Home Improvement Market Size, Industry Analysis Report, Regional Outlook (Americas, Europe, APAC and EMEA), Application Development status, Price Trend, Competitive Market Share & Forecast, 2019-2025.
DIY home improvement market is forecast to register over USD 680 billion in 2025. Developed regions including North America and Europe accounted for around 85% of the segment revenue in 2017. The presence of necessary skills in consumers for carrying out the home improvement work is among the key factors propelling the market growth. Also, manufacturers offer smart home improvement kits to assist the DIY consumers. Furthermore, presence of large DIY stores along with penetration of ecommerce sales channel will create long-term positive impact.
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Home Improvement Market size is estimated to surpass USD 1,120 billion by 2025; according to a new research report by Global Market Insights, Inc. Trend towards improving energy efficiency owing to favorable government policies and necessity to reduce the electricity costs is driving the home improvement market growth. Many countries such as the U.S., China, Japan, India, and European countries offer tax credits as part of their green building regulations. Developed countries in Europe and North America are most willing to invest in sustainable solutions for the homes. For instance, the “Renovate Europe” campaign is enhancing the need to reduce energy bills.
Similarly, lower lending rates coupled with increasing land costs is surging the home improvement market development. The other key aspects contributing to rise in demand includes rapid urbanization, internal & external migration, increasing employment, and economic growth in a country. For instance, as per World Bank, the global urban population has increased from 51.7% in 2010 to 54.8% in 2017.
Home Improvement Market By End-Use
- Kitchen Improvement & Additions
- Bath Improvement & Additions
- System Upgrades
- Exterior Replacements
- Interior Replacements
- Property Improvements
- Disaster Repairs
- Other Room Additions & Alterations
Features such as technological advancements and design innovations in the form of new materials, color & durable finish options will generate notable gains over the forecast timeframe. Further, surging demand among the consumers pertaining to fire-rated building products such as windows and doors due to rise in count of fire incidences will create new home improvement market growth opportunities.
The home improvement spending is higher in countries witnessing disruptions due to disasters. According to Insurance Information Institute, in 2017, the natural catastrophe losses in the U.S. were estimated at around 165.3 billion. Also, increasing average age of buildings has supported the home improvement market growth.
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North America home improvement market was valued at over USD 460 billion in 2018. Growth in demand is expected majorly due to stringent green building regulations, rising electricity expenses, growth in internal migrations, and high household spending. Also, manufacturers have constantly focused on technological advancements, design innovations, and improving the product quality, and adhering to the changing trends such as offering ecofriendly products. Further, the lending rates in the region are comparatively lower and the property prices are increasing, thus supporting the home improvement market advancement.
The global home improvement market share is highly competitive with presence of large count of global manufacturers and regional players. The key industry participants include ABC Supply, Dow Building Solutions, Kohler Co., Builders First Source, 3M, The Home Depot, Andersen Corporation, Fortune Brands Home & Security, GAF Materials Corporation, Oldcastle Building Products, JELD-WEN, Hanley Wood LLC, and Ferguson Enterprises. The key strategies observed among the key industry players include merger & acquisitions, strategic R&D investments on product innovations, distribution channel expansion, and improving the services. For instance, in May 2017, Kohler Co. launched KOHLER Experience Centers (KEC) to enhance their distribution network and improve consumer service.