Overview of the Global Home Improvement Market to 2026
Dublin, September 23, 2021 (GLOBE NEWSWIRE) – The “Global Home Improvement Market, By Product (Construction & Renovation, Home Decor, Tools & Hardware & Outdoor Living), By Project (DIFM and DIY), By Sourcing, By Region, Competition, Forecast and Opportunity, 2026 Report “has been added to ResearchAndMarkets.com offer.
The global home improvement market is expected to reach approximately $ 1975 billion 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 booming development of the home improvement market is a combination of factors such as falling lending 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 classified into North America, Europe, Asia-Pacific, South America, Middle East and Africa. Among these regions, North America dominates the global home improvement market with a market share of around 47% in 2020. Some of the major reasons leading to the expansion of the home improvement market size into this region are increasing spending on home improvement projects as a result of a preference for installing new household products with attractive and appealing finishes. The United States of America holds the largest home improvement industry market in terms of country in 2020. They are expected to maintain the top position in the market based on 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 and $ 25,000 on home improvement and renovation 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 main companies are The Home Depot USA, 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. 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 market size of the global home improvement market 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 and Africa Home Improvement Market Outlook
12. Market dynamics
13. Market trends and developments
14. Competitive landscape
14.1. Home Depot USA, 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 sub-group)
14.10. 3M company
15. Strategic recommendations
16. About the publisher and disclaimer
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