Home Improvement Service Market Project Scope Outlook
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Small-Scale Projects
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Medium-Scale Projects
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Large-Scale Projects
Home Improvement Service Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
625.42(USD Billion) |
| Market Size 2023 |
674.77(USD Billion) |
| Market Size 2032 |
1336.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.89% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Home Depot Foundation, Lowe's Home Improvement, Lowe's Charitable and Educational Foundation, Lowe's Installation Services, Lowe's, Home Improvement, The Home Depot, Lowe's for Pros, The Home Depot for Pros, The Home Depot Pro Services, Lowe's Pros, Lowe's Home Centers, LLC, Home Depot, Inc., Home Depot, Home Depot Installers, Lowe's Companies, Inc. |
| Segments Covered |
Improvement Type, Property Type, Service Provider Type, Project Scope, Regional |
| Key Market Opportunities |
Renovation and Remodeling Smart Home Integration Sustainability Focus Ecommerce Expansion Advanced Technologies |
| Key Market Dynamics |
Rising homeownership rates, increasing disposable income, aging housing stock, growing popularity of DIY projects, advancements in smart home technology |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Home Improvement Service Market is valued at USD 674.77 billion in 2023 and is projected to reach USD 1336.3 billion by 2032, exhibiting a CAGR of 7.89% during the forecast period.
North America holds the largest share in the Home Improvement Service Market, accounting for approximately 35% of the total market value in 2023.
Rising disposable income, increasing urbanization, and growing awareness of home improvement trends are the major growth drivers for the Home Improvement Service Market.
Key applications of Home Improvement Services include kitchen remodeling, bathroom remodeling, flooring installation, painting, and electrical repairs.
Key competitors in the Home Improvement Service Market include The Home Depot, Lowe's, Ace Hardware, True Value, and Sherwin-Williams.
Emerging economies such as India, China, and Brazil offer significant growth potential for the Home Improvement Service Market due to their rapidly growing middle class and increasing urbanization.
Technology is impacting the Home Improvement Service Market through the adoption of smart home devices, online platforms for home improvement services, and augmented reality for virtual home consultations.
Challenges faced by the Home Improvement Service Market include skilled labor shortages, supply chain disruptions, and rising material costs.
Future trends in the Home Improvement Service Market include the integration of sustainability practices, the rise of personalized home improvement solutions, and the adoption of artificial intelligence for automated home maintenance.
The Home Improvement Service Market is expected to continue its growth trajectory, driven by increasing demand for home improvement projects and the adoption of new technologies.
