DUBLIN, September 24, 2021 / PRNewswire / – The “Global Home Improvement Market, By Product (Construction & Home Improvement, Home Decor, Tools & Hardware & Outdoor Living), By Project (DIFM & DIY), By Supply, By region, competition, forecast and The Opportunities report, 2026 “has been added to ResearchAndMarkets.com offer.
The global home improvement market is expected to reach approximately 1975 billion dollars by the end of 2026F, with a CAGR of over 5.63% during the forecast period.
Home improvement refers to the process of remodeling or adding products related to interior design, gardening, or other similar things in the home. Other terms for home improvement include remodeling and renovation. The home improvement market encompasses efforts to improve the interior, exterior, or other aspects of a pre-existing home. Even basic maintenance, repair, and service are factored into the home improvement market as well.
One of the reasons for the boom in the development of the home improvement market is a combination of factors such as falling loan rates and rising land costs. Population growth, increasing employment, increasing urbanization, internal and external migration and the innovative products offered by the company are some of the main factors in this market which are driving home renovation demand.
In terms of project, the global home improvement market is classified into DIFM (Do It for Me) and DIY (Do It Yourself). Consumer preferences are turning to DIFM, which accounts for around 55% of the global home improvement market, as consumers are willing to do it on their own due to a lack of technical expertise. Home improvement works done by millennials in developed countries are outsourced in order to drive the market growth. The significant increase in DIFM projects has contributed to consumer sentiment of “stay put, get better” due to steadily rising house prices and income tax costs. Additionally, having access to a wide range of design and texture options in home restoration will help propel the growth of the business.
In terms of region, the global home improvement market is ranked as North America, Europe, Asia Pacific, South America, and Middle East & Africa. Among these regions, North America dominates the global home improvement market with a market share of around 47% in 2020. Some of the main reasons leading to the expansion in the size of the home improvement market in this region is the increase in spending spent home improvement projects due to a preference for installing new household products with attractive and attractive finishes. He is United States of America which holds the largest home improvement industry market in terms of country in 2020. It is expected to retain the top position in the market considering GDP and changing lifestyle. Those with higher incomes and multiple residences are more likely to renovate and do home improvement work. In 2018, 25% of households spent between 10,000 USD and 25,000 USD on home renovation and improvement projects.
Today, the global home improvement market has become an attractive destination for investment and several large multinational companies are entering this market. Some of the big companies are The Home Depot United States, 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 (subgroup HORNBACH Baumarkt AG), 3M Society. The global home improvement market is highly fragmented due to numerous local and international suppliers.
Goal of the study:
- To analyze the historical market size of the global home improvement market from 2016 to 2020.
- Estimate and forecast the global home improvement market size from 2021 to 2026 and the growth rate to 2026.
- To classify and forecast the global home improvement market on the basis of product, project, supply, region and company.
- Identify the dominant region or segment of the global home improvement market.
- Identify the drivers and challenges of the global home improvement market.
- To examine competitive developments such as expansions, new product launches, mergers and acquisitions, etc. in the global home improvement market.
- Identify and analyze the profile of the main players operating in the global home renovation market.
- To identify the key sustainable strategies adopted by market players in the global home improvement market.
Main topics covered:
1. Product overview
2. Research methodology
3. Impact of COVID-19 on the global home improvement market
4. Executive summary
5. Voice of the customer
5.1. Factors Affecting the Purchase Decision
5.2. Challenges after purchase
5.3. Preferred supply
5.4. Information source
6. Global Home Renovation Market Outlook
6.1. Market size and forecast
6.1.1. By value
6.2. Market share and forecasts
6.2.1. By product (construction and renovation, interior design, tools and hardware, and outdoor living)
6.2.2. By project (DIFM and DIY)
6.2.3. By sourcing (household goods stores, franchise stores, specialty stores, online sales channels and others (direct sales, general merchandise retailers, etc.))
6.2.4. By region
6.2.5. By company (2020)
6.3. Market Map
7. North America Home Renovation Market Outlook
8. Outlook for the Home Renovation Market in Europe
9. Asia-Pacific Home Renovation Market Outlook
10. South America Home Renovation Market Outlook
11. Middle East & Africa Home Improvement Market Outlook
12. Market dynamics
13. Market trends and developments
14. Competitive landscape
14.1. Home depot United States, Inc.
14.2. Lowe’s Companies, Inc.
14.3. Adeo SA Group
14.4. Wesfarmers Limited (Bunnings warehouse)
14.5. Kingfisher plc
14.6. MÃ©nard, Inc.
14.7. OBI Group Holding SE & Co.KGaA
14.8. ACE Hardware Corporation
14.9. HORNBACH Group (HORNBACH Baumarkt AG subgroup)
14.10. The 3M Society
15. Strategic recommendations
16. About the publisher and disclaimer
For more information on this report, visit https://www.researchandmarkets.com/r/ro0ou6
Research and markets
Laura Wood, senior
For EST office hours, call + 1-917-300-0470
For USA / CAN call toll free + 1-800-526-8630
For GMT office hours, call + 353-1-416-8900
US Fax: 646-607-1907
Fax (outside the United States): + 353-1-481-1716
SOURCE Research and Markets