- Kitchen Renovation & Addition
- Bathroom Renovation & Addition
- Exterior & Interior Replacements
- System Upgrades
- Others
Home Improvement Market was valued at USD 605 billion in 2022 and is poised to grow at a significant CAGR of 4.5% over 2023-2029. The home improvement market refers to the industry focused on the renovation, remodeling, and enhancement of residential properties. It encompasses a wide range of products and services aimed at improving the aesthetics, functionality, comfort, and energy efficiency of homes. Home improvement projects can include renovations of kitchens, bathrooms, bedrooms, and outdoor spaces, installation of new flooring, windows, doors, roofing, plumbing, electrical upgrades, and more. The driving factor in the home improvement market is the increasing desire among homeowners to enhance the value and appeal of their properties. Homeowners often undertake improvement projects to create a more comfortable living space, personalize their homes, and increase the resale value. Factors such as changing lifestyle preferences, evolving design trends, and the need for energy-efficient solutions also drive the demand for home improvement products and services. Additionally, the availability of various financing options, government incentives, and tax benefits for energy-efficient upgrades further stimulate the market. Homeowners are motivated to invest in improvements that can lead to long-term cost savings, improved sustainability, and reduced environmental impact. Overall, the home improvement market continues to thrive as homeowners seek to create their ideal living spaces, increase property values, and adapt to changing lifestyle needs while incorporating energy-efficient and sustainable solutions.
Home Improvement Market Key Developments:
- In January 2023, Home Depot and Lowe's partnered with Google to offer smart home products: Home Depot and Lowe's announced a partnership with Google to offer smart home products in their stores. The partnership will allow customers to purchase smart home products from Google, including Nest thermostats, Google Home speakers, and Chromecast devices.
- In February 2023, IKEA launches a new home improvement app: IKEA launched a new home improvement app called IKEA Home Planner. The app allows users to design their own home improvement projects, including kitchens, bathrooms, and bedrooms.
Home Improvement Market Summary
Study Period
2023-29
Base Year
2022
CAGR
4.5%
Largest Market
Asia Pacific
Fastest Growing Market
Asia Pacific
Home Improvement Market Dynamics
One of the drivers in the home improvement market is the increasing trend of homeowners staying in their homes for longer periods. With rising property prices and the desire for stability, many homeowners are opting to improve and renovate their existing homes rather than selling and moving. This trend is fueled by factors such as low housing inventory, high transaction costs, and a desire to customize living spaces to suit individual preferences. Homeowners are investing in renovations and upgrades to create their dream homes and increase the value of their properties, driving the growth of the home improvement market.
Home Improvement Market Regional Analysis
Asia-Pacific Got Significant Share
Asia Pacific dominates the global home improvement market with a high market share due to Rapid urbanization, rising disposable incomes, and changing lifestyles are driving the demand for home improvement products and services in countries such as China, India, Japan, South Korea, and Australia. Increasing homeownership rates, along with a growing awareness of home aesthetics and functionality, contribute to the market expansion.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The home improvement market report provides granular level information about market size, regional market share, historic market (2018-2022), and forecast (2023-2029).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments, and startup details that are actively working in the market.
- The report provides a plethora of information about market entry strategies.
Home Improvement Market Segmentation
By Type
By Buyers Age
- Under 35
- 35-54
- 55-64
- Above 65
By City Type
- Metro Cities
- Other Non-metro Cities & Towns
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Frequently Asked Questions
Common home improvement projects include kitchen and bathroom renovations, flooring upgrades, window and door replacements, roofing repairs, landscaping and outdoor improvements, painting, electrical and plumbing upgrades, and basement remodeling, among others.
Homeowners undertake home improvement projects for various reasons, including enhancing the value and appeal of their properties, creating a more comfortable living space, personalizing their homes, adapting to changing lifestyle needs, increasing energy efficiency, and potentially increasing resale value.
- Sherwin-Williams Company
- DuPont de Nemours
- Watsco Inc.
- Robert Bowden
- ABC Supply Co.
- Neil Kelly Company
- Henkel Corporation
- Andersen Corporation
- The Home Depot
- American Exteriors.