Press release
Home Improvement Services Market Current Industry Figures with Forecasts 2030
Home Improvement Services Market
As per the report, the global home improvement services industry was accounted for $316.8 billion in 2020, and is expected to reach $585.3 billion by 2030, growing at a CAGR of 6.2% from 2021 to 2030.
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Drivers, restraints, and opportunities
Increase in interest and property costs and rise in newly bought old homes drive the growth of the global home improvement services market. However, rise in DIY culture hampers the market growth. On the contrary, increase in smart homes and home automation technology is expected to open lucrative opportunities for the market players in the future.
The major driving factor of the home improvement services market is remodeling of newly bought old homes before moving into it to feel like moving into a new place and also to discard the old look and faults in the house. In addition, rise in interest rates on houses and property cost has led people to spend on home renovation rather than to spend huge amounts on new houses. However, rising DIY culture around the world is directly hampering the home improvement services market as people carry out their renovation work on their own rather than hiring professional help.
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The exterior & interior replacements segment dominated the market
Based on type, the exterior & interior replacements segment held the lion's share in 2020, accounting for more than one-fourth of the global home improvement services market. However, the system upgrades segment is expected to register the highest CAGR of 7.0% from 2021 to 2030, due to rapid adoption of new and advanced systems in homes by customers.
The metro cities segment held the lion's share
By type, the metro cities segment dominated the market in 2020, accounting for more than four-fifths of the global home improvement services market, due to high expenditure capacity of people in the metro cities because of high income. However, the other non-metro cities and towns segment is projected to manifest the highest CAGR of 6.9% from 2021 to 2030, owing to rise in residential development in rural areas.
North America held the largest share
The market across North America held the largest share in 2020, contributing to nearly half of the market, due to high expenditure capacity of the people in the region. However, the global home improvement services market across Asia-Pacific is estimated to register the highest CAGR of 7.5% during the forecast period. This is due to surge in infrastructural development in the region.
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Top Players:
The major players profiled in the home improvement services market include Belfor, Coit Services, Inc., Crane Renovation Group, DKI Ventures, LLC, FirstService Corporation, Mr. Handyman, Power Home Remodeling Group, LLC, Rainbow Restoration, Servpro, and Venturi Restoration.
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