The global home improvement market in 2022 is valued at US$ 342 billion and is predicted to exhibit expansion at a CAGR of 6.7% over the next eight years. Fact.MR predicts the market to attain a revenue of US$ 575.5 billion by the end of 2030.
DIY home remodelling and renovations are anticipated to witness high demand owing to the rising availability of DIY home improvement products and the increasing adoption of easy add-ons.
Europe home improvement market is anticipated to provide highly lucrative opportunities for home improvement product
The real estate market in the United States is one of the most expensive ones in the world and this results in high prices of new homes in the country. High mortgage and interest rates coupled with the high prices of new homes push homeowners to spend on remodeling and renovation which is expected to drive the home improvement market in the country.
U.S. home improvement market size is also dependent on changing consumer preferences, per capita disposable income, expansion of the e-commerce industry, high demand for appealing finishes, and installation of smart home technologies. The presence of leading home improvement product suppliers such as The Home Depot, Ace Hardware, and Menards is also expected to drive growth in the country over the years to come.
The Europe home improvement market is anticipated to provide highly lucrative opportunities for home improvement product manufacturers owing to changing consumer preferences, rising focus on green construction practices, demand for integration of energy-efficient technologies, and increasing investments in remodeling and refurbishment by consumers.
𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐑𝐢𝐬𝐤𝐬 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The global Home Improvement market is characterized by several leading factors, with each factor playing a crucial role in the growth of the industry. The growing demand for products coupled with easy availability of the same has helped the industry flourish across the globe.
𝐑𝐞𝐠𝐢𝐨𝐧𝐬 𝐜𝐨𝐯𝐞𝐫𝐞𝐝 𝐢𝐧 𝐫𝐞𝐩𝐨𝐫𝐭:
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Spain, Italy, and Rest of Europe)
• Asia Pacific (China, Japan, India, Indonesia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (GCC, South Africa and Rest of Middle East & Africa)
Companies in the home improvement market are expected to improve their business scope by deploying new services such as same-day delivery for home improvement products. For instance,
- In February 2022, Lowe’s Companies Inc., an American company specializing in home improvement, announced a new partnership with an online grocery delivery platform, Instacart. Through this partnership, the company will provide same-day delivery of its home improvement products in the North American region.
𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐥𝐞𝐚𝐝𝐢𝐧𝐠 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧𝐜𝐥𝐮𝐝𝐞:
• Sherwin-Williams Company
• DuPont de Nemours
• Watsco Inc.
• Robert Bowden
• ABC Supply Co.
• Neil Kelly Company
• Henkel Corporation
• Andersen Corporation
• The Home Depot
• American Exteriors
• Lutron Electronics