The Home Improvement Services Market is projected to grow from $761.98 billion to $1113.02 billion, at a CAGR of 4.3% over the forecast period 2021-2030.
Home improvement services refer to activities related to the remodeling, refurbishing, and renovation of residential buildings. This includes repairs, alterations, remodeling, enhancements, modifications, and demolition of residential or non-commercial properties. Kitchen and bathroom renovations and additions, floor replacement, room additions, system upgrades, and exterior and interior replacements are commonly used home improvement services.
It is widely used to improve overall appearance, privacy, safety, and comfort, and to protect devices from weather-related damage. Home improvement services can also help improve energy efficiency, optimize space utilization, and improve the functionality of your home. The changing preferences of homeowners for energy-efficient and luxurious living spaces are helping to propel the Home Improvement Services Market forward.
Market Dynamics:
Drivers:
The growing popularity of smart kitchens in the home improvement sector is driven by the growing demand for simple add-ons such as self-adjusting dispensers, motion-sensing faucets, and coolers with one-touch functionality. Additionally, efficient storage cabinets, new appliance types and preferences, hardwood flooring, backsplash trends, and efficient connectivity to the outdoors are expected to drive market growth. Soaring mortgage rates and interest rates, as well as rising new home prices, are driving up the cost of home improvement for millennials. These are the factors that spur Home Improvement Services Market.
Restraints:
Changing consumer demand and limited availability of skilled labor, fluctuating raw material costs are expected and some more such factors are anticipated to limit the demand for home improvement over the forecast period.
Opportunities:
Homeowners are adopting integrated home control systems as one of the most popular technologies very quickly. This technology enhances simplicity, accessibility, and security by allowing users to control their entire home from a single touchscreen panel. IoT integration enables lighting, audio, video, camera, HVAC, and door access connectivity for conveniently placed panels throughout the premises. And with secure system connectivity, you can monitor your entire asset remotely using smartphone and tablet apps. Consequently, these factors are expected to develop the home improvement market and create many opportunities in this market, over the forecast period.
Key Players:
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Belfor
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Coit Services, Inc.
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Crane Renovation Group
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DKI Ventures, LLC
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FirstService Corporation
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Mr. Handyman
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Power Home Remodeling Group, LLC
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Rainbow Restoration
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Servpro
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Venturi Restoration
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Pella Corporation
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Kohler
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ABC Supply Co.
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Neil Kelly Company
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Henkel Corporation
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American Exteriors
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Lutron Electronics
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Dreamstyle Remodeling
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Steves and Sons Roxul
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Builders FirstSource
Market Segmentation:
Home Improvement Services Market, By Type of Product
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Kitchen Renovation & Addition
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Bathroom Renovation & Addition
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Exterior & Interior Replacements
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System Upgrades
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Others
Home Improvement Services Market, By Age of Buyer
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Under 35
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35-54
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55-64
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Above 65
Home Improvement Services Market, By Type of City
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Metro Cities
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Other Non-metro Cities & Towns
Home Improvement Services Market, By Region Type
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North America
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Europe
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Asia-Pacific
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LAMEA
Regional Analysis:
North America dominated the home improvement market in 2021 and will continue to lead during the forecast period. Some of the major reasons driving the size growth of the home improvement market in the region include increasing spending on home improvement projects due to the preference for installing modern home appliances with attractive and appealing finishes.
Asia Pacific accounted for the fastest-growing Home Improvement Services Market share in 2021. In this region, there are emerging economies such as China, India, and Japan which are expected to play a significant role in the market growth due to population growth, rising capital expenditure, ever-increasing urbanization, and rising living standards.
Scope of the report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.3% |
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YoY growth (%) |
XX% |
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Regional analysis |
The Middle East, Europe, North America, Latin America, Asia Pacific, and Africa |
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Current Market size |
USD 761.98 Billion |
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Forecast market growth |
USD 1113.02 Billion |
User
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Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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