Press Release

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”.

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 Regionhas 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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