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Surging Demand For Home Remodeling Propels Growth In The Home Improvement Services Market Driving Market Acceleration in the Home Improvement Services Industry, 2025
Home Improvement Services Market
What Is the Expected CAGR for the Home Improvement Services Market Through 2025?
In the past few years, there has been a strong expansion in the size of the home improvement services market. The market, which is predicted to be worth $362.06 billion in 2024, is expected to scale up to $381.75 billion in 2025, displaying a compound annual growth rate (CAGR) of 5.4%. The previous periods of growth can be linked to changes in homeowners' lifestyles, government driven schemes and incentives, events related to weather circumstances, shifts in the real estate market, along with consumer inclination towards energy efficiency.
What's the Projected Size of the Global Home Improvement Services Market by 2029?
A solid surge in the size of the home improvement services market is projected in the upcoming years. The market is anticipated to escalate to $479.05 billion by 2029, expanding at a compound annual growth rate (CAGR) of 5.8%. The expansion during the forecast duration can be explained by various factors such as resilience and disaster-proof strategies, adaptable living areas, urbanization and evolving housing trends, an emphasis on health and wellness, and the availability of DIY and educational resources. Key trends that are expected to emerge in the forecast period encompass eco-friendly and sustainable solutions, integration of smart home technology, the provision of remote services and virtual consultations, increasing health and wellness consciousness, and enhancements to outdoor living spaces.
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Top Growth Drivers in the Home Improvement Services Industry: What's Accelerating the Market?
The surge in home remodeling requirements is projected to fuel the expansion of the home improvement services market. Home remodeling pertains to property renovation, which can involve changes or enhancements to a residential or commercial property. Home improvements can also encompass modifications to commercial and corporate properties. For instance, as reported by the Joint Center for Housing Studies of Harvard University, a US-based research institution in January 2023, expenditure on renovation and repairs for owner-occupied residences in the country is expected to hit $485 billion in 2023, a 2.6 % increment from the year 2022. Thus, the escalating demand for home remodeling is bolstering the growth of the home improvement services market.
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What Trends Will Shape the Home Improvement Services Market Through 2029 and Beyond?
Leading companies within the home improvement services market are shifting their attention towards the development of revolutionary systems like home services platform. This is intended to improve customer interactions, service delivery process, and overall operational productivity. The home services platform is essentially a digital network fostering connections between homeowners and various service providers to meet home refurbishment, maintenance, and repair requirements. An example of this is the launch of a new home services platform by Renovo Home Partners, an American full-service renovation company in January 2022. The aim of the platform is to give customers direct access to a vast array of home improvement services such as bathroom overhauls, window fittings, siding, and roofing projects with an emphasis on high-volume and quick execution. John Dupuy, the CEO of Renovo, plans on utilizing technology to improve service excellence and operational effectiveness while broadening the company's geographic reach across the United States.
What Are the Main Segments in the Home Improvement Services Market?
The home improvement services market covered in this report is segmented -
1) By Type: Kitchen Renovation And Addition, Bathroom Renovation And Addition, Exterior And Interior Replacements, System Upgrades, Other Types
2) By City Type: Metro Cities, Other Non-Metro Cities And Towns
3) By Buyers Age: Under 35, 35-54, 55-64, Above 65
Subsegments:
1) By Kitchen Renovation And Addition: Cabinet Installation And Replacement, Countertop Installation, Flooring Upgrades, Appliance Installation, Custom Kitchen Design
2) By Bathroom Renovation And Addition: Bathtub And Shower Installation, Vanity And Sink Installation, Toilet Replacement, Tile And Flooring Upgrades, Accessibility Modifications
3) By And and Interior Replacements: Roof Replacement, Siding Installation And Repair, Window And Door Replacement, Flooring Replacement (Hardwood, Laminate, Carpet), Interior Painting And Wall Treatments
4) By System Upgrades: HVAC System Installation And Upgrades, Electrical System Upgrades (Wiring, Outlets), Plumbing System Upgrades (Pipes, Fixtures), Insulation Improvements, Smart Home Technology Installation
5) By Other Types: Landscaping And Outdoor Living Enhancements, Home Additions (New Rooms Or Expansions), Basement Finishing And Remodeling, Garage Renovations And Organization, General Contracting Services
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Which Top Companies are Driving Growth in the Home Improvement Services Market?
Major companies operating in the home improvement services market include 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
Which Regions Will Dominate the Home Improvement Services Market Through 2029?
North America was the largest region in the home improvement services market share in 2024. The regions covered in the home improvement services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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