Home Improvement Market to Reach USD1928.42 Billion by 2026
Growing disposable income and increasing
trend of house parties and home renovation to drive the demand for global home
improvement market for the forecast period.
According to TechSci Research report, “Home
Improvement Market - Global Industry Size, Share, Trends, Competition, Opportunity
and Forecast, 2016-2026”, Global home improvement
market was valued at over USD1415 billion in 2020 and is forecast to grow at a
CAGR of 5.23% to reach around USD1928 billion by 2026. DIY or do-it-yourself is
one of the trends that is gaining popularity. During the pandemic, many
consumers took the task of home improvement and started adding home offices and
gyms, gardening, or simply repainting their living space. Since DIY is
cost-effective, therefore, preference of trend is on the rise. Also, high labor
cost in the infrastructure sector is another factor that is promoting this
trend.
The
emergence of smart kitchen appliances such as self-regulating dispenser,
motion-sensing water faucets, coupled with increasing disposable income, are
promoting the growth of the global home improvement market through 2026.
However, a sudden increase or decrease in the price of raw materials affects
the end project cost and profit margin of manufacturers and contractors,
thereby increasing the price of the service and hampering the market's growth.
The
rising consumer awareness regarding sustainability is prompting market players
to take efficient steps towards sustainability in order to expand their
consumer base. For instance, in 2020, Home Depot reported a decrease in store's
electricity usage by 44% in the United States in the last years. Due to the
installation of LED lighting, the usage of building-automation systems, and the
inclusion of energy-efficient heating, air conditioning, and ventilation
systems, electricity use among US retailers declined by more than 14% in 2020.
The corporation is also making headway toward its objective of eliminating
expanded polystyrene (EPS) foam and polyvinyl chloride (PVC) film from
private-label packaging by 2023 in favor of new recyclable alternatives.
Browse 139 market Figures spread through 179 Pages and an in-depth TOC
on "Global Home Improvement Market”.
https://www.techsciresearch.com/report/home-improvement-market/7766.html
Global
home improvement market is segmented into product, project, sourcing, and
company. On the basis of product, the market can be segmented into building and
remodeling, home décor, tools and hardware, and outdoor living. Out of these,
the building and remodeling segment accounted for a share of over 39% in 2020
and is forecast to continue dominance until 2026. Based on the project, the
market is split into DIY and DIFM. The DIY segment registered the fastest
demand in the global home improvement market. The segment is projected to
continue to grow at a higher pace with a CAGR of 5.79% in the forecast period
owing to factors such as the growing relevance of DIY products among consumers,
as well as an expansion of product portfolio by the companies which can be
easily put in place by customers in their homes.
The
internet has evolved into a valuable resource for DIYers as they can instantly
avail complete product information. Moreover, the growing consumer preference
towards DIY is also due to the increasing product and service range offered by
market players. For instance, in 2020, The Home Depot introduced a variety of
innovative new products and services to their DIY and Pro consumers, as well as
focused on improving visual merchandising to improve the shopping experience.
Leading players operating in the global home improvement market include:
·
The Home
Depot U.S.A., Inc.
·
Lowe's
Companies, Inc.
·
Groupe
Adeo SA
·
Wesfarmers
Limited (Bunnings Warehouse)
·
Kingfisher
Plc
·
Menards,
Inc.
·
Ace
Hardware Corporation
·
OBI Group
Holding SE & Co.KGaA
·
Hornbach
Holding AG & Co. KGaA Group
·
3M Company
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“The Asia-Pacific region
is projected to advance with the fastest growth in the global home improvement
market with a CAGR of 5.93% through 2026, on account of the rising middle-class
population, growing preferences of consumers for luxurious and energy-efficient
living spaces, rapid urbanization, and increasing purchasing power of the
consumers. The rapid expansion in the growth of the Asia-Pacific region can be
ascribed to the region's dense population. Additionally, in this region, urban
consumers are demonstrating a stronger desire to renovate and refurbish their
homes. They are continuously spending on services that meet their preferences.
Moreover, due to the presence of vast urban agglomerations, several nations
such as China, India and others have tremendous growth potential, resulting in
increased demand for home improvement products and services.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Home
Improvement Market - Global Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2016-2026 Segmented 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.}) and By Region” has
evaluated the future growth potential of global home improvement market and
provided statistics & information on market size, shares, 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 of global home
improvement market.
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