Rapid urbanization accompanied by increasing disposable income in developing economies is one of the major factors driving the growth of the Global Home Improvement Market.
Scope of the Home Improvement Market Report:
Home improvement refers to the process of renovating or making additions to one’s home. It is also known as remodeling or renovation. It can consist of activities that upgrade the existing home interior, exterior, or other improvements to the property. This is because home improvement is also a great opportunity to improve the comfort, safety, and energy performance of a house or apartment by adding or raising insulation. While home improvement often refers to building projects that change the structure of an existing home, it can also include improvements to lawns, gardens, and outdoor structures, such as gazebos and garages. It also includes maintenance, repair, and general servicing tasks.
The global home improvement industry is expected to show significant growth in the coming few years. According to the Joint Center for Housing Studies of Harvard University, Boomers are expected to account for 56% of all residential remodeling spending by 2025, up from 31% in 2005. That gives remodelers plenty of opportunities to address the growing need for aging-in-place renovations.
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Home Improvement Market Key Players:
- Home Depot
- Inside Tweedy and Popp Hardware
- Ace Hardware
- Canadian Tire
- Bunnings Warehouse
Rapid Urbanization Accompanied by Increasing Disposable Income in Developing Economies is one of the Major Factors Driving the Growth of the Global Home Improvement Industry.
Rapid urbanization accompanied by increasing disposable income in developing economies is propelling the growth of the global home improvement market. An increase in socialization including house parties and family gatherings also supports the demand for home improvement services. The industry observes increasing design & product innovations with multiple colors & finishing options to cater the growing home improvement demand. According to Home Renovation Statistics and Trends, the average spend of USD 15, 000 was on all kinds of home improvements including decorating, renovating, and repairing. Of the three activities, the most popular is decorating at 65% followed by renovations at 58% and lastly repairs at 52%. This growing urbanization has meant that cities have become the principal drivers of economic growth in the United States.
According to World in data, the United Nations estimates that 54 percent of people in the world lived in urban areas in 2016. Using UN Urbanization Prospects projections, in 2018 this is estimated to be just over 55 percent of the world. By 2050 more than two-thirds of the world’s population is projected to be living in urban areas, according to the United Nations Development Programme. In order to accommodate this rapid expansion in urban houses, experts estimate that USD 57 trillion in global infrastructure investment is required by 2030 alone. More than 1 billion people live in housing that is below minimum standards of comfort and sanitation and new houses will have to be built for 3 billion people by 2030.
However, augmenting prices of home building products can restrain the home improvement market growth. The industry observes increasing design & product innovations with multiple colors & finishing options to cater to the growing home improvement demand. In spite of that, new product innovation, online selling, and effective advertisement can provide various growth opportunities for the further growth of the global home improvement industry.
Global Home Improvement Market Segmentation:
- Door Hardware
- Building Materials
- Kitchen And Toilet Product
- Online Marketing
- Offline Marketing
Regional & Country Analysis
North America is expected to dominate the global home improvement market. Increasing spending on home improvement projects owing to inclination towards the installation of modern household products having attractive and appealing finishing are some of the major factors driving the growth of home improvement market size in this region. According to Home Improvement Industry Statistics, Home improvement and renovations in the U.S. totaled over USD350 billion. USD 194 billion of that figure represents the 13 million projects started in 2018 that cost the homeowner over USD 1,000. Those with higher incomes and multiple properties tend to remodel more and undertake home improvement projects more frequently. 25% of homeowners spent between USD 10, 000 and USD 25, 000 on their home improvement and renovating projects in 2018. In addition, According to the Home improvement trends of 2016, 60% of Canadian homeowners had realistic budgets for roofing renovations.
Europe is the second-largest region for the growth of the home improvement market due to the rise in construction activities and increasing land costs has shifted the preference towards the renovation of existing homes.
Key Benefits for Home Improvement Market Reports
- Global Home Improvement market report covers in depth historical and forecast analysis.
- Global Home Improvement Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global Home Improvement market report helps to identify opportunities in the marketplace.
- Global Home Improvement market report covers extensive analysis of emerging trends and competitive landscape.
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