Press release
Home Improvement Services Market Expansion Continues, with Forecast Valuation of $479.71 Billion by 2029
Home Improvement Services Market
What Will the Home Improvement Services Industry Market Size Be by 2025?
The size of the home improvement services market has seen substantial growth in the past few years. The market, valued at $362.06 billion in 2024, is forecasted to rise to $381.88 billion in 2025, translating to a compound annual growth rate (CAGR) of 5.5%. This surge during the history period can be traced back to factors such as changes in homeowner behaviors, government interventions and initiatives, climatic incidents, the impact of the real estate market, and a consumer penchant for energy efficiency.
What's the Long-Term Growth Forecast for the Home Improvement Services Market Size Through 2029?
Expectations for the home improvement services market predict robust growth in the next several years. Its worth is forecasted to reach $479.71 billion in 2029 with a compound annual growth rate (CAGR) of 5.9%. This anticipated growth during the forecast period can be linked to factors such as resilience and disaster-proofing, adaptable living spaces, urbanization and housing trends, focus on health and wellness, as well as DIY and educational resources. Notable trends expected during this period include eco-friendly and sustainable solutions, smart home integration, implementation of remote services and virtual consultations, a continued emphasis on health and wellness, and enhancements to outdoor living spaces.
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What Are the Key Growth Drivers Fueling the Home Improvement Services Market Expansion?
The surge in demand for home renovations is anticipated to drive the growth of the market for home improvement services. Home remodeling involves making changes or improvements to a home or other real estate property, which could also mean the renovation of commercial or corporate properties apart from residential buildings. For example, the Joint Center for Housing Studies of Harvard University, a US-based research organization, forecasted in January 2023 that national expenditure on renovations and repairs for homes occupied by their owners could hit $485 billion in 2023, an increase of 2.6% from 2022. Hence, this escalating demand for home renovations is fuelling the growth of the home improvement services market.
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Which Fast-Growing Trends Are Poised to Disrupt the Home Improvement Services Market?
Prominent businesses in the home improvement services market are shifting their attention toward the development of innovative systems like the home services platform. This strategy is aimed at boosting customer experiences, refining service delivery, and enhancing operational efficiency. The home services platform is a digital platform bridging the gap between homeowners and diverse service providers for home improvement, maintenance, and repair requirements. For example, Renovo Home Partners, a reputable US-based comprehensive remodeling firm, debuted a new home services platform in January 2022. This platform strives to deliver a wide array of home improvement services directly to the customer, specializing in bathroom remodels, window fittings, siding, and roofing jobs with an emphasis on high-volume, rapid turnaround services. CEO John Dupuy guides Renovo in leveraging technology to augment service quality and operational efficiency along with widening their geographical reach in the United States.
How Is the Home Improvement Services Market Segmented?
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 Companies Are Leading the Charge in Home Improvement Services Market Innovation?
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 Are Leading the Global Home Improvement Services Market in Revenue?
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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