Rising residential remodeling projects to foster the global home improvement market by 2025

Home improvement market outlook has been undergoing a plethora of changes over the recent years, pertaining to favorable government policies, technological advancements, and increasing disposable incomes across the developing economies.

Not to mention, lower lending rates in tandem with rising land costs can be equally attributed to the growing momentum of the market. Rising expenditure on the countries observing proliferating prevalence of natural disasters is likely to stimulate the industry growth during 2019-2025. It is prudent to mention that studies of Insurance information Institute revealed that, the United States witnessed over 165.3 billion natural catastrophe losses in 2017.

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As per Global Market Insights, Inc., home improvement industry share is anticipated to cross a mammoth of USD 1,120 billion by 2025.

It has been observed that several developed countries are adopting and investing in sustainable solutions for homes by introducing various campaigns and motives. As a matter of fact, Europe recently initiated a campaign named ‘Renovate Europe’, thereby promoting the need to reduce the energy bills and leading a sustainable life.

Moreover, the mounting demands pertaining to fire-related building products are likely to bring about advanced market growth opportunities across the globe.

Home improvement market is defined by a vast end use gamut and has gained expansive popularity on the account of the same, over the past few years. It is essential to mention that the rising number of residential remodeling projects across numerous nations has enabled the kitchen improvement and additions segment to evolve as one of the major growth avenues for the industry in the recent times.
Apparently, the kitchen improvement and additions segment is estimated to record a CAGR of 6 per cent through 2025.

Additionally, the system upgrades segment has emerged as one of the most lucrative end use segments for home improvement industry. This can be aptly credited to the rapid technological advancements and remodeling services along with deployment of the new security systems. As per trusted studies, system upgrades segment in 2018 held over a substantial stake in the overall global home improvement market.

Based on the project segmentation, DIY home improvement market is projected to accrue noticeable gains over the forecast period owing to the wide scale presence of necessary skills in the consumers who are willing to carry out home improvement work on their own.

Furthermore, elevating DIY stores coupled with availability of DIY equipment across the e-commerce platforms will contribute significantly towards the industry outlook thereby driving the product demand. It has been speculated that various industry giants are actively investing on the R&D activities with an intent to increase the product assortment and innovation levels whilst adding value to the products.

According to estimates, the DIY segment accounted over 50 per cent of the global home improvement business share and is probable to grow at a prodigious pace in the upcoming years.

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Based on the geographical growth, North America is one of the most profitable grounds for the global home improvement market. In fact, North America recorded a revenue of over USD 460 billion in 2018 and would rise at a rapid growth over the mentioned timespan. This regional growth is ascribed to the strict regulatory reforms promoting green building, and increased spending on renovations and remodeling.

In addition to that, presence of large manufacturers and retailers across the region is also credited for the substantial rise.

Biggies such as ABC supply, Kohler Co., The Home Depot, and others form a part of the competitive scenario of home improvement industry. These companies are opting for several tactics to sustain their geographical presence. They have also been trying to expand their production capacities and are manufacturing innovative products under their portfolio.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

This release was published on openPR.