Home Improvement Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

  • TBI784895
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel
                                              

Abstract, Snapshot, Market Analysis & Market Definition: Home Improvement Market

Industry / Sector Trends

Global Home Improvement Market size was valued at over USD 800 billion in 2018 and is anticipated to witness over 4.5% CAGR up to 2025. North America

Market Segmentation, Outlook & Regional Insights: Home Improvement Market

Home Improvement Market, By End-Use, 2018 & 2025, (USD Billion) Rapid urbanization accompanied by increasing disposable incomes in developing economies is propelling the global home improvement market. Increase in socialization including house parties and family gatherings is supporting the demand for home improvement services. The industry observes increasing design & product innovations with multiple color & finishing options to cater the growing home improvement demand. Availability of technologically advanced products accompanied by penetration on ecommerce stores offering large discounts is surging the industry share. Also, factors such as lower lending rates along with tax concessions provided by the government on transforming the residence in energy efficient homes has a positive impact. Further, the land prices have been substantially increasing, which has paved the way for existing home renovation and expansion. Increasing count of disasters and severe temperature variations are among the other factors driving the investments in home improvement. Countries such as Japan, China, and the U.S. observe higher frequency of catastrophes. Developed countries witnesses renovation & remodeling trends owing to increasing product innovations in diverse categories such as kitchen cabinets, bathroom accessories, and interior alternations. Also, stringent green building regulations along with the necessity to reduce the increasing electricity costs is urging the property owners to renovate their homes. The average age of homes is high in European countries and consumers have a desire to improve their houses supported by increasing income levels and economic growth. However, augmenting prices of home building products can restrain the home improvement market growth. Rise in consumer spending on exteriors such as windows and doors, sidings, and roofing owing to damage due to climatic variations, or desire for installing new designs is fueling the market advancement. Also, the demand is increasing for technological advanced products such eco dish cleaners, ACs, wireless lighting systems, and smart faucet. Whereas, key kitchens trends gaining wide attention include availability of smart kitchens, granite alternatives, effective storage solutions, and matte finishing options.

Home Improvement Market, By Project

China Home Improvement Market, By Project, 2018 DIY segment is projected to account for over USD 680 billion in 2025. Developed economies dominate the global home improvement market size from DIY owing to presence of skills required for installation and need for cost savings. According to FEDIYMA, North America and Europe accounted for 85% of the DIY home improvement sales in 2017. Also, the count of DIY stores in developed countries is increasing owing to enhanced adoption of the services. According to DIY International, in Europe, DIY stores account for 10% of the home improvement market share. Further, penetration of online sales channel in building products segment has surged the market development. DIFM segment is highly observed in developing countries of Asia Pacific and Middle East & Arica. Low labour costs and lack of technical know-how among consumers on installation of home improvement products are among the key factors propelling the segment share. Further, increasing disposable incomes of middle-class families in Asia Pacific is augmenting the demand for DIFM services. The penetration of renowned brands in developing economies, thereby offering advanced products, will support the market development.

Home Improvement Industry, By End-Use

System upgrades holds over 14% share in the global home improvement market size in 2018. Technological advancements such as product offerings with enhanced security levels is propelling the industry expansion. Key aspects supporting the segment share include product innovations related to Wi-Fi technology and automation such as wireless LED bulbs. Furthermore, increasing average age of houses has fuelled the demand for internal water pipes, plumbing fixtures, electrical wiring, and appliances such as air conditioning, heating equipment, water heaters, and dishwashers. Home interiors applications will observe significant growth over the forecast period. Interior segment majorly includes insulation, flooring, panelling, and other improvements inside the home. Increasing energy costs in both developed and developing economies is driving the demand for residential insulation. Aging of the population and declined house mobility among the senior residents have played an important role in urging investments on improving home interiors such as flooring.

