United States Home Improvement Market to Grow at a CAGR of 4.47% in the Forecast Period
United States Home Improvement Market is being
propelled by Rising demand for smart home products and the growing popularity
of outdoor living spaces.
According to TechSci Research report, “United
States Home Improvement Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2029”, the United States Home Improvement
Market stood at USD 448.08 billion in 2022 and is anticipated to grow with a
CAGR of 4.51% in the forecast period, 2024-2028. The United States home
improvement sector is a robust and diverse industry encompassing a wide
spectrum of products and services aimed at enhancing residential properties.
Homeowners invest in renovations, repairs, and upgrades to create more
comfortable, functional, and visually appealing living spaces. The industry's
vitality is influenced by factors like economic conditions, housing market
trends, and the aging housing stock. Sustainability, energy efficiency, and
technological advancements are key drivers shaping the sector. Challenges
include labor shortages, supply chain disruptions, regulatory compliance, and
intense competition. Notable trends include a growing emphasis on
sustainability, smart home integration, aging-in-place renovations, and the
popularity of DIY projects. Online sales have surged, transforming the shopping
experience for consumers.
The economic health of the United States is
intricately linked with the home improvement industry. Economic conditions,
such as GDP growth, employment rates, and consumer confidence, significantly
influence the industry's performance. During times of economic prosperity and
high consumer confidence, homeowners are more likely to invest in home
improvement projects. These projects can range from basic repairs and
maintenance to more ambitious undertakings like remodeling entire rooms or
expanding living spaces.
The housing market also plays a substantial role in
driving the home improvement industry. During periods of robust housing
activity, with rising property values, homeowners frequently engage in
renovations and upgrades to increase the value of their homes. Low-interest
rates and favorable lending conditions can further stimulate homeowners to
invest in home improvements.
Conversely, during a housing market downturn,
homeowners may postpone or scale back their renovation plans as they prioritize
essential repairs over discretionary projects. The cyclical nature of the
housing market, characterized by periods of growth followed by corrections,
greatly impacts the pace and scale of home improvement projects.
In recent years, the U.S. housing market has
experienced these fluctuations, impacting the level of activity in the home
improvement industry. As the economy and housing market continue to evolve, the
industry must adapt its strategies to align with changing consumer behavior and
market conditions.
The growing emphasis on sustainability and energy
efficiency is a driving force in the U.S. home improvement industry. Homeowners
increasingly prioritize eco-friendly and energy-saving solutions, not only to
reduce their environmental footprint but also to lower utility bills and
enhance property value.
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This trend is evident in the adoption of green
building practices and the installation of energy-efficient appliances,
insulation, windows, and HVAC systems. Solar panels and smart home
technologies, which help homeowners manage energy consumption, are also on the
rise.
Government incentives and regulations further bolster
the focus on sustainability. Federal and state incentives, tax credits, and
rebates are often available to encourage homeowners to invest in
energy-efficient upgrades. Building codes and standards are evolving to
incorporate eco-friendly practices, making it necessary for home improvement
companies to stay current with these regulations.
For home improvement businesses, embracing
sustainability and energy efficiency can be a competitive advantage. Offering
green building materials, providing expertise on energy-efficient solutions,
and helping homeowners access available incentives can set companies apart in a
market increasingly focused on environmental and energy-conscious practices.
United States Home Improvement market is segmented
into product, project, sales channel, and region.
Based on the project, the market is segmented into DIFM,
DIY.
DIY (Do-It-Yourself) has emerged as a rapidly growing
segment in the United States home improvement industry. Driven by the desire
for personalization and cost savings, more homeowners are taking on home
improvement projects themselves. This trend is fueled by easy access to online
tutorials, a wealth of DIY-focused content on social media platforms, and the
availability of affordable tools and materials. The DIY culture empowers
individuals to tackle a wide range of projects, from minor repairs to complex renovations.
It not only fosters a sense of accomplishment but also aligns with changing
consumer preferences for hands-on involvement in home improvement. This trend
has led to a surge in sales of DIY-friendly products and materials.
Major companies operating in United States Home
Improvement market are:
- The Home Depot U.S.A., Inc.
- Lowe’s Companies Inc.
- Menard Inc.
- ACE Hardware Corpoartion
- True Value Company
- 84 Lumber
- Floor & Decor Holdings Inc.
- 3M Company
- Kohler Company
- ABC Supply Co., Inc.
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The United States home improvement industry is a
diverse and dynamic sector encompassing a wide range of products and services
aimed at enhancing and renovating residential properties. It plays a vital role
in the pursuit of comfortable, functional, and aesthetically pleasing living
spaces. Key drivers include economic conditions, an aging housing stock, sustainability
trends, and technological advancements. Challenges include labor shortages,
supply chain disruptions, regulatory compliance, and intense competition.
Prominent trends include a focus on sustainability, integration of smart home
technology, aging-in-place renovations, and the rise of DIY culture. Online
sales have surged, providing convenience and a wide product selection.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“United
States Home Improvement Market By Product (Building & Remodeling, Home
Décor, Outdoor Living, Tools & Hardware), By Project (DIFM, DIY), By Sales
Channel (Homeware Stores, Franchised Stores, Specialty Stores, Online, Others
(Direct Sellers, General Merchandised Retailers, etc.)) By
Region, By Competition Forecast & Opportunities, 2018-2028F, has evaluated
the future growth potential of United States Home Improvement market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in United States Home Improvement market.
Contact
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Techsci Research LLC
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