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The home improvement services market has seen significant growth over recent years. It is projected to expand from $345.33 billion in 2023 to $364.01 billion in 2024, achieving a compound annual growth rate (CAGR) of 5.4%. This growth in previous years can be linked to changing homeowner lifestyles, government incentives and initiatives, weather-related events, trends in the real estate market, and a rising consumer interest in energy efficiency.
What Is the Expected Size of the Global Home Improvement Services Market, and How Fast Will It Grow?
The home improvement services market is anticipated to experience robust growth in the coming years, reaching $450.42 billion by 2028 with a compound annual growth rate (CAGR) of 5.5%. This projected growth is driven by factors such as resilience and disaster-proofing, the demand for adaptable living spaces, urbanization and housing trends, an emphasis on health and wellness, and the rise of DIY projects supported by educational resources.
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What Is Accelerating Growth in the Home Improvement Services Market?
The rising demand for home remodeling is anticipated to drive the growth of the home improvement services market in the future. Home remodeling involves renovating real estate by making changes or improvements to a house or other property. Beyond residential upgrades, these improvements can also include the renovation of commercial properties and business assets.
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Who Are the Major Players Influencing the Home Improvement Services Market's Growth?
Key players in the home improvement services market include The Home Depot Inc., Lowe's Companies Inc., Lennar Corporation, Henkel Corporation, Sherwin-Williams Company, PulteGroup Inc., Toll Brothers Inc., Owens Corning, Masco Corporation, KB Home, Meritage Homes Corporation, JELD-WEN Inc., Andersen Corporation, FirstService Corporation, Servpro, Pella Corporation, Belfor, Trex Company Inc., Armstrong Flooring Inc., Power Home Remodeling Group LLC, Steves and Sons Inc., Mr. Handyman International LLC, Rainbow International Restoration, Dreamstyle Remodeling,
What Are the Latest Trends Influencing Home Improvement Services Market Size?
Leading companies in the home improvement services market are increasingly focusing on launching innovative solutions, such as thermally insulated window and door systems, to strengthen their competitive position. These systems are designed with features and components that reduce heat transfer through windows and doors, enhancing a building's overall energy efficiency.
How Is The Global Home Improvement Services Market Segmented?
1) By Type: Kitchen Renovation and Addition, Bathroom Renovation and Addition, Exterior and Interior Replacements, System Upgrades, Other Types
2) By City Type: Metro Cities, Other Non-Metro Cities and Towns
3) By Buyers Age: Under 35, 35-54, 55-64, Above 65
Geographical Insights: North America Leading The Home Improvement Services Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Home Improvement Services Market?
Home improvement services encompass activities related to remodeling, restoring, and renovating residential buildings. This includes tasks such as remodeling, upgrading, modifying, and demolishing parts of residential or non-commercial properties, along with repairing and altering existing structures.
The Home Improvement Services Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Home Improvement Services Market Report: Trends, Opportunities, Strategies, and More
The Home Improvement Services Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into home improvement services market size, home improvement services market drivers and trends, home improvement services competitors' revenues, and home improvement services market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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