Home Improvement Market to Reach Around USD1975 Billion by 2026
“Increase in socialization including house parties and family
gatherings and innovative products are the factors driving the global home
improvement market during the forecast period.”
According to TechSci Research
report, “Global
Home
Improvement Market By Product (Building and Remodeling, Home Décor, Tools
and Hardware, and Outdoor Living), By Project (DIFM, and DIY), By Sourcing (Homeware
Stores, Franchised Stores, Specialty Stores, Online Sales Channel, and Others (Direct
Sellers, General Merchandised Retailers, etc.)), By Region, Competition,
Forecast & Opportunities, 2026”, the global home improvement market is
anticipated to grow more than USD1443 billion in 2020 and is expected to reach
around USD1975 billion in 2026, growing at a CAGR of 5.63% during the forecast
period. Homeowners' shifting choices for energy-efficient and opulent living
areas are helping to propel the sector forward. The industry has grown as a
result of rapid urbanization and government attempts to give incentives and tax
credits for green building construction. Furthermore, the popularity of
e-commerce and the availability of technologically improved system updates will
drive house remodeling globally.
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As a result of COVID-19, the global home
improvement market has seen a tremendous increase in demand for its products,
as homeowners were spending money on anything that could improve the comfort of
their homes. Furniture, pools, new gym equipment, and a wide range of other
dream home renovations were in high demand. People experienced lengthy delays
in obtaining their purchases as a result of their excessive spending. In some
cases, people were warned that they would have to wait up to a year to receive
what they had ordered. As a result of the COVID restriction, manufacturers were
able to produce fewer units because fewer employees were able to perform the
necessary tasks to produce the purchased products. The global supply chain was
disrupted, affecting every company's ability to operate in 2020.
The global home improvement market is
segmented into by product, by project, by sourcing, by region and by company.
In terms of by product segment, the global home improvement market is categorized
into building and remodeling, home décor, tools and hardware, and outdoor living.
Among these, building and remodeling category has accounted for the majority of
market share in the global home improvement market as people are now more attracted towards the
technologically upgraded home products and modernized structure of kitchen and
bathroom are the factors affecting the market growth.
In terms
of sourcing, the global home improvement market is segmented into Homeware
Stores, Franchised Stores, Specialty Stores, Online Sales Channel, and Others.
Among which, homeware stores have accounted for the major market share in the
global home improvement market. Nowadays, for consumers, small businesses,
service providers, and online sales have emerged as the fastest-growing channel
for home improvement components. According to a survey on online transactions,
it has been analyzed that the use of internet channels to sell remodeling
components and materials has nearly doubled in the last two years.
In terms of region, the global home improvement
market is segmented into North
America, Asia-Pacific, Europe, South America, and Middle East & Africa. Among
these, North America region has accounted for the majority of market share
around 48% in the global home improvement market in 2020 followed by Europe and
will continue to dominate the market in the forecast period. This is because this
region holds the largest portion of the young and millennial population and
even the records say that more than 50% of homes in the US were built before
1980, so the need for remodeling has aroused. Even the tax relief has also been
granted by the government, adding to the benefits of the home improvement
market.
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The Home Depot U.S.A., Inc., Lowe’s
Companies, Inc., Groupe Adeo SA, Wesfarmers Limited (Bunnings Warehouse),
Kingfisher plc, Menard, Inc., OBI Group Holding SE & Co.KGaA, ACE Hardware
Corporation, HORNBACH Group (HORNBACH Baumarkt AG subgroup), 3M Company are some of the leading players
operating in the global home improvement market. Major home improvement companies
are expanding their manufacturing bases to meet the rising demand across
developing countries in North America, Europe, Asia-Pacific, Middle East &
Africa, and South America.
The global home improvement market is
competitive, with various international brands present and domestic companies
in developed and developing countries having a small market share. Owing to the
rapidly changing nature, taste, and preferences of consumers, the launch of a
new product has become the most critical strategy above all others. Furthermore,
businesses have embraced growth through mergers and acquisitions by
multinational corporations, which have proven to be effective in strengthening
their presence.
“Post COVID-19, the preference for DIY
has tremendously increased as people have more spare time and money to evolve
their standard of living by modifying the interiors of their house. Owing to
this the global home improvement market is anticipated to grow at faster pace and
factors like online purchasing for the home improvement products at affordable
and comparable pricing is further anticipated to positively influence the
growth of the market through 2026,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Global
Home Improvement Market By Product (Building and Remodeling, Home Décor, Tools
and Hardware, and Outdoor Living), By Project (DIFM, and DIY), By Sourcing
(Homeware Stores, Franchised Stores, Specialty Stores, Online Sales Channel,
and Others (Direct Sellers, General Merchandised Retailers, etc.)), By Region,
Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the
global home improvement market and provides statistics and information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global home improvement
market.
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