Home Improvement Market Forecast 2020-2025 Growth Drivers & Regional Outlook
Category: #world  By Rahul Varpe  Date: 2020-04-24
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Home Improvement Market Forecast 2020-2025 Growth Drivers & Regional Outlook

Global home improvement market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends.

Home improvement market share was valued at USD 800 billion in the year 2018 and is projected to surpass a revenue of USD 1120 billion by the year 2025. Real estate industry expansion coupled with increasing disposable income among the consumers in the developing countries including India, Brazil, Indonesia, Mexico etc. Are driving the home improvement market. Increasing spending on home improvement projects owing to inclination towards installation of modern household products having attractive and appealing finishing is expected to further support the business growth. Factors such as decreased willingness of the young generation consumers coupled with aging population across the developed markets in both North America and Europe will fuel the product demand across the DIFM segment.

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Rapid rise in the urbanization rate coupled with increase in the penetration on ecommerce channels offering huge discounts for attracting the millennials will contribute significantly towards the market expansion up to 2025. Increasing occurrences of natural disasters along with drastic changes in the temperature is expected to increase the product adoption rate across the polar and subtropical regions. Rapid technological advancements in the home improvement industry has pushed the manufacturers towards development of highly innovative products by utilizing smart automation system.

Factors such as stringent regulations imposed by the government towards construction of green buildings along with the need for reduction of the electricity costs has urged the property owners to go for renovation and improvement in the houses. Upsurge in the demand for the smart products including wireless lighting systems, eco dish cleaners, smart faucet and smart kitchens having sufficient storage and matt finishing options is expected to escalate product demand.

DIY segment dominated the home improvement market and accounted for over 50% of the overall demand in 2018. Aspects such as increasing count of DIY stores along with easy availability of DIY equipment's, appliances and tool over the online platform will contribute towards the growth of segment, thereby fueling the product demand. Industry participants are actively capitalizing on R&D activities to increase their product assortment and innovation levels in terms of value addition, quality enhancement, value for money and product portability in order to combat the stiff competition from other industry rivals. For instance, Home Depot has been operational in the market with multiple brands including as Vigoro, Husky, HDX, Home Decorators Collection, Glacier Bay and Hampton Bay.

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Kitchen improvement & additions is expected to register CAGR of over 6% up to 2025. Rise in the number of residential remodeling and replacement projects across both developed and emerging countries coupled with growing demand for quartz countertops, cabinets having streamlined textures, designs having an effective storage solution cabinetry will drive the segment growth. Over the past few years there has been rapid rise in the demand for small efficient kitchen appliances such as 60-inch fridge, 18-inch dishwasher, combo microwave/convection oven and touch-activated faucets.

North America home improvement market will grow significantly owing to the high spending among the consumers on renovations and remodeling in the houses particularly on system upgrades, interior and exterior alterations. Factors including surge in the new houses sales, minimal loan interest rates and higher future mortgage rates will escalate product demand. Additionally, presence of large manufacturers and retailers has led to increase in the number of DIY projects across the region.

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Few key players in the home improvement industry include Anderson Corporation, The Home Depot, Pella Corporation, Henkel Corporation, Steves and Sons, Inc., Kingfisher plc and AARP American Exteriors, LLC. Mergers, capacity expansions, acquisitions, product innovations and joint ventures are few key strategies adopted by the vendors for expanding and building their business. For instance, in May 2018, Anderson Corporation announced to expand its window extrusion factory in the U.S. by 60,000 square feet with an investment worth USD 40 million to cater the growing demand for its product from the North American region.



About Author

Rahul Varpe

Email: [email protected]   

Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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