Home Improvement Market in North America will grow significantly owing to the high spending among the consumers on renovations and remodeling in the houses particularly on system upgrades, interior and exterior alterations. Factors including surge in the new houses sales, minimal loan interest rates and higher future mortgage rates will escalate product demand. Additionally, presence of large manufacturers and retailers has led to increase in the number of DIY projects across the region.
Real estate industry expansion coupled with increasing disposable income among the consumers in the developing countries including India, Brazil, Indonesia, Mexico etc. Are driving the home improvement market. Increasing spending on home improvement projects owing to inclination towards installation of modern household products having attractive and appealing finishing is expected to further support the business growth.
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Factors such as decreased willingness of the young generation consumers coupled with aging population across the developed markets in both North America and Europe will fuel the home improvement market demand across the DIFM segment.
Rapid rise in the urbanization rate coupled with increase in the penetration on ecommerce channels offering huge discounts for attracting the millennials will contribute significantly towards the market expansion up to 2025. Increasing occurrences of natural disasters along with drastic changes in the temperature is expected to increase the product adoption rate across the polar and subtropical regions. Rapid technological advancements in the home improvement market has pushed the manufacturers towards development of highly innovative products by utilizing smart automation system.
Kitchen improvement & additions is expected to register CAGR of over 6% up to 2025. Rise in the number of residential remodeling and replacement projects across both developed and emerging countries coupled with growing demand for quartz countertops, cabinets having streamlined textures, designs having an effective storage solution cabinetry will drive the segment growth. Over the past few years there has been rapid rise in the demand for small efficient kitchen appliances such as 60-inch fridge, 18-inch dishwasher, combo microwave/convection oven and touch-activated faucets.
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Few key players in the home improvement market include:
- Anderson Corporation
- The Home Depot
- Pella Corporation
- Henkel Corporation
- Steves and Sons Inc.
- Kingfisher plc
- AARP American Exteriors LLC
Mergers, capacity expansions, acquisitions, product innovations and joint ventures are few key strategies adopted by the vendors for expanding and building their business. For instance, in May 2018, Anderson Corporation announced to expand its window extrusion factory in the U.S. by 60,000 square feet with an investment worth USD 40 million to cater the growing demand for its product from the North American region.
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