The home improvement spending market is estimated to observe promising growth during the forecast period of 2021-2031. The growing urbanization and the rising disposable income of many individuals around the world will bring good growth prospects for the home improvement spending market.
The growing adoption of the latest technologies across the home improvement spending market will bring substantial growth opportunities. Personalized and customized home improvement solutions are also gaining traction due to benefits such as flexibility in choosing the right combination for each corner and effective resource utilization. All these factors will invite exponential growth for the home improvement spending market.
On the basis of project, the home improvement spending market can be segmented into DIY (Do It Yourself) and DIFM (Do It for Me). These services are used in kitchen improvement and additions, exterior replacements, property improvements, other room additions and alterations, interior replacements, system upgrades, and disaster repairs.
The home improvement spending market is highly fragmented. A vast number of players are engaged in fierce competition for capturing a good customer base. The players indulge in research and development activities for upgrading their solutions and offering more options to the consumers. These activities help in expanding the growth trajectory of the home improvement spending market.
Strategic collaborations also form an important part of the home improvement spending market growth structure. The players are involved in mergers, acquisitions, joint ventures, and partnerships for strengthening their influence across the home improvement spending market. All these factors eventually contribute to the growth of the home improvement spending market.
Some well-entrenched players in the home improvement spending market are Steves and Sons Roxul, The Home Depot, Beacon Roofing Supply, Dreamstyle Remodeling, Boral Building Products, Owens Construction, Power Home Remodeling Group, DuPont de Nemours, Sherwin-Williams Company, and Neil Kelly Company.
COVID-19 Pandemic increases Demand for Home Improvement Solutions
As the pandemic struck across the globe, many countries imposed strict lockdown and restricted the movement of the people. This aspect forced many people to stay at home for longer period. Earlier, it was thought that the restrictions will be uplifted soon and everything will be back to normal, but as soon as it was clear that the virus is here to stay for long and the lockdown enforcements will continue on an an and off basis, people started focusing on upgrading their homes. These factors will bring steady growth opportunities.
Smart Home Improvement Solutions Rule the Roost
Smart home improvement solutions have become a favorite among many consumers and it will set the stage for the growth of the home improvement spending market. Smart kitchens are growing popular, especially among the generation Z category. The ‘convenience’ quotient is playing a crucial role in the demand for smart kitchens. Thus, these factors will have a profound impact on the growth of the home improvement spending market.
North America’s home improvement spending market is expected to have the largest regional share. The growing disposable income and the rise in home ownership numbers in the region, especially in the U.S. will present promising growth opportunities for the home improvement spending market.
According to the American Community Survey, the home ownership rate declined to 65.4% after the Great Recession of 2010 in the U.S. It dropped further to 63% in 2015 but rose steadily to 64.1% in 2019. The improving rates will help in boosting the growth prospects of North America’s home improvement spending market. Europe will also display promising growth for the home improvement spending market between 2021 and 2031.
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