IMARC Group’s latest report, titled “Home Improvement Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global home improvement services market size reached US$ 321.4 Billion in 2021. Home improvement services involve the renovation and upgradation of residential spaces. Some commonly offered services include kitchen and bathroom renovation, interior and exterior upgradation, floor and tiles replacement, and room addition. They are widely used for repairing, modifying, refurbishing, remodeling, demolishing, and decorating various parts of residential and non-commercial spaces as per the preferences and requirements of consumers. They also assist in enhancing energy efficiency and optimizing the space utilization of the property. As a result, home improvement services are extensively used to improve the overall appearance, comfort, safety, and functionality of the house.
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.
Global Home Improvement Services Market Trends:
The escalating demand for remodeling homes due to the rising consumer expenditure capacities, improving lifestyles, and rapid urbanization represents the primary factor driving the market growth. Besides this, the shifting customer preferences toward luxurious living spaces and the increasing willingness to spend on home modernization are other major growth-inducing factors. In addition, individuals are opting for home improvement services to renovate newly bought old houses or upgrade existing residential spaces on account of their cost-efficiency. Along with this, the growing need for energy-efficient residential buildings with functional storage cabinets and modern flooring has augmented the demand for home improvement services. Furthermore, the introduction of the Internet of Things (IoT)-enabled home control systems integrated with single touch screen panels to offer convenient access and enhanced safety to residents have accelerated the adoption of home improvement services for system upgradation. Moreover, various product innovations, such as the launch of artificial intelligence (AI)-enabled video cameras, lighting, audio, and door access systems for providing remote access to individuals, have catalyzed the market growth. Other factors, including the emerging trend of house parties, easy availability of innovative system upgrades via e-commerce platforms, favorable government initiatives for construction of green buildings, elevating living standards, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 411.3 Billion by 2027, growing at a CAGR of 3.80% during 2022-2027.
- 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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