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Home Improvement Market
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Home Improvement Market

Home Building And Construction Home Improvement Market

Home Improvement Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2018–2028, Segmented 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), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)

  • Published Date: April 2022
  • Report ID: BWC22138
  • Available Format: PDF
  • Page: 192

Report Overview

The global home improvement market is gaining traction owing to the rapid urbanization and increasing disposable income is emerging as the major factors the consumers are spending on home improvement along with increasing availability of home improvement services and innovations.

Global Home Improvement Market- Industry Trends & Forecast Report 2028

Global Home Improvement Market size was worth USD 333.7 billion in 2021 and is projected to reach USD 514.9 billion by 2028, growing at a CAGR of 6.4% during the forecast period (2022–2028). Rapid urbanization and increasing disposable income among people are major growth factors boosting the growth of global home improvement market. Increasing availability of home improvement services and innovations in the global market, owing to a rising demand could present lucrative growth opportunities for global home improvement market during the period in analysis. People worldwide look for availing home improvement products and services for a variety of purposes, including maintenance and repair work at their homes, means of saving energy in their houses, personal preference, and comfort.

Home Improvement Market

Home Improvement - Overview

Home improvement refers to renovating and making additions to the home for its improvement purposes. It involves many activities such as electrical and plumbing, which includes in-home interior improvement purposes, and masonry, concrete, siding, etc., which is included in exterior home improvements. People seek out these services for various purposes such as maintenance and repair work, means of saving energy, personal preference, comfort, etc.

Global Home Improvement Market Forecast and Trends

Growth Drivers

Increasing Lending Rates and Loan Complications

The cost of buying new homes is getting expensive every day due to the rising population and increasing burden on the land. Furthermore, the rate of purchasing new homes has also registered a significant decline over the years mainly due to becoming “out of reach financially” and other burdens such as student loans. Therefore, people are investing in the repair and maintenance of their homes instead of buying new houses. They also spend on renovation and completely changing its look for a new feel. This is anticipated to drive the demand for home improvement services in the forecast period.

Rising Construction of Green Buildings

The government and private players of various regions are significantly investing in the construction of green buildings. The rising consciousness towards the environment and focus on sustainability is fueling the construction of green buildings. These green buildings are made of green materials and are installed with advanced technologies such as IoT sensors, AI, etc., to facilitate energy conservation. For these purposes, regular maintenance and repair are needed for green buildings to act efficiently, which is driving the growth of the market.

Restraints

Increasing Popularity of Do-It-Yourself in Home Improvement

The rising popularity of do-it-yourself (DIY) in the home improvement sector is negatively affecting the market of service providers. Consumers are often inclined towards DIY methods to save costs. The abundance of tutorials available on platforms such as YouTube along with the rising penetration of online channels through which they acquire the needed tools and materials are assisting the potential consumers to do the home improvement activities themselves. This act emerged as a trend post the pandemic and may act as a huge restraining factor for the market growth.

Impact of COVID-19 on Global Home Improvement Market

The global home improvement market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. Several countries faced economic recession of certain levels due to restrictions on economic activities, which directly impacted the disposable income and purchasing power of the consumers. As a result, a large percentage of consumers postponed their plans of investing in home improvements, due to which the industry players had to bear huge losses. Furthermore, the restrictions on the supply chains and social distancing norms also affected the market growth.

Global Home Improvement Market - By Project

Based on the project, the global home improvement market is segmented into DIY (Do It Yourself) and DIFM (Do It For Me). The DIFM segment accounts for the largest market share owing to the attraction towards expert home improvement professionals and interior designers. The lack of technical skills for home improvement among consumers also acts as a major driving factor for the growth of the DIFM segment.

Global Home Improvement Market - By End-Use

Based on end-use, the global home improvement market is segmented into kitchen improvement & additions, bath improvement & additions, system upgrades, exterior replacements, interior replacements, property improvements, disaster repairs, and other room additions & alterations. The exterior replacements segment accounts for the largest market share. The exterior of the home is constantly exposed to harsh environments and therefore is more prone to damage compared to other parts. Therefore, the consumers significantly invest in maintenance and repair of the exterior, driving this segment growth.

Global Home Improvement Market - Regional Insights

Geographically, the global home improvement market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. Europe dominates the global home improvement market owing to the high disposable income of the customers in this region. The presence of Tier I countries such as the United Kingdom, France, Germany, Spain, etc., and the availability of advanced home improvement services in these countries also plays a crucial role in propelling the growth of the global home improvement market. Following Europe, North America also covers a substantial market share.

Competitive Landscape

The leading market players of the global home improvement market are Sherwin-Williams Company, Power Home Remodeling Group, The Home Depot, Kingfisher, Ferguson Enterprises, Owens Construction, Andersen Corporation, State-wide Remodeling, DuPont de Nemours, Harvey Building Products, Watsco, Inc., Boral Building Products, Beacon Roofing Supply, APCO Industries, Pella Corporation, Robert Bowden, Kohler, Keller Supply Company, Dreamstyle Remodeling, Lutron Electronics, and other prominent players. The market is fragmented with the presence of several global and regional industry players. The companies constantly launch new designs and methods of home improvement to attract customers and bring innovations into their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, joint ventures, etc., is also prominent in this market.

