Global Home Improvement Market Revenue to Record Robust Growth in the Coming Years

Global Home Improvement Market Revenue to Record Robust Growth in the Coming Years

The home improvement market is projected to register steady growth driven by increasing expenditure in modernizing aging home infrastructure. Advanced material technologies such as 3D printing structures, self-healing concrete cracks, and kinetic paving are fueling the demand for home improvement projects. There is more acceptance of enhanced materials for renovation projects among home builders, architects, house decorators, interior designers, and DIYers. Beneficial features such as enhanced property protection, customizability, and energy efficiency are likely to drive the demand for such materials.

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3D printing technology has given customers the option to customize their home using exceptional décor items. The technology has been adopted in the architecture and interior design sectors, making it easier to create customized home products like curtain walls, moldings, and wallpapers with a specific feel and style. The benefits of 3D printing include integration of architectural features such as fast remodeling options, curved walls, and total design freedom, hence boosting its popularity among homeowners and builders.

Global Market Insights, Inc., projects that the home improvement market may rise over USD 1,009.9 billion by 2027. Several companies are collaborating with architects to develop cost-effective and efficient home renovation designs and home improvement ideas in order to meet customer requirements. In 2021, key industry player, Kohler introduced new Home Improvement Market in its first virtual symposium.

In terms of end-use, exterior replacements held a notable share of more than 18.6% in 2020 and is likely to dominate the industry. Exterior replacement activities lend a unique value to appearance of housing, as well as durability and better performance. Home remodeling products that require low maintenance, are aesthetically appealing, and offer high energy efficiency are in demand. While renovation projects relating to the exterior environment could enhance the security and safety features of a house.

The property improvements end-use section is expected to reach USD 152.6 billion over the forecast timeframe owing to consumer preference towards convenience living and shifting lifestyles. Property improvement structures consist of garages, porches, and other outbuildings, while non-structural improvements include cycle tracks, gates, driveways, walkways, and fencing. Rise in number of nuclear families is estimated to fuel the growth of individual housing, group societies, and apartments.

Geographically, the Middle East & Africa home improvement market is likely to record a 3.6% CAGR on account of surging house prices in emerging nations like the UAE, Saudi Arabia, and Turkey. There is an increasing popularity of improving home décor in the region. The construction sector in the UAE is mainly fueled by robust investments in the residential space.

Meanwhile, the Latin America Home Improvement Market is expected to garner a 5.2% CAGR credited to growing prominence of coordinated sanitary ware, fittings & accessories, and concept washrooms. There is an expanding number of experienced retail centers in which customers can virtually see the version of their bathrooms after renovation.

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On a global scale, the home improvement market includes companies such as Henkel Corporation, Robert Bowden, Pella Corporation, Masco Corporation, American Exteriors, Kohler, Harvey Building Products, Owens Construction, Lutron Electronics, APCO Industries, Neil Kelly Company, Keller Supply Company, and Boral Building Products, among others. These firms are working on partnerships, product innovations, technological advancements, and geographical expansions.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Research methodology

1.1.1    Initial data exploration

1.1.2    Statistical model and forecast

1.1.3    Industry insights and validation

1.1.4    Definitions & forecast parameters

1.1.5    Assumptions, forecast parameters, and considerations

1.2    Base estimates & working

1.2.1    North America

1.2.2    Europe

1.2.3    APAC

1.2.4    LATAM

1.2.5    MEA

1.3    Forecast parameters

1.3.1    COVID-19 impact calculations on industry forecast

1.2    Data sources

1.2.1    Secondary

1.2.2    Primary

Chapter 2   Home Improvement Market Summary

2.1    Home improvement industry 3600 synopsis, 2017 - 2027

2.1.1    Business trends

2.1.2    Project trends

2.1.3    End use trends

2.1.4    Regional trends

Chapter 3   Home Improvement Market Insights

3.1    Industry segmentation

3.2    Industry landscape, 2017 - 2027

3.2.1    COVID-19 impact on industry landscape

3.3    Industry ecosystem analysis

3.3.1    Supply chain

3.3.2    Raw material

3.3.2.1    SCM practices by raw material suppliers

3.3.3    Distribution channel analysis

3.3.3.1    Online sales channel

3.3.3.2    Resellers

3.3.3.3    Wholesale

3.3.3.4    DIY retailers

3.3.3.5    DIFM retailers

3.3.4    Profit margin analysis

3.3.5    Vendor matrix

3.3.6    Value chain disruption analysis (COVID-19 impact)

3.4    Technology landscape

3.4.1    Smart windows

3.4.2    Contactless security cards

3.4.3    3D Printing

3.4.4    Integrated Home Systems (IHS)

3.5    Raw material analysis

3.5.1    COVID-19 impact on raw material supply

3.6    Global residential construction market overview

3.7    Regulatory landscape

3.7.1    North America

3.7.2    Europe

3.7.2.1    European Construction Sector Observatory

3.7.2.2    European Commission

3.7.2.3    Implementing Decree, No. 364/2012 implementing Act No 555/2005

3.7.2.4    Act No 150/2013 on the State Housing Development Fund (Section 6(1)(c) of the Act

3.7.3    Asia Pacific

3.7.3.1    China

3.7.4    Latin America

3.7.4.1    Mexico

3.7.5    Middle East & Africa

3.7.5.1    Saudi Arabia

3.7.5.2    South Africa

3.8    Industry best practices & key buying criteria

3.9    Industry impact forces

3.9.1    Growth drivers

3.9.1.1    Elevating prices of new homes and increasing transfer of ownership

3.9.1.2    North America

3.9.1.3    Asia Pacific

3.9.1.4    Europe

3.9.1.5    LATAM

3.9.1.6    Middle East & Africa

3.9.1.7    Supportive energy efficiency programs and financing options

3.9.1.8    Increasing spending by baby boomers on modernization of the aging infrastructure

3.9.2    Industry pitfalls & challenges

3.9.2.1    Limited availability of skilled labor to meet fluctuating consumer demand

3.9.2.2    Increasing cost and need to enhance supply chain visibility and efficiency

3.10    Innovation and sustainability

3.11    Growth potential analysis, 2020

3.12    Competitive landscape, 2020

3.12.1    Company performance analysis, 2020

3.12.2    Market share analysis, 2020

3.12.3    Key stakeholders

3.12.4    Strategy dashboard

3.13    Regional price trends

3.13.1    COVID-19 impact on pricing

3.14    Porter’s analysis

3.15    PESTLE analysis

3.15    COVID-19 impact on home Improvement demand by application

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