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Home Improvement Services Global Market 2024 - Latest Research, Industry Insights, Emerging Opportunities And Future Outlook By 2033
Home Improvement Services Global Market
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According to The Business Research Company's, The home improvement services market size has grown strongly in recent years. It will grow from $345.33 billion in 2023 to $364.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to shifts in homeowner lifestyles, government incentives and programs, weather-related events, real estate market influences, consumer preferences for energy efficiency.
The home improvement services market size is expected to see strong growth in the next few years. It will grow to $450.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to resilience and disaster-proofing, adaptable living spaces, urbanization and housing trends, health and wellness focus, DIY and educational resources. Major trends in the forecast period include eco-friendly and sustainable solutions, smart home integration, remote services and virtual consultations, health and wellness focus, outdoor living space enhancement.
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Market Drivers and Trends:
Increasing demand for remodeling homes is expected to propel the growth of the home improvement services market going forward. Home remodeling refers to the renovation of real estate. This involves making alterations or enhancements to a house or other real estate. In addition to upgrading residential buildings, house upgrades can also relate to renovating commercial and company assets. For instance, in January 2023, according to the Joint Center for Housing Studies of Harvard University, a US-based research center and think tank, national spending on remodeling and repairs for owner-occupied homes is projected to reach $485 billion in 2023, marking a 2.6 % increase from the previous year 2022. Therefore, the increasing demand for remodeling homes is driving the demand for the home improvement services market.
Technological innovations are a key trend gaining popularity in the home improvement services market. Modern computer-based technologies have inspired homeowners to make improvements to their homes, such as visualization apps and 3D software. Manufacturers are concentrating on launching innovative products like windows and doors that open quickly and effortlessly. Such innovation enables key players to gain a competitive edge in the market. For instance, in February 2021, APL Apollo, an Indian-based steel company, launched Apollo Chaukhat, door frames manufactured using direct forming technology. These frames boast fire-resistant and termite-proof properties, ensuring easy installation both during and post-construction. Additionally, they are environmentally friendly and present a cost-effective solution.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
The Home Depot Inc., Lowe's Companies Inc., Lennar Corporation, Henkel Corporation, Sherwin-Williams Company, PulteGroup Inc., Toll Brothers Inc., Owens Corning, Masco Corporation, KB Home, Meritage Homes Corporation, JELD-WEN Inc., Andersen Corporation, FirstService Corporation, Servpro, Pella Corporation, Belfor, Trex Company Inc., Armstrong Flooring Inc., Power Home Remodeling Group LLC, Steves and Sons Inc., Mr. Handyman International LLC, Rainbow International Restoration, Dreamstyle Remodeling, Coit Services Inc., DKI Ventures LLC, Venturi Restoration, American Exteriors, Neil Kelly Company, Crane Renovation Group, Simpson Strong-Tie Company Inc., D.R. Horton Inc., MI Windows and Doors LLC, Ply Gem Holdings Inc., Whirlpool Corporation, Mohawk Industries Inc., USG Corporation
Home Improvement Services Market 2024 Key Insights:
• The home improvement services market size is expected to see strong growth in the next few years. It will grow to $450.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Surging Demand For Home Remodeling Propels Growth In The Home Improvement Services Market
• Cutting-Edge Technological Innovations Reshape The Landscape Of Home Improvement Services
• North America was the largest region in the home improvement services market share in 2023
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