Recent Development

  • In February 2022, Lowe’s Companies Inc., an American home improvement company, announced a partnership with Instacart, an online grocery platform in North America for the same-day delivery of home improvement products.
  • In November 2021, Block Renovation, a US-based technology platform for home renovation, announced to have raised USD 50 million Series C investment led by Softbank Vision Fund 2.

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation By Project, By End Use, By Region
Key Players Sherwin-Williams Company, Power Home Remodeling Group, The Home Depot, Kingfisher, Ferguson Enterprises, Owens Construction, Andersen Corporation, State-wide Remodeling, DuPont de Nemours, Harvey Building Products, Watsco, Inc., Boral Building Products, Beacon Roofing Supply, APCO Industries, Pella Corporation, Robert Bowden, Kohler, Keller Supply Company, Dreamstyle Remodeling, Lutron Electronics, and other prominent players.

 

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

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle East & Africa (MEA)
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. Global Home Improvement Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global Home Improvement Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
        1. Kitchen Improvement & Additions
        2. Bath Improvement & Additions
        3. System Upgrades
        4. Exterior Replacements
        5. Interior Replacements
        6. Property Improvements
        7. Disaster Repairs
        8. Other Room Additions & Alterations
      2. By Project
        1. DIY
        2. DIFM
      3. By Source
        1. Homeware Stores
        2. Franchised Stores
        3. Specialty Stores
        4. Online Sales Channel
        5. Others {Direct Sellers, General Merchandised Retailers, etc.}
      4. By Region
        1. North America
        2. Europe
        3. The Asia Pacific
        4. Latin America
        5. The Middle East and Africa
  6. North America Home Improvement Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Project
      3. By Source
      4. By Country
        1. United States
        2. Canada
  7. Europe Home Improvement Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Project
      3. By Source
      4. By Country
        1. Germany
        2. United Kingdom
        3. Italy
        4. France
        5. Spain
        6. Rest of Europe
  8. Asia Pacific Home Improvement Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Project
      3. By Source
      4. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia Pacific
  9. Latin America Home Improvement Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Project
      3. By Source
      4. By Country
        1. Brazil
        2. Mexico
        3. Rest of Latin America
  10. Middle East & Africa Home Improvement Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Project
      3. By Source
      4. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
  12. Impact of Covid-19 on Global Home Improvement Industry
  13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. The Home Depot U.S.A., Inc.
    2. Lowe's Companies, Inc.
    3. Groupe Adeo SA
    4. Wesfarmers Limited (Bunnings Warehouse)
    5. Kingfisher Plc, Menards, Inc.
    6. Ace Hardware Corporation
    7. OBI Group Holding SE & Co.KGaA
    8. Hornbach Holding AG & Co. KGaA Group
    9. 3M Company
    10. Other prominent players

 

  1. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List Of Figures

 

Figure 1        Global Home Improvement Market Segmentation

Figure 2        Global Home Improvement Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Global Home Improvement Market Size, By Value (USD Million), 2018-2028

Figure 5        Global Home Improvement Market Share, By Type, By Value, 2018-2028

Figure 6        Global Home Improvement Market Share, By Project, By Value, 2018-2028

Figure 7        Global Home Improvement Market Share, By Source, By Value, 2018-2028

Figure 8        Global Home Improvement Market Share, By Region, By Value, 2018-2028

Figure 9        North America Home Improvement Market Size, By Value (USD Million), 2018-2028

Figure 10       North America Home Improvement Market Share, By Type, By Value, 2018-2028

Figure 11       North America Home Improvement Market Share, By Project, By Value, 2018-2028

Figure 12       North America Home Improvement Market Share, By Source, By Value, 2018-2028

Figure 13       North America Home Improvement Market Share, By Country, By Value, 2018-2028

Figure 14       Europe Home Improvement Market Size, By Value (USD Million), 2018-2028

Figure 15       Europe Home Improvement Market Share, By Type, By Value, 2018-2028

Figure 16       Europe Home Improvement Market Share, By Project, By Value, 2018-2028

Figure 17       Europe Home Improvement Market Share, By Source, By Value, 2018-2028

Figure 18       Europe Home Improvement Market Share, By Country, By Value, 2018-2028

Figure 19       Asia-Pacific Home Improvement Market Size, By Value (USD Million), 2018-2028

Figure 20       Asia-Pacific Home Improvement Market Share, By Type, By Value, 2018-2028

Figure 21       Asia-Pacific Home Improvement Market Share, By Project, By Value, 2018-2028

Figure 22       Asia-Pacific Home Improvement Market Share, By Source, By Value, 2018-2028

Figure 23       Asia-Pacific Home Improvement Market Share, By Country, By Value, 2018-2028

Figure 24       Latin America Home Improvement Market Size, By Value (USD Million), 2018-2028

Figure 25       Latin America Home Improvement Market Share, By Type, By Value, 2018-2028

