The Home Improvement Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Home Improvement Services Global Market Report 2024, The home improvement services market size has grown strongly in recent years. It will grow from $345.33 billion in 2023 to $364.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to shifts in homeowner lifestyles, government incentives and programs, weather-related events, real estate market influences, consumer preferences for energy efficiency.
The home improvement services market size is expected to see strong growth in the next few years. It will grow to $450.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to resilience and disaster-proofing, adaptable living spaces, urbanization and housing trends, health and wellness focus, DIY and educational resources. Major trends in the forecast period include eco-friendly and sustainable solutions, smart home integration, remote services and virtual consultations, health and wellness focus, outdoor living space enhancement.
Increasing demand for remodeling homes is expected to propel the growth of the home improvement services market going forward. Home remodeling refers to the renovation of real estate. This involves making alterations or enhancements to a house or other real estate. In addition to upgrading residential buildings, house upgrades can also relate to renovating commercial and company assets. For instance, in January 2023, according to the Joint Center for Housing Studies of Harvard University, a US-based research center and think tank, national spending on remodeling and repairs for owner-occupied homes is projected to reach $485 billion in 2023, marking a 2.6 % increase from the previous year 2022. Therefore, the increasing demand for remodeling homes is driving the demand for the home improvement services market.
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The home improvement services market covered in this report is segmented –
1) By Type: Kitchen Renovation and Addition, Bathroom Renovation and Addition, Exterior and Interior Replacements, System Upgrades, Other Types
2) By City Type: Metro Cities, Other Non-Metro Cities and Towns
3) By Buyers Age: Under 35, 35-54, 55-64, Above 65
Major companies operating in the home improvement services market are increasing their focus on introducing innovative systems, such as thermally insulated window & door system, to gain a competitive edge in the market. A thermally insulated window and door system is a combination of features and components designed to minimize heat transfer through windows and doors, thereby improving the energy efficiency of a building. For instance, in May 2023, Aluprof, a Poland-based company, launched the MB-79N system, which is an evolution of the MB-86 Aero and MB-70 systems. The system is available as an open-in/out window or door and in fixed light arrangements, with a UW starting at just 0.72 W/m2K. With aluminum systems, Aluprof can fabricate different types of windows and doors based on specific requirements for functionality, aesthetics, thermal insulation, burglary resistance, smoke control, or fire resistance.
The home improvement services market report table of contents includes:
1. Executive Summary
2. Home Improvement Services Market Characteristics
3.Home Improvement Services Market Trends And Strategies
4.Home Improvement Services Market analysis
5.Home Improvement Services Market Size And Growth
6.Home Improvement Services Segmentation
7.Home Improvement Services Regional And Country Analysis
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27.Home Improvement Services Competitive Landscape And Company Profiles
28.Home Improvement Services Key Mergers And Acquisitions
29.Home Improvement Services Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- The Home Depot Inc.
- Lowe's Companies Inc.
- Lennar Corporation
- Henkel Corporation
- Sherwin-Williams Company
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