Home Improvement Market to exceed $1,120 Bn by 2025
Published Date: April 22, 2019 Authors: Kiran Pulidindi, Hemant Pandey
Home Improvement Market size is estimated to surpass USD 1,120 billion by 2025; according to a new research report by Global Market Insights, Inc.
Trend towards improving energy efficiency owing to favorable government policies and necessity to reduce the electricity costs is driving the home improvement industry growth. Many countries such as the U.S., China, Japan, India, and European countries offer tax credits as part of their green building regulations. Developed countries in Europe and North America are most willing to invest in sustainable solutions for the homes.
Lower lending rates coupled with increasing land costs is surging the home improvement market development. The other key aspects contributing to rise in demand includes rapid urbanization, internal & external migration, increasing employment, and economic growth in a country. For instance, as per World Bank, the global urban population has increased from 51.7% in 2010 to 54.8% in 2017.
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Features such as technological advancements and design innovations in the form of new materials, color & durable finish options will generate notable gains through 2025. Moreover, rising demand among the consumers pertaining to fire-rated building products such as windows and doors due to rise in count of fire incidences will create new market growth opportunities.
Browse key industry insights spread across 250 pages with 139 market data tables & 10 figures & charts from the report, “Home Improvement Market Size 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), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Developed regions including North America and Europe accounted for around 85% of the market revenue in 2017. The presence of necessary skills in consumers for carrying out the home improvement work is among the key factors propelling the market growth. Also, manufacturers offer smart home improvement kits to assist the DIY consumers. Furthermore, presence of large DIY stores along with penetration of ecommerce sales channel will create long-term positive impact.
System upgrades holds a substantial share in global home improvement market in 2018. High demand is expected majorly on account of technological advancements and increase in remodeling services to old house structures. The segment includes spending on replacement or addition of products such as AC, heaters, lightings, wiring, plumbing fixtures, water heaters, and others. Also, the development of new security systems has surged the market expansion.
North America home improvement market generated more than USD 460 billion revenue in 2018. Stringent green building regulations, rising electricity expenses, growth in internal migrations, and high household spending are some of the major factors driving the regional market demand.
The key industry participants include ABC Supply, Dow Building Solutions, Kohler Co., Builders First Source, 3M, The Home Depot, Andersen Corporation, Fortune Brands Home & Security, GAF Materials Corporation, Oldcastle Building Products, JELD-WEN, Hanley Wood LLC, and Ferguson Enterprises.
The key strategies observed among the key industry players include merger & acquisitions, strategic R&D investments on product innovations, distribution channel expansion, and improving the services.