Press release
Home Improvement Market to Reach USD 854.68 Billion by 2032 | Market Size, Growth Drivers, Challenges & Opportunities
Home Improvement Market
Market Overview
The Home Improvement Market is poised for steady growth over the forecast period, driven by rising consumer spending on home renovation, remodeling, and smart home upgrades. Urbanisation, rising disposable incomes, and a growing focus on comfort, sustainability, and aesthetics have significantly influenced homeowner behaviour worldwide. Key product categories include kitchen and bath improvements, flooring, décor, fixtures, energy-efficient appliances, and innovative smart home technologies. E-commerce has further expanded accessibility to renovation materials and tools, enabling both DIY (Do-It-Yourself) and DIFM (Do-It-For-Me) segments to flourish. The persistent demand for functional and visually pleasing living environments continues to keep the market dynamic and competitive.
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Market Size Outlook
Base Year (2024) Market Value USD 524.25 Billion
Forecast Period 2025-2032
Projected Market Value (2032) USD 854.68 Billion
Forecast CAGR (2025-2032) 6.3%
Market Segmentation
by Project
Do It Yourself (DIY)
Do It For Me (DIFM)
by End Use
Bath Improvements & Additions
Kitchen Improvement & Additions
Exterior Replacements
Interior Replacements
Property Improvements
System Upgrades
Others
by Distribution Channel
Online
Offline
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Market Key Growth Drivers
1. Aging Housing Stock
An increasing percentage of residential properties in North America and Europe are over 30-40 years old, compelling homeowners to invest in renovation and modernization projects.
2. Rise of Smart & Energy-Efficient Technologies
Integration of smart lighting, automated HVAC, connected security systems, and AI-based design tools boosts both project complexity and spending.
3. Growing Disposable Incomes
Rising income in Asia-Pacific and Latin America empowers homeowners to undertake improvements, especially in urban centers.
4. DIY Culture & Digital Platforms
The popularity of DIY content, mobile apps, and online shopping expands market reach, making smaller projects self-managed and cost-effective.
Market Challenges
• Rising Raw Material Costs
Costs of lumber, steel, and other construction materials rose significantly due to supply chain disruptions, squeezing profit margins and slowing project starts.
• Supply Chain Constraints
Product delays and logistics challenges lead to extended timelines for renovation and refurbishment projects.
• Shortage of Skilled Labor
Lack of certified technicians slows DIFM projects and pushes consumers towards more expensive professional services in some regions.
• Regulatory & Permitting Hurdles
Building codes, zoning laws, and environmental regulations can delay approvals and raise renovation costs.
Recent Developments
Here are some notable developments shaping the competitive landscape:
The Home Depot announced plans for four Pro-focused distribution centers and expanded digital tools to serve professional contractors more effectively.
Lowe's launched its 2025 Total Home Strategy to enhance Pro penetration, online sales, generative AI tools, and loyalty ecosystems.
Lowe's acquisition of Foundation Building Materials (~$8.8B) strengthens offerings for professional builders.
Kingfisher reported pressure on big-ticket segments but maintained market share growth through strategic initiatives.
Wickes demonstrated renewed consumer demand for kitchen and bathroom renovations.
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Emerging Opportunities
1. Sustainable & Green Renovations
Consumers increasingly choose eco-friendly materials, energy-efficient windows, solar roofs, and recycled components.
2. Smart Home Integration
Continued demand for IoT-enabled devices and automation tools presents high-growth niche segments.
3. Omnichannel & E-Commerce Expansion
Retailers enhancing online catalogs, AR/VR design tools, and delivery partnerships can capture broader audiences.
4. DIFM Services Growth
Professional installation and full-service remodeling services remain major revenue drivers as project complexity increases.
Market Key Players:
1. The Home Depot, Inc.
2. Lowe's Companies, Inc.
3. Kingfisher plc
4. Masco Corporation
5. The Sherwin-Williams Company
6. Ace Hardware Corporation
7. Menard, Inc.
8. Wesfarmers Limited
9. B&Q
10. OBI Group Holding GmbH
11. Leroy Merlin
12. Hornbach Holding AG
13. Travis Perkins plc
14. Fastenal Company
15. True Value Company
Frequently Asked Questions (FAQs)
Q1: What is the current size of the Home Improvement Market?
A: The global home improvement market was valued at approximately USD 524.25 billion in 2024.
Q2: What is the forecasted market size by 2032?
A: Market size is projected to reach USD 854.68 billion by 2032.
Q3: What is the CAGR of the Home Improvement Market?
A: The market is expected to grow at a CAGR of 6.3% during 2025-2032.
Q4: Which segment leads the market?
A: The DIFM (Do-It-For-Me) segment currently holds the largest share due to professional service adoption.
Q5: Which region dominates the Home Improvement Market?
A: North America leads the market, with strong consumption patterns and established retail infrastructures.
Q6: What are key growth trends?
A: Smart home upgrades, sustainable renovations, and rising DIY project engagement are driving market growth.
Related Reports:
Global Home Decor Market https://www.maximizemarketresearch.com/market-report/global-home-decor-market/21247/
Smart Home Market https://www.maximizemarketresearch.com/market-report/global-smart-home-market/24062/
Online Home Rental Market https://www.maximizemarketresearch.com/market-report/online-home-rental-market/148639/
Most performing reports:
Smart Home Security Market https://www.maximizemarketresearch.com/market-report/global-smart-home-security-market/33792/
Smart Refrigerator Market https://www.maximizemarketresearch.com/market-report/smart-refrigerator-market/213712/
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Recreation Clubs Market https://www.maximizemarketresearch.com/market-report/recreation-clubs-market/165153/
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