- Kitchen Renovation & Addition
- Bathroom Renovation & Addition
- Exterior & Interior Replacements
- System Upgrades
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:
Fastest Growing Market
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.
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.