Home improvement services are activities that include renovation, remodeling, and refurbishing of residential structures. These activities include altering, remodeling, improving, repairing, demolishing and modifying parts of non-commercial or residential buildings. Some of the commonly used home improvement services are room addition, exterior and interior replacements, floor replacements, bathroom, and kitchen renovation and addition. They are significantly used to amplify the safety, privacy, comfort and overall appearance of the building from weather-related damage. These services also assist in enhancing energy efficiency, optimizing space utilization, and refining the functionalities of the house.
According to the latest report by IMARC Group, the global home improvement services market reached a value of US$ 321.4 Billion in 2021, and It is projected to reach US$ 411.3 Billion by 2027, exhibiting at a CAGR of 3.80% during 2022-2027.
Global Home Improvement Services Industry Trends and Drivers:
Rapid urbanization and the rising demand for the modification of houses are the primary factors driving the market growth. Additionally, these services help in redoing newly bought homes or redefining the existing properties as per the requirements of customers. Besides this, the increasing need for environment-friendly and opulent living rooms with contemporary floorings and efficient storage is propelling the market growth. In line with this, technological upgradation, such as the introduction of the Internet of Things (IoT)-integrated home-controlled systems implanted with single touch screen panels, represent another major growth-inducing factor.
Moreover, the integration of lighting, door access systems and artificial intelligence-enabled cameras to provide remote access to consumers and easy access with enhanced safety is creating a positive market outlook. Other major growth-inducing factors include the implementation of several initiatives undertaken by the governments of various nations to encourage the construction of green buildings and the rising expenditure capacities of the consumers.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The report has segmented the market on the basis of region, type, buyers age and city type.
Based on the type, the market has been segregated into kitchen renovation and addition, bathroom renovation and addition, exterior and interior replacements, system upgrades, and others.
On the basis of the buyers age, the market has been classified into under 35, 35-54, 55-64, and above 65.
Based on the city type, the market has been bifurcated into metro cities, and non-metro cities and towns.
Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being Belfor Holdings Inc., Coit Services Inc., Crane Renovation Group, DKI Ventures LLC, FirstService Corporation, Mr. Handyman International, LLC, Power Home Remodeling Group LLC, Rainbow International LLC (Neighborly, Inc), Servpro Industries LLC, and Venturi Restoration.
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Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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