Home Improvement Market, By Region

North America dominates the global home improvement market size accounting for over 50% market share in 2018. High consumer spending on housing activities such as roofs replacements and home exterior alterations is proliferating the industry share. Technological advancements towards improved energy efficiency, superior designs, and enhanced durability coupled with necessity for increasing the house security will drive the business expansion. Millennials are buying old and affordable homes and renovate as per their requirements. Further, other factors that positively influence the market include minimal loan interest rates and strong desire to improve the home interiors. Also, high intensity of natural calamities is generating demand disaster repair home improvement services.

Asia Pacific Home Improvement Market, By Country, 2025

Asia Pacific home improvement market is projected to witness over 4.5% CAGR from 2019 to 2025. Booming housing prices in populated cities owing to rapid urbanization and internal migration will surge the home improvement services demand. Shift from house ownership to renting owing to changing job locations and affordability will positively influence the business development. Increasing availability of design options along with penetration of globally renowned brands in the home improvement products category will propel the market growth.

Key Players, Recent Developments & Sector Viewpoints: Home Improvement Market

The global home improvement market share is highly competitive with presence of large number of multinationals and regional players. The key industry participants include ABC Supply, 3M, Dow Building Solutions, GAF Materials Corporation, Kohler Co., JELD-WEN, Andersen Corporation, Builders First Source, Oldcastle Building Products, Hanley Wood LLC, Fortune Brands Home & Security, Ferguson Enterprises, and the Home Depot. Home improvement service providers are focusing on building consumer loyalty for repeat business transactions. The key strategies observed in the industry include product innovations, strategic R&D investments, and merger & acquisitions.

Industry Viewpoint

Global home improvement market size is driven by product developments with innovative designs, rise in earning per capita, and favourable government policies. Rise in construction activities and increase the land costs has shifted the preference towards renovation of existing homes. Also, several government bodies are encouraging for home owners to invest in latest building renovation trends such as green building & energy efficiency. Further, requirement among the aged population to live in an improved house environment after their retirement is generating high investments in exterior alterations such as gardens and porch particularly in developed nations

Key Insights Covered: Exhaustive Home Improvement Market

1. Market size (sales, revenue and growth rate) of Home Improvement industry. 2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Home Improvement industry. 3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Home Improvement industry. 4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Home Improvement industry.

Research Methodology: Home Improvement Market

  • Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  • Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  • Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.

1 Report Overview
    1.1 Research Scope
    1.2 Major Manufacturers Covered in This Report
    1.3 Market Segment by Type
        1.3.1 Global Home Improvement Market Size Growth Rate by Type (2019-2025)
    1.4 Market Segment by Application
        1.4.1 Global Home Improvement Market Share by Application (2019-2025)
    1.5 Study Objectives
    1.6 Years Considered

2 Global Growth Trends
    2.1 Production and Capacity Analysis
        2.1.1 Global Home Improvement Production Value 2014-2025
        2.1.2 Global Home Improvement Production 2014-2025
        2.1.3 Global Home Improvement Capacity 2014-2025
        2.1.4 Global Home Improvement Marketing Pricing and Trends
    2.2 Key Producers Growth Rate (CAGR) 2019-2025
        2.2.1 Global Home Improvement Market Size CAGR of Key Regions
        2.2.2 Global Home Improvement Market Share of Key Regions
2.3 Industry Trends
        2.3.1 Market Top Trends
        2.3.2 Market Drivers

3 Market Share by Manufacturers
    3.1 Capacity and Production by Manufacturers
        3.1.1 Global Home Improvement Capacity by Manufacturers
        3.1.2 Global Home Improvement Production by Manufacturers
    3.2 Revenue by Manufacturers
        3.2.1 Home Improvement Revenue by Manufacturers (2014-2019)
        3.2.2 Home Improvement Revenue Share by Manufacturers (2014-2019)
        3.2.3 Global Home Improvement Concentration Ratio
    3.3 Home Improvement Price by Manufacturers
    3.4 Key Manufacturers Home Improvement Plants/Factories Distribution and Area Served
    3.5 Date of Key Manufacturers Enter into Home Improvement Market
    3.6 Key Manufacturers Home Improvement Product Offered
    3.7 Mergers & Acquisitions, Expansion Plans

4 Market Size by Type
    4.1 Production and Production Value for Each Type
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