Home Improvement Market Set for Steady Growth: Expected to Reach USD 12.77 Billion by 2032

Home Improvement Market: Trends and Forecast by Spec., 2023-2033

The home improvement market is seeing robust growth,_ Global home improvement market: a growing opportunity for many players)The home improvement market is a hotbed across this size and scope, with changing product, brand, retailer, and foundation trends_ Home improvement has become one of the bright spots in the homebody or "nesting" mindset. The press release also provides information on the investments used for market estimations, drivers, regional trends, and the competitive dynamics affecting the industry.

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Market Insights, Growth Increasing Phases and Opportunities

As of 2024, the global home improvement market was estimated at around USD 9.05 billion, and the demand is projected to generate a Compound Annual Growth Rate (CAGR) of 4.4% in terms of revenue from 2025 to 2032 to reach USD 12.77 billion by 2032.

Key growth drivers include:

Demand Pull for Customization and Technology: Home-owners are gravitating toward unique homes with unique amenities. Smart home technology systems are growing in popularity, from automated lights to security systems and more efficient appliances.

Online Retail: The rise of e-commerce has allowed people to purchase home improvement supplies more easily, giving consumers access to all kinds of supplies and allowing them to make better including all kinds of decisions without having to leave their homes.

Urbanization and Housing Market Dynamics: Emerging markets are urbanizing rapidly while housing prices are rising in metropolitan and suburban areas, and this is encouraging homeowners to renovate and upgrade homes to enhance their value and comfort.

Market Trends and Investments in the United States

Some home improvement statistics from the United States point towards a strong industry:

Consumer spending continues to increase: Spending on home improvements increased 19% year-on-year (y/y) from Q1 2024 through to Q4 2024, and is anticipated to grow in the following quarters. The number of households intending to start projects went up from 17% to 23% in the second quarter of 2024.

The Growth of Smart Home Tech: There is a rise in the adoption of smart technologies within homes, as consumers continue working to improve convenience, security, and energy efficiency. And this is leading to a growing demand for things like smart thermostats, lighting systems, and security cameras.

Regional Distribution of Home Improvement Investment: Home improvement investments show regional variations, which can be attributed to local income and economic conditions, as well as the cost of living as a function of these prices across the United States. Regional highlights: Above-average spending in the Pacific Northwest, Mountain West and New England regions.

Market Segmentation & Dominant Segments

Home improvement market is segmented based on project type, product category and distribution channel;

By Project Type:

DIY: The DIY end-user segment was valued at USD 290 billion in 2024 and is expected to expand at a CAGR of 4.5% from 2023 to 2030. Concerns about the economic climate have seen consumers turn to DIY; taking on a project either saves money, or satisfies a sense of accomplishment.

By Product Category:

Kitchen and bathroom remodeling - Upgrades in these spaces continue to be in high demand, as consumers also look for updated fixtures and appliances, energy-efficient products, and personal touches to improve function and style.

By Distribution Channel:

Online Segment: The online segment is on a whole new level, the consumers have a wide variety of products to choose from to get them delivered to their home. The technological boom and the change in the way consumers shop facilitate the overall growth of this channel.

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Competitive Analysis

The below company led to your home improvement market:

The Home Depot - The Home Depot is a home improvement retailer that sells tools, construction products, as well as services, including installation and repair. It has been investing in improving its e-commerce platform to offer a more seamless online shopping experience.

Lowe's Companies, Inc.: Lowe's is a retail home improvement and appliance chain emphasizing service and product innovations. And the company is also expanding its line of smart home products with increasing demand for home automation.

Bunnings Warehouse (Australia)An Australian retailer, Bunnings has started selling over 2,500 assisted-living products to meet the needs of an expanding aging population and their disabled citizens. This is a strategic move that focuses on rising needs for home adjustments for independent living.

IKEA : As an industry leader in affordable modern furniture, world wide IKEA coming up with more product lines with more sustainable, enhancing product lines, smart home solutions, integrating the customer experience digitally and also continuously adapting to have a better foot in growing consumer preference.

Kingfisher plc: Kingfisher has assorted brands and includes household names such as B&Q and Screwfix, with a focus on continued sustainable development in a still very traditional space in digital transformation against the backdrop of Covid-19.

Regional Analysis

Regional differences in the home improvement market are significant, influenced by economic conditions, housing market fluctuations, consumer trends, and degrees of technology acceptance. On the basis of region, the global home improvement market can be segmented as:

United States:

Home improvement is one of the biggest markets in the U.S. where there is demand for both DIY and professional services.

During 2024, spending on consumer renovations experienced a 19% increase, indicating a great interest in both lower and higher level projects. With the greater use of smart home technologies, average spending per household is likely to continue on an upward trajectory.

As home centers track spending across the U.S., regional spending patterns vary widely, with the largest recent increases in home improvement spending in the Pacific Northwest, Mountain West and New England regions. Fueled primarily by local economies, housing markets, and the technology-driven demand for energy-efficient, smart home renovations.

Ecommerce platforms also remain a large part of the landscape, allowing U.S. consumers better accessibility to home improvement products and services from the convenience of home.

Europe:

Italy, Germany, and Poland are among the countries in Europe where growth is expected in the home improvement market. An evident high consumer demand for kitchen and bathroom remodeling, as you expand the spaces in improving functionality and aesthetics.

Households planning renovations or renovations in 2024: 32% Italy, 31% Poland

In Europe, the market is capitalizing on the increasing demand for environmentally friendly and energy-efficient home renovations, as members of the EU develop stricter environmental regulations and topical governments offer financial incentives for renovations focused on sustainability. Energy efficiency is a focus of the European Union, and that level of attention is pushing homeowners toward smart thermostats, insulation and solar energy systems.

Asia-Pacific:

Asia-Pacific region is experiencing significant home improvement changes in countries like China, Japan and India. With the pressure of urbanization, homeowners are paying more attention to personalization and smart home solutions.

Due to fast urbanization, growing (now disposable) income per capita, and especially in metropolitan megacities of China - this creates an expansive demand for home improvement and construction products. Moreover, the availability of affordable home improvement solutions on e-commerce platforms and online retail is also propelling demand towards the home improvement market.

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The middle-class population is expanding rapidly in India, and so does the interest in home improvements and DIY, here home improvement products, which is fuelling the genes of affordable home improvement products. The large expanse of rural and semi-urban sectors of the country also provides ample opportunities for market growth.

Japan's mature market features a large proportion of aging consumers, providing strong demand for sustainable home improvement, efficient space-saving technologies and environmentally sustainable solutions.

Middle East and Africa:

The home improvement market in the Middle East, particularly in Saudi Arabia and the United Arab Emirates, is primarily driven by an increasing demand for luxury home renovations and high-class residential properties.

Note the UAE market is also quite strong when it comes to smart home innovations and high-end interior design solutions. Homeowners are growing hopeful to implement highly advanced technologies in their homes, such as an automated system for lighting, security, and temperature in a more integrated manner in their homes.

Demand for home improvement products is growing in emerging nations in Africa - as an example, the middle-class population is projected to grow significantly in South Africa, meaning more consumers are able to afford renovating their home for comfort and value.

Conclusion

Continuous growth of the global home improvement market can be attributed to changing consumer preferences, advancement of technology, and the easy availability of e-commerce. The rapidly growing need for personalization and an ever-increasing focus on smart home technologies and energy-efficient solutions are some of the key growth drivers, together with an increased focus on do it yourself projects.

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