Home Improvement Market to be Worth over USD 500 Billion by 2028 with a CAGR of 6.40% | BlueWeave Consulting (2022)

Europe dominates the global home improvement market owing to the high disposable income of the customers in this region. The presence of Tier I countries such as the United Kingdom, France, Germany, Spain, etc., and the availability of advanced home improvement services in these countries also plays a crucial role in propelling the growth of the global home improvement market. Following Europe, North America also covers a substantial market share.

| Source: BlueWeave Consulting and Research Pvt Ltd

New Delhi, May 02, 2022 (GLOBE NEWSWIRE) -- The global home improvement market is growing at a high CAGR because of the rising disposable income along with rapid urbanization coupled with changing trends and increasing inclination of younger consumers to transform their homes that match their aesthetics and boost their living comfort….

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global home improvement market was worth USD 333.7 billion in the year 2021. The market is forecast to grow at a CAGR of 6.40%, with revenues reaching around USD 514.9 billion by the end of 2028. The global home improvement market is gaining significant traction owing to the rising disposable income along with rapid urbanization. Furthermore, changing trends and increasing the inclination of younger consumers to transform their homes that match their aesthetics and boost their living comfort is also playing a crucial role in propelling the growth of the global home improvement market.

Growing Popularity of Online Channels is Driving Global Home Improvement Market

The increasing popularity of online channels for acquiring home improvement tools and materials is presenting lucrative growth opportunities for the market. The online shops are now partnering with the home improvement components and service providing companies to offer attractive services such as same-day delivery. Furthermore, the consumers can now access a wide range of components that are not available or produced locally. Furthermore, the increasing popularity of mobile wallets and online payment methods is also anticipated to flourish the global home improvement market.

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Rising Integration of Advanced Technologies is Propelling Global Home Improvement Market

The rising integration of advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), etc., is further propelling the demand for home improvement services. The installation of IoT sensors and smart devices in homes requires services such as maintenance and repair, and interior changes that are offered by home improvement services. With the increasing popularity of smart homes among consumers additional security is anticipated to boost the growth of the global home improvement market.

Global Home Improvement Market - By End-Use

Based on end-use, the global home improvement market is segmented into kitchen improvement & additions, bath improvement & additions, system upgrades, exterior replacements, interior replacements, property improvements, disaster repairs, and other room additions & alterations. The exterior replacements segment accounts for the largest market share. The exterior of the home is constantly exposed to harsh environments and therefore is more prone to damage compared to other parts. Therefore, the consumers significantly invest in maintenance and repair of the exterior, driving this segment growth.

Please Find Press Release of Home Improvement Market: https://www.blueweaveconsulting.com/press-release/home-improvement-market-to-be-worth-over-usd-500-billion-by-2028

Global Home Improvement Market - Regional Insights

Geographically, the global home improvement market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. Europe dominates the global home improvement market owing to the high disposable income of the customers in this region. The presence of Tier I countries such as the United Kingdom, France, Germany, Spain, etc., and the availability of advanced home improvement services in these countries also plays a crucial role in propelling the growth of the global home improvement market. Following Europe, North America also covers a substantial market share.

Impact of COVID-19 on Global Home Improvement Market

The global home improvement market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. Several countries faced economic recession of certain levels due to restrictions on economic activities, which directly impacted the disposable income and purchasing power of the consumers. As a result, a large percentage of consumers postponed their plans of investing in home improvements, due to which the industry players had to bear huge losses. Furthermore, the restrictions on the supply chains and social distancing norms also affected the market growth.

Competitive Landscape

The leading market players of the global home improvement market are Sherwin-Williams Company, Power Home Remodeling Group, The Home Depot, Kingfisher, Ferguson Enterprises, Owens Construction, Andersen Corporation, State-wide Remodeling, DuPont de Nemours, Harvey Building Products, Watsco, Inc., Boral Building Products, Beacon Roofing Supply, APCO Industries, Pella Corporation, Robert Bowden, Kohler, Keller Supply Company, Dreamstyle Remodeling, Lutron Electronics, and other prominent players. The market is fragmented with the presence of several global and regional industry players. The companies constantly launch new designs and methods of home improvement to attract customers and bring innovations into their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, joint ventures, etc., is also prominent in this market.

Don’t miss the business opportunity of the global home improvement market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global home improvement market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global home improvement market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Recent Development

  • In February 2022,Lowe’s Companies Inc., an American home improvement company, announced a partnership with Instacart, an online grocery platform in North America for the same-day delivery of home improvement products.
  • In November 2021,Block Renovation, a US-based technology platform for home renovation, announced to have raised USD 50 million Series C investment led by Softbank Vision Fund 2.

Scope of the Report

AttributesDetails
Years ConsideredHistorical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts CoveredRevenue in USD Billion
Market CoverageU.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/SegmentationBy Project, By End Use, By Region
Key PlayersSherwin-Williams Company, Power Home Remodeling Group, The Home Depot, Kingfisher, Ferguson Enterprises, Owens Construction, Andersen Corporation, State-wide Remodeling, DuPont de Nemours, Harvey Building Products, Watsco, Inc., Boral Building Products, Beacon Roofing Supply, APCO Industries, Pella Corporation, Robert Bowden, Kohler, Keller Supply Company, Dreamstyle Remodeling, Lutron Electronics,and other prominent players.

