USD 342 billion
Home Improvement Market Size, Share, Growth Analysis, By Product(Flooring, Furniture, Kitchen & Bathroom Improvements, Lighting Fixtures), By Application(Residential, and Commercial), By Distribution Channel(Online, Offline (DIY Retailers, Home Improvement Stores, Others)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25G2008 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
94
|Figures:
76
Home Improvement Market Insights
Global Home Improvement Market size was valued at USD 342 billion in 2022 and is poised to grow from USD 364.9 billion in 2023 to USD 613.1 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).
In recent years, the global home improvement market has been changing consumer preferences and demands due to the increasing trend of home renovation and remodeling activities, influenced by changing consumer lifestyles and preferences.
The rise of the do-it-yourself (DIY) culture, coupled with the availability of online tutorials and easy access to home improvement products, has further fueled market expansion.
Additionally, in terms of product segments, categories such as flooring, furniture, kitchen and bathroom improvements, and outdoor landscaping have seen notable demand. Energy-efficient and sustainable home improvement solutions are gaining traction as environmental consciousness grows among consumers.
Additionally, the e-commerce boom has facilitated the purchase of home improvement products online, contributing to the overall market growth.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Kitchen and Bathroom Improvements
Fastest Growth
Smart Home Products
Growth Rate
6.7% CAGR
Global Home Improvement Market ($ Bn)
Country Share for North America Region (%)
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Home Improvement Market Segmental Analysis
Global Home Improvement Market is segmented by Product, Application, Distribution Channel and region. Based on Product, the market can be segmented into Flooring, Furniture, Kitchen & Bathroom Improvements, Lighting Fixtures, Paints & Coatings, Tools & Hardware, Outdoor & Garden, others. Based on Application, the market is segmented into Residential, and Commercial. Based on Distribution Channel , the market is segmented into Online, Offline (DIY Retailers, Home Improvement Stores, Others). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
Kitchen and bathroom improvements have typically held a substantial market share due to their high functional and aesthetic significance. Homeowners frequently invest in upgrading kitchens and bathrooms, driven by evolving design trends, technological innovations (smart appliances), and the potential for increasing property value. Kitchens and bathrooms are areas where homeowners frequently invest in upgrades and renovations. Consumer preferences for modern and stylish living spaces contribute to the dominance of these product types.
With the increasing integration of technology into homes, smart home products are likely to experience rapid growth. This includes smart lighting, thermostats, security systems, and other home automation solutions. The growing trend of smart homes, driven by the Internet of Things (IoT), contributes to the demand for smart home improvement products. Consumers value the convenience and connectivity that smart home products provide, influencing their purchasing decisions.
Analysis by Distribution Channel
The dominance of online retail is driven by the convenience and accessibility it offers to consumers. The ability to browse, compare prices, and make purchases from the comfort of home has increasingly positioned online channels at the forefront. The continuous growth of e-commerce platforms and the ease of online transactions contribute to the dominance of online retail. Online platforms provide a vast array of home improvement products, allowing consumers to explore diverse options.
The do-it-yourself (DIY) culture is gaining momentum, and specialty DIY retailers may experience rapid growth. These stores cater to consumers who prefer hands-on involvement in their home improvement projects. The increasing popularity of DIY home improvement projects fosters growth for retailers providing tools, materials, and guidance. DIY retailers often offer educational resources, workshops, and tutorials, attracting consumers seeking guidance for their projects.
Global Home Improvement Market By Type
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Home Improvement Market Regional Insights
North America is a dominant region due to its developed housing market, high homeownership rates, and culture of home improvement. Sustaining market leadership is facilitated by well-established home improvement retail networks and a strong focus on property value. The persistent demand for home improvement projects is driven by the high homeownership rates in North America. Dominance in the market is supported by a well-developed retail infrastructure, which includes online marketplaces and home improvement stores.
Rising rates of urbanization, rising disposable incomes, and growing home aesthetic consciousness are all contributing factors to the Asia-Pacific region's potential for rapid growth. This region's emerging economies are witnessing a home-building and remodeling boom. The need for contemporary living quarters is rising as a result of urbanization trends and the expanding middle class. Prosperity in the economy and rising consumer expenditure on lifestyle upgrades drive.
