The home improvement market refers to the industry that provides services and products for decorating, repairing, remodeling, and renovating homes. This process involves making changes to the existing structure or adding new interior or exterior features of homes to enhance the functionality, aesthetics, and value of the property. Instead of spending a lot of money on brand-new homes, people prefer to spend it on home renovations. A purchased old home can also be renovated to one's preferences with much less investment than a new home. As a result, instead of purchasing a new home, people prefer to modify their existing home. Interior remodeling mainly includes kitchen and bathroom modeling. On the other hand, exterior home improvement includes landscaping, adding a deck or patio, or installing a new roof to house.
Key factors responsible for the growth of the home improvement market include the adoption of new sensor-based technologies, home remodeling activities to increase the resale value of their property, and the demand for enhancing living spaces ‘comfort, decorative space, functionality, and aesthetics. Some homeowners may also undertake home improvement projects to address safety and health concerns or to reduce energy consumption.
During the COVID-19 pandemic, the home improvement market witnessed significant growth as people spent more time at home and invested in their living spaces. Home improvement projects became a way to create more functional and comfortable living spaces, with many people working remotely and participating in remote learning. Additionally, the pandemic also accelerated the adoption of online shopping and e-commerce in the home improvement industry, with many consumers purchasing materials and products from online retailers. This shift resulted in the expansion of home improvement e-commerce platforms as well as the development of new technologies that made online shopping more accessible and convenient.
The demand for home improvement is high in North America and Asia Pacific regions owing to factors such as an increase in the standard of living and urbanization. However, it is important to note that not all countries in these regions are developed or experiencing high levels of urbanization. For example, while the U.S. and Canada in North America are highly developed and urbanized, countries such as Mexico and some countries in Central America are still developing and may not have the same level of demand for home improvement. Similarly, while countries such as Japan, South Korea, and Australia in the Asia Pacific region are highly developed and urbanized, countries like India and some Southeast Asian countries are still developing and may not have the same level of demand for home improvement as their more developed counterparts.
By End Use
Middle East & Africa
Crane Renovation Group
Power Home Remodeling
Rainbow Restoration SPV LLC
Ashley Furniture industries, Inc.
Horizon Home Furniture
DKI Services, LLC
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