By Project

  • DIY
  • DIFM

By End Use

  • Kitchen Improvement & Additions
  • Bath Improvement & Additions
  • System Upgrades
  • Exterior Replacements
  • Interior Replacements
  • Property Improvements
  • Disaster Repairs
  • Other Room Additions & Alterations

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle East & Africa (MEA)

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Home Improvement Market to be Worth over USD 500 Billion by 2028 with a CAGR of 6.40% | BlueWeave Consulting (1)

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Home Improvement Market Home Improvement Market Size Home Improvement Market Share Home Improvement Market Report

FAQs

How much is the home improvement market worth? ›

The worldwide home improvement market was valued at 763 billion U.S. dollars in 2020.

What is the Size of the home improvement market? ›

Home Improvement Market size surpassed USD 762.9 billion in 2020 and is estimated to exhibit a CAGR of over 4.3% from 2021 to 2027. Shifting preferences of homeowners for energy-efficient and luxurious living spaces are significantly contributing to the industry expansion.

What is the home improvement retail industry? ›

Industry Definition

Stores in this industry sell a range of home repair and maintenance goods, such as hardware, tools, electrical goods, lumber and structural material for construction and renovations. Hardware stores, which are generally smaller and consequently sell fewer items, are excluded from this industry.

What is the home improvement industry? ›

The industry encompasses the sale of building materials, appliances, décor, and other home enhancements, along with the services offered by contractors, tradespeople, and other workers who help to build, install, modify, and upgrade homes.

How big is the home maintenance industry? ›

The home renovation business accounts for well over $400 billion in annual revenue and is projected to reach $510 billion by 2024. The home improvement industry is smaller than economic supersectors like the automobile industry and supermarkets. However, it is a larger industry than: Full-service restaurants.

What is home improvement products? ›

Knobs & handles Outdoor flooring Tools & fittings Moving supplies Splashbacks & wall panels Oils, stains & product care Acoustic panels Safety products.

How big is the UK DIY market? ›

Hardware & Home Improvement Stores in the UK - Market Size 2010–2028
$14.5bnHardware & Home Improvement Stores in the UK Market Size in 2022
3.8%Hardware & Home Improvement Stores in the UK Market Size Growth in 2022
4%Hardware & Home Improvement Stores in the UK Annualized Market Size Growth 2017–2022
1 more row

Who is the largest home improvement retailer? ›

Today, The Home Depot is the world's largest home improvement retailer with approximately 500,000 orange-blooded associates and 2,300 stores in the U.S., Canada and Mexico.

Why is the home improvement industry growing? ›

New Delhi, May 02, 2022 (GLOBE NEWSWIRE) -- The global home improvement market is growing at a high CAGR because of the rising disposable income along with rapid urbanization coupled with changing trends and increasing inclination of younger consumers to transform their homes that match their aesthetics and boost their ...

Who is the largest home improvement store in the United States? ›

Ace Hardware's Locations

The biggest home improvements store is Ace Hardware with 4,118 different stores in the USA. The states with a maximum of stores include California with 358 stores, Florida with 269 stores and Texas with 223 stores respectively.

What is the difference between home repair and home improvement? ›

How do you tell the difference between the two? Here's a rule of thumb: An improvement is work that prolongs the life of the property, enhances its value or adapts it to a different use. On the other hand, a repair merely keeps property in efficient operating condition.

How dynamic is the home improvement industry? ›

The home improvement industry looks to be quite dynamic, and its growth quite profound. With new technologies down the road, like 3D printing, the continued interest in online services is very likely. And with millennials and baby boomers dominating societies, home improvement product demand will continue to rise.

How many home improvement contractors are there in the US? ›

There are over 6,210 home improvement contractors currently employed in the United States.

How big is the UK DIY market? ›

Hardware & Home Improvement Stores in the UK - Market Size 2010–2028
$14.5bnHardware & Home Improvement Stores in the UK Market Size in 2022
3.8%Hardware & Home Improvement Stores in the UK Market Size Growth in 2022
4%Hardware & Home Improvement Stores in the UK Annualized Market Size Growth 2017–2022
1 more row

What is home improvement products? ›

Knobs & handles Outdoor flooring Tools & fittings Moving supplies Splashbacks & wall panels Oils, stains & product care Acoustic panels Safety products.

Who are B&Q competitors? ›

B&Q's competitors and similar companies include Kingfisher, The Home Depot, United Carpets Group and MadeiraMadeira. B&Q is a retailer of home improvement and garden products.

How many DIY stores are there in the UK? ›

In the UK, there are over six thousand retail stores specializing in this sub-sector.

What sector is B&Q in? ›

B&Q is a British multinational DIY and home improvement retailing company, headquartered in Eastleigh, England. It is a wholly owned subsidiary of Kingfisher plc.

What is the difference between home repair and home improvement? ›

How do you tell the difference between the two? Here's a rule of thumb: An improvement is work that prolongs the life of the property, enhances its value or adapts it to a different use. On the other hand, a repair merely keeps property in efficient operating condition.

What's another word for home improvement? ›

What is another word for home improvement?
home makeoverredecoration
renovationDIY
facelifthome repairs

What is the difference between remodeling and renovating? ›

Remodel vs. renovate

However, for professionals working in one or more of these industries, these terms actually entail two very different things. Essentially, the difference between them is that a renovation refers to restoring something to a previous state, while a remodel refers to creating something new.

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