According to TechSci Research report, “Global Home Improvement Market By Product (Building and Remodeling, Home Décor, Tools and Hardware, and Outdoor Living), By Project (DIFM, and DIY), By Sourcing (Homeware Stores, Franchised Stores, Specialty Stores, Online Sales Channel, and Others (Direct Sellers, General Merchandised Retailers, etc.)), By Region, Competition, Forecast & Opportunities, 2026”, the global home improvement market is anticipated to grow more than USD1443 billion in 2020 and is expected to reach around USD1975 billion in 2026, growing at a CAGR of 5.63% during the forecast period. Homeowners' shifting choices for energy-efficient and opulent living areas are helping to propel the sector forward. The industry has grown as a result of rapid urbanization and government attempts to give incentives and tax credits for green building construction. Furthermore, the popularity of e-commerce and the availability of technologically improved system updates will drive house remodeling globally.
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As a result of COVID-19, the global home improvement market has seen a tremendous increase in demand for its products, as homeowners were spending money on anything that could improve the comfort of their homes. Furniture, pools, new gym equipment, and a wide range of other dream home renovations were in high demand. People experienced lengthy delays in obtaining their purchases as a result of their excessive spending. In some cases, people were warned that they would have to wait up to a year to receive what they had ordered. As a result of the COVID restriction, manufacturers were able to produce fewer units because fewer employees were able to perform the necessary tasks to produce the purchased products. The global supply chain was disrupted, affecting every company's ability to operate in 2020.
The global home improvement market is segmented into by product, by project, by sourcing, by region and by company. In terms of by product segment, the global home improvement market is categorized into building and remodeling, home décor, tools and hardware, and outdoor living. Among these, building and remodeling category has accounted for the majority of market share in the global home improvement market as people are now more attracted towards the technologically upgraded home products and modernized structure of kitchen and bathroom are the factors affecting the market growth.
In terms of sourcing, the global home improvement market is segmented into Homeware Stores, Franchised Stores, Specialty Stores, Online Sales Channel, and Others. Among which, homeware stores have accounted for the major market share in the global home improvement market. Nowadays, for consumers, small businesses, service providers, and online sales have emerged as the fastest-growing channel for home improvement components. According to a survey on online transactions, it has been analyzed that the use of internet channels to sell remodeling components and materials has nearly doubled in the last two years.
In terms of region, the global home improvement market is segmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa. Among these, North America region has accounted for the majority of market share around 48% in the global home improvement market in 2020 followed by Europe and will continue to dominate the market in the forecast period. This is because this region holds the largest portion of the young and millennial population and even the records say that more than 50% of homes in the US were built before 1980, so the need for remodeling has aroused. Even the tax relief has also been granted by the government, adding to the benefits of the home improvement market.
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The Home Depot U.S.A., Inc., Lowe’s Companies, Inc., Groupe Adeo SA, Wesfarmers Limited (Bunnings Warehouse), Kingfisher plc, Menard, Inc., OBI Group Holding SE & Co.KGaA, ACE Hardware Corporation, HORNBACH Group (HORNBACH Baumarkt AG subgroup), 3M Company are some of the leading players operating in the global home improvement market. Major home improvement companies are expanding their manufacturing bases to meet the rising demand across developing countries in North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The global home improvement market is competitive, with various international brands present and domestic companies in developed and developing countries having a small market share. Owing to the rapidly changing nature, taste, and preferences of consumers, the launch of a new product has become the most critical strategy above all others. Furthermore, businesses have embraced growth through mergers and acquisitions by multinational corporations, which have proven to be effective in strengthening their presence.
“Post COVID-19, the preference for DIY has tremendously increased as people have more spare time and money to evolve their standard of living by modifying the interiors of their house. Owing to this the global home improvement market is anticipated to grow at faster pace and factors like online purchasing for the home improvement products at affordable and comparable pricing is further anticipated to positively influence the growth of the market through 2026,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Home Improvement Market By Product (Building and Remodeling, Home Décor, Tools and Hardware, and Outdoor Living), By Project (DIFM, and DIY), By Sourcing (Homeware Stores, Franchised Stores, Specialty Stores, Online Sales Channel, and Others (Direct Sellers, General Merchandised Retailers, etc.)), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global home improvement market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global home improvement market.
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