Home Improvement Market - By Project (DIY, DIFM), By End-use (Kitchen Improvement & Additions, Bath Improvement & Additions, System Upgrades, Exterior Replacements, Interior Replacements, Property Improvements, Disaster Repairs) & Forecast, 2021-2027

Home Improvement Market Size

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. Rapid urbanization along with government initiatives to provide incentives & tax credits on green building construction has stimulated the market growth. Moreover, the prominence of e-commerce and availability of technologically advanced systems upgrades will propel home remodeling activities globally.
 

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The increasing adoption of smart kitchens in home renovation is due to escalating demand for easy add-ons such as self-regulating dispensers, motion-sensing water faucets, and one-touch feature of chillers. Additionally, effective storage cabinetry, new styles & preferences in appliances, hardwood flooring, backsplash trends, and an efficient connection with the outdoors will further provide a positive scope to the overall industry. Factors including rising mortgage & interest rates and surging new home prices are driving millennial spending in home improvement activities.
 

Integrated home control systems are one of the fastest adopted technology by homeowners. The system boosts convenience, accessibility & safety, and allows users to access their homes completely through a single touch screen panel system. The integration of IoT has facilitated interconnection of lighting, audio, video, cameras, HVAC, and door access from conveniently located panels inside the premises. In addition, with connectivity to security systems, it is possible to monitor an entire property using smartphones and tablet apps from any remote location. Hence, these factors will propel the home improvement market .
 

Online sales have emerged as the fastest-growing channel for home improvement components, particularly for individuals, small-scale companies, and service providers. As per a study conducted by ABN AMRO on online transactions, the utilization of online channels to sell remodeling components & materials has nearly doubled over the past two years. It utilizes web, mobile phones, and applications to place orders and get products delivered on-site. The facility enables online customer support in accessing product information, purchase decisions, price comparison, and real-time tracking.
 

The fluctuating cost of raw materials and limited availability of skilled workforce will hamper the market growth by 2027. However, the rising COVID-19 infections have adversely affected the industry landscape. An extensive demand-supply gap coupled with a decline in consumption is also hampering the industry. Furthermore, the imposition of national lockdown has led to delayed remodeling projects, scarcity of materials & subcontractors, barriers in the supply chain network, etc.
 

Home Improvement Market Analysis

The DIY home improvement market size crossed USD 290 billion in 2020 and is likely to grow at 4.5% CAGR through 2027. A rapid growth in e-commerce sales channels has surged the demand for DIY home renovation solutions. The majority of consumers opt for DIY as it saves money, helps to gain satisfaction, and personalizes their projects. These projects involve end consumers without the inclusion of any other third-party members. The provision of psychological rewards offering social connection, development of multiple skills, high flexibility, and effective utilization of resources will boost the industry size.
 

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The exterior replacements end-use segment is set to constitute over 18.6% of the global consumption in 2027. The segment will dominate the overall home improvement market on account of shifting consumer trends toward outdoor leisure activities. Exterior renovations include newly painted walls, upgraded windowpanes & doors, garden accessories, etc. They add unique value to the housing appearance along with enhanced performance & structure. For instance, siding is a major exterior renovation among homeowners that improves the appearance & outlook of the exteriors. Shifting consumer preferences for polymer & vinyl sidings that provide a similar outlook of actual wood grain will promulgate the segment growth.
 

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The Europe home improvement market size is poised to hold more than USD 315.5 billion revenue in 2027. The introduction of smart infrastructure with energy conservation solutions will significantly influence industry growth. Several residents of Tier 1 countries, such as the UK, Germany, France, Italy, Spain, and Poland, are substantially investing in the incorporation of digitalization in their renovation projects to enhance safety. Moreover, the occurrence of natural calamities is fostering demand for disaster repair home improvement services.
 

Home Improvement Market Share

Home improvement firms adopt numerous strategies that involve partnerships with investors, franchisors or retailers, and manufacturing brands. The industry landscape is highly fragmented, and the easy entry of new entrants keeps the market highly competitive, in terms of pricing. Specialization and vertical integration provide companies a significant competitive advantage and provide noteworthy value, strengthening their position in organic investment, mergers, or acquisitions.
 

For instance, in April 2019, JELD-WEN Inc. announced an agreement to acquire VPI Quality Windows, a notable vinyl window producer specializing in customized solutions for institutional, mid-rise multi-family, and hospitality projects primarily in the Western U.S. This acquisition will help the company to enhance its market share in the multi-family window market.
 

Prominent home improvement market players include

• Sherwin-Williams Company
• The Home Depot
• Ferguson Enterprises
• Andersen Corporation
• DuPont de Nemours
• Watsco, Inc.
• Beacon Roofing Supply
• Pella Corporation
• Kohler
• ABC Supply Co.
• Neil Kelly Company
• Henkel Corporation
• American Exteriors
• Lutron Electronics
• Dreamstyle Remodeling
• Steves and Sons Roxul
• Builders FirstSource
• Masco Corporation
• Keller Supply Company
• Case Design/Remodeling
• Robert Bowden
• APCO Industries
• Boral Building Products
• Harvey Building Products
• State-wide Remodeling
• Owens Construction
• M S International
• Kingfisher
• Power Home Remodeling Group
   

This market research report on home improvement includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2017 to 2027 for the following segments:

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Market, By Project

• DIY
• DIFM

Market, By End-use

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

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Poland
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Turkey