Global Home Improvement Market By Region
- Largest
- Fastest
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Home Improvement Market Dynamics
Drivers
Increasing of Homeowners investing in Renovations
- The increase of homeowners investing in renovations and remodeling projects, influenced by evolving lifestyles and a desire for personalized living spaces. The pandemic has further accelerated this trend, as more individuals spent time at home and sought to enhance their living environments. Additionally, the growing popularity of the do-it-yourself (DIY) culture, facilitated by easy access to online tutorials and a wide range of home improvement products, has significantly boosted market demand.
Restraints
High Costs Associated with Quality Materials
- One of the main market restraints is the high costs associated with quality materials, labor, and advanced technologies pose a significant restraint, limiting the affordability of home improvement projects for some consumers. Economic uncertainties and fluctuations in real estate markets also influence consumer spending on renovations and remodeling, acting as a constraint during periods of economic downturn. Regulatory challenges, such as building codes and zoning restrictions, can add complexity and costs to projects, impacting the market's growth.
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Home Improvement Market Competitive Landscape
The intense competition among major players vying for market share through strategic initiatives and a wide range of product offerings characterises the dynamic competitive environment of the home improvement industry. Prominent industry players are actively involved in product innovation, distribution network expansion, and strategic partnerships, including both multinational corporations and regional players. The ability to adapt to changing consumer preferences, brand recognition, and pricing strategies are important areas of competition. Reputable providers of home improvement goods, including furniture, flooring, tools, and smart home solutions, compete to offer a wide range of goods through their physical storefronts and online stores.
Top Player’s Company Profiles
- Ferguson Enterprises, Inc.
- Sherwin-Williams Company
- Watsco, Inc.
- Pella Corporation
- Kohler Company
- Andersen Corporation
- ABC Supply Co., Inc.
- Beacon Roofing Supply, Inc.
- Builders FirstSource, Inc.
- Case Design/Remodeling, Inc.
- Dreamstyle Remodeling
- Du Pont de Nemours, Inc.
- Henkel AG & Co. KGaA
- Kingfisher plc
- Neil Kelly Company
- Robert Bowden, Inc.
- Steves and Sons, Inc.
Recent Developments
- In September 2023, The Home Depot®, the largest global home improvement retailer, finalized a definitive agreement to acquire International Designs Group (IDG). IDG operates Construction Resources and other design-focused subsidiaries. Construction Resources is a prominent distributor of surfaces, appliances, and architectural specialty products catering to professional contractors involved in renovation, remodeling, residential home building, and multi-family projects.
- In October 2023, Great Day Improvements expanded organically again, incorporating more than 40 locations into its existing brand portfolio. The recent strategic acquisition of K-Designers is a significant step forward for Great Day Improvements, allowing it to enter the California remodelling market.
Home Improvement Key Market Trends
Rising Emphasis on Environmentally Friendly Practices
- The growing emphasis on environmentally friendly and sustainable practices, as more and more customers choose products that share their concerns. Smart home integration is another significant trend, with the integration of technology into various home improvement products, including lighting, security systems, and thermostats. With the help of readily available online tutorials and an abundance of products that are suitable for DIY projects, the do-it-yourself (DIY) trend is still growing. Online retail is experiencing a surge, driven by the convenience of e-commerce platforms for purchasing home improvement goods. Furthermore, a growing emphasis on health and wellness is influencing interior design trends through an increase in demand for goods that improve indoor air quality.
Home Improvement Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global home improvement market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by increasing homeowner investments in renovations and the surge in the do-it-yourself (DIY) culture. However, high costs, economic uncertainties, and regulatory challenges act as constraints. Kitchen and bathroom improvements dominate product demand, driven by aesthetic appeal and property value enhancement. North America leads the market due to a mature housing sector, while the Asia-Pacific region exhibits rapid growth, fueled by urbanization and rising disposable incomes. Key trends include the growing popularity of sustainable and smart home solutions, online retail, and a focus on health and wellness in home design.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 342 billion |
| Market size value in 2031 | USD 613.1 billion |
| Growth Rate | 6.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Home Improvement Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Home Improvement Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Home Improvement Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Home Improvement Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Home Improvement Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Home Improvement Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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