Selbyville, Delaware, April 23, 2019 (GLOBE NEWSWIRE) --
The home improvement market revenue is poised to rise from USD 800 billion in 2018 to around USD 1,120 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Trend towards improving energy efficiency owing to favorable government policies and necessity to reduce the electricity costs is driving the home improvement market growth. Many countries such as the U.S., China, Japan, India, and European countries offer tax credits as part of their green building regulations. Developed countries in Europe and North America are most willing to invest in sustainable solutions for the homes. For instance, the “Renovate Europe” campaign is enhancing the need to reduce energy bills.
Similarly, lower lending rates coupled with increasing land costs is surging the home improvement market development. The other key aspects contributing to rise in demand includes rapid urbanization, internal & external migration, increasing employment, and economic growth in a country. For instance, as per World Bank, the global urban population has increased from 51.7% in 2010 to 54.8% in 2017.
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Features such as technological advancements and design innovations in the form of new materials, color & durable finish options will generate notable gains over the forecast timeframe. Further, surging demand among the consumers pertaining to fire-rated building products such as windows and doors due to rise in count of fire incidences will create new home improvement market growth opportunities.
The home improvement spending is higher in countries witnessing disruptions due to disasters. According to Insurance Information Institute, in 2017, the natural catastrophe losses in the U.S. were estimated at around 165.3 billion. Also, increasing average age of buildings has supported the home improvement market growth.
DIY home improvement market is forecast to register over USD 680 billion in 2025. Developed regions including North America and Europe accounted for around 85% of the segment revenue in 2017. The presence of necessary skills in consumers for carrying out the home improvement work is among the key factors propelling the market growth. Also, manufacturers offer smart home improvement kits to assist the DIY consumers. Furthermore, presence of large DIY stores along with penetration of ecommerce sales channel will create long-term positive impact.
Browse key industry insights spread across 250 pages with 186 market data tables & 10 figures & charts from the report, “Home Improvement Market Size By End-Use (Kitchen Improvement & Additions, Bath Improvement & Additions, System Upgrades, Exterior Replacements, Interior Replacements, Property Improvements, Disaster Repairs, Other Room Additions & Alterations), By Project (DIY, DIFM) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, China, India, Japan, South Korea, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa, Turkey), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/home-improvement-market
System upgrades holds a substantial share in global home improvement market in 2018. High demand is expected majorly due to technological advancements and increase in remodeling services owing to old house structures. The segment includes spending on replacement or addition of products such as AC, heaters, lightings, wiring, plumbing fixtures, water heaters, and others. Also, the development of new security systems has surged the market expansion.
North America home improvement market was valued at over USD 460 billion in 2018. Growth in demand is expected majorly due to stringent green building regulations, rising electricity expenses, growth in internal migrations, and high household spending. Also, manufacturers have constantly focused on technological advancements, design innovations, and improving the product quality, and adhering to the changing trends such as offering ecofriendly products. Further, the lending rates in the region are comparatively lower and the property prices are increasing, thus supporting the home improvement market advancement.
The global home improvement market share is highly competitive with presence of large count of global manufacturers and regional players. The key industry participants include ABC Supply, Dow Building Solutions, Kohler Co., Builders First Source, 3M, The Home Depot, Andersen Corporation, Fortune Brands Home & Security, GAF Materials Corporation, Oldcastle Building Products, JELD-WEN, Hanley Wood LLC, and Ferguson Enterprises. The key strategies observed among the key industry players include merger & acquisitions, strategic R&D investments on product innovations, distribution channel expansion, and improving the services. For instance, in May 2017, Kohler Co. launched KOHLER Experience Centers (KEC) to enhance their distribution network and improve consumer service.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.