Home Improvement Overview Home Improvements segment is one of the most dynamic largely due to the functions of renovation, refurbishment, and upgrading of residential spaces. The segment includes goods and services falling within the category of structural changes, interior enhancements, gardening, optimization of energy efficiency improvements. Due to strengthening ownership capacities and household practices as well as the U-shaped development of DIY, this sector has witnessed huge growth in the recent past.
By the year 2024, there is an expansion in the global home improvement market, which is currently estimated to value over a $1.2 trillion, expected to reach $1.8 trillion in 2030, see a compound annual growth rate (CAGR) of 6.1% over the projection period. Key drivers of the upturn in this market are the growth of cities, working from home, and a rising concern about sustainable and energy-conscious home renovations.
Home Improvement Overview Home Improvements segment is one of the most dynamic largely due to the functions of renovation, refurbishment, and upgrading of residential spaces. The segment includes goods and services falling within the category of structural changes, interior enhancements, gardening, optimization of energy efficiency improvements. Due to strengthening ownership capacities and household practices as well as the U-shaped development of DIY, this sector has witnessed huge growth in the recent past.
By the year 2024, there is an expansion in the global home improvement market, which is currently estimated to value over a $1.2 trillion, expected to reach $1.8 trillion in 2030, see a compound annual growth rate (CAGR) of 6.1% over the projection period. Key drivers of the upturn in this market are the growth of cities, working from home, and a rising concern about sustainable and energy-conscious home renovations.
The home improvement industry focuses on transforming the residential environment for better use. Structural repairs, aesthetic improvements, as well as energy-efficient strategies are some of the methods applicable for improving interior residential spaces.
1. Structural Rectification: Flat pack roofing, walls, and floor repairs.
2. Interior Refinement: Conversion of kitchens, bathrooms, living rooms, and other rooms.
3. Enhancement of Energy Efficiency: Use of photovoltaic solar systems and energy-saving windows.
4. Exterior Works: Construction of Terrazzo, gazebos, and swimming pools.
5. Smart Technology Home Improvements: Installation of user devices for enhancement of control access, lighting, and climate.
6. DIY Tasks: Beautification, basic carpentry, and spring cleaning.
1. Green Products: Adoption of eco friendly building materials and energy sources.
2. Growth of E-commerce: E-commerce sites that sell home improvement commodities as well as offer online design services.
3. Effect of Urbanisation: This is due to increasing demand for more efficient and suitable housing in cities.
4. Customization: Varied themes and redesigns for each customer.
5. Increase in Property Enhancements: Entry into the market of projects that help in the step of enhancing property values through prioritization of the resulting value.
- Effect of Working from Home: Movement to retailing presence within homes where there are offices/ designated spaces is on an upward trend.
- Make it Green: High preference for environmentally friendly materials and products that help in saving energy.
- DIY Twist: The instructional videos and other conversation enablers and devices have contributed to the growth of this market.
-Aging in Place Add-ons: Modifications within homes to facilitate movements and ensure safety for older people.
-Technological Improvements: It’s all about home enhancements nowadays and everyone wants their homes to be smart now and automated.
1. Classification by Type: Various types of construction refurbishments including development, treatment, and incorporation of facilities.
2. Through Target Audience: Artists who love DIY and those who are professionals in contracting.
3. Through Selling Medium: Bricks-and-Mortar stores, e-commerce and sales direct to the consumer.
4. Market based: Southern America, Middle East and Africa, Northern America, European Union, Asia Pacific and Caribbean Region.
1. The House Depot: The company is one of the established retailers in the home improvement industry that retails equipment, raw materials, and services.
2. Loans Companies Inc.: The company is a leading home improvement market player due to the mighty easy pro and DIY products.
3. Kingfisher Group International: The company plays a significant role in European home improvement industry.
4. Menard, Inc.: The company’s core products under the category of building materials and home improvement include concrete, stone, wood and other supplies for construction.
5. Done with the Spaces Program (HOUZZ): Houzz is a digital platform that directly connects consumers with decorators and suppliers.