Figure 26       Latin America Home Improvement Market Share, By Project, By Value, 2018-2028

Figure 27       Latin America Home Improvement Market Share, By Source, By Value, 2018-2028

Figure 28       Latin America Home Improvement Market Share, By Country, By Value, 2018-2028

Figure 29       Middle East & Africa Home Improvement Market Size, By Value (USD Million), 2018-2028

Figure 30       Middle East & Africa Home Improvement Market Share, By Type, By Value, 2018-2028

Figure 31       Middle East & Africa Home Improvement Market Share, By Project, By Value, 2018-2028

Figure 32       Middle East & Africa Home Improvement Market Share, By Source, By Value, 2018-2028

Figure 33       Middle East & Africa Home Improvement Market Share, By Country, By Value, 2018-2028

 

List Of Tables

 

Table 1         Global Home Improvement Market Size, By Type, By Value, 2018-2028

Table 2         Global Home Improvement Market Size, By Project, By Value, 2018-2028       

Table 3         Global Home Improvement Market Size, By Source, By Value, 2018-2028       

Table 4         Global Home Improvement Market Size, By Region, By Value, 2018-2028       

Table 5         North America Home Improvement Market Size, By Type, By Value, 2018-2028        

Table 6         North America Home Improvement Market Size, By Project, By Value, 2018-2028     

Table 7         North America Home Improvement Market Size, By Source, By Value, 2018-2028     

Table 8         North America Home Improvement Market Size, By Country, By Value, 2018-2028    

Table 9         Europe Home Improvement Market Size, By Type, By Value, 2018-2028        

Table 10        Europe Home Improvement Market Size, By Project, By Value, 2018-2028      

Table 11        Europe Home Improvement Market Size, By Source, By Value, 2018-2028      

Table 12        Europe Home Improvement Market Size, By Country, By Value, 2018-2028    

Table 13        Asia-Pacific Home Improvement Market Size, By Type, By Value, 2018-2028   

Table 14        Asia-Pacific Home Improvement Market Size, By Project, By Value, 2018-2028

Table 15        Asia-Pacific Home Improvement Market Size, By Source, By Value, 2018-2028

Table 16        Asia-Pacific Home Improvement Market Size, By Country, By Value, 2018-2028        

Table 17        Latin America Home Improvement Market Size, By Type, By Value, 2018-2028         

Table 18        Latin America Home Improvement Market Size, By Project, By Value, 2018-2028      

Table 19        Latin America Home Improvement Market Size, By Source, By Value, 2018-2028      

Table 20        Latin America Home Improvement Market Size, By Country, By Value, 2018-2028     

Table 21        Middle East & Africa Home Improvement Market Size, By Type, By Value, 2018-2028 

Table 22        Middle East & Africa Home Improvement Market Size, By Project, By Value, 2018-2028         

Table 23        Middle East & Africa Home Improvement Market Size, By Source, By Value, 2018-2028         

Table 24        Middle East & Africa Home Improvement Market Size, By Country, By Value, 2018-2028         

Table 25        The Home Depot U.S.A., Inc.         Company Overview

Table 26        The Home Depot U.S.A., Inc.         Financial Overview

Table 27        Lowe's Companies, Inc.       Company Overview

Table 28        Lowe's Companies, Inc.       Financial Overview

Table 29        Wesfarmers Limited (Bunnings Warehouse) Company Overview

Table 30        Wesfarmers Limited (Bunnings Warehouse) Financial Overview

Table 31        Kingfisher Plc, Menards, Inc. Company Overview

Table 32        Kingfisher Plc, Menards, Inc. Financial Overview

Table 33        Ace Hardware Corporation   Company Overview

Table 34        Ace Hardware Corporation     Financial Overview

Table 35        3M Company  Overview

Table 36        3M Company  Financial Overview

Table 37        OBI Group Holding SE & Co.KGaA   Company Overview

Table 38        OBI Group Holding SE & Co.KGaA   Financial Overview

Table 39        Hornbach Holding AG & Co. KGaA Company Overview

Table 40        Hornbach Holding AG & Co. KGaA Financial Overview

Market Segmentation

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

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle East & Africa (MEA)
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Frequently Asked Questions (FAQs):

Ans: The global home improvement market reached USD 333.7 billion in 2021.
Ans: The major factors driving the growth of the global home improvement market are rising integration of advanced technologies and increasing construction of green buildings.
Ans: The key players in the global home improvement market are Sherwin-Williams Company, Power Home Remodeling Group, The Home Depot, Kingfisher, Ferguson Enterprises, Owens Construction, Andersen Corporation, State-wide Remodeling, DuPont de Nemours, Harvey Building Products, Watsco, Inc., Boral Building Products, Beacon Roofing Supply, APCO Industries, Pella Corporation, Robert Bowden, Kohler, Keller Supply Company, Dreamstyle Remodeling, Lutron Electronics, and other prominent players.
Ans: The DIFM segment accounted for the largest share in the global home improvement market.
Ans: Europe hold the highest market share in the global home improvement market.