Newark, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 382.3 billion home improvement services market will reach USD 717.6 billion by 2032. Services related to remodelling, refurbishment, and renovation of residential properties are referred to as home improvement services. These include restoring, changing, remodelling, enhancing, modifying, and tearing down sections of non-commercial or residential buildings. The most popular home remodelling services include system improvements, floor replacements, room additions, kitchen and bathroom renovations, and exterior and interior replacements. They are frequently utilised to improve the unit's overall look, privacy, safety, and comfort and to shield it from weather-related harm. Additionally, home improvement services help to maximise space utilisation, increase energy efficiency, and enhance house functionality. One of the main reasons propelling the market's expansion is the rising demand for home remodelling along with the rapid urbanisation of the world. Home improvement services are frequently used to update existing residential complexes or remodel recently purchased homes according to customer preferences and needs.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 382.3 Billion |
| Market Size in 2032 | USD 717.6 Billion |
| CAGR | 6.5% |
| No. of Pages in Report | 238 |
| Segments Covered | Deployment, Repairs & Maintenance, Home Improvement Type |
| Drivers | Rapid urbanization |
| Opportunities | Increasing digital transformation |
| Restraints | Lack of standardization |
Key Insights of Home Improvement Services Market
North America to account for the largest market size during the forecast period.
Due to an increase in consumer disposable income and urbanisation. A growing interest in improving houses' aesthetic appeal and engagement in home décor efforts are two more factors expected to drive market revenue growth in the region. The market is driven by RTA furniture's rising acceptance and appeal in the US. The demand for creatively designed ready-to-assemble (RTA) furniture is rising in the US.
The offline segment dominated the market with the most significant revenue of USD 225.5 billion.
The offline segment dominated the market with the most significant revenue of USD 225.5 billion. Most people in their old age still prefer offline home improvement services as they need to become more familiar with online portals. Offline services are easy to access and can be checked properly before opting for home improvement services.
The electricity segment dominated the market with the most significant revenue of USD 64.9 billion.
The electricity segment dominated the market with the most significant revenue of USD 64.9 billion. Electricity is the most used service in every household. This makes it more prone to repairs and services, propelling the segment's growth.
The interior design segment dominated the market with the most significant revenue of USD 198.7 billion.
The interior design segment dominated the market with the most significant revenue of USD 198.7 billion. People are becoming more receptive to new patterns and decorations for their homes due to their increased exposure to a wide range of cultures and global trends, adding impetus to the segment's growth.
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Market Dynamics:
Drivers: Increasing disposable income
The increasing disposable income from people of all age groups and classes drives the market's growth. Furthermore, homeowners' evolving tastes for opulent, energy-efficient living areas greatly fuel the industry's growth. The industry has grown due to government attempts to offer tax credits and incentives for developing green buildings and rapid urbanisation. In addition, the rise in e-commerce and the accessibility of high-tech system updates will drive the global house remodelling market.
Restraint: Lack of standardisation
The lack of a standard pricing structure for internet-based home services may prevent the sector from growing. One of the primary problems facing the home service sector is the need for a pricing strategy. Because internet home services are relatively new, there is now a standard for the services that must be provided. To understand how current trends are determined and how much a particular home service will cost.
Opportunity: Rising adoption of smartphones
Smartphone adoption is increasing significantly, which has increased the need for the product's mass production. The general cost of cell phones has decreased due to increased demand. These kinds of things are what have caused smartphone adoption to rise globally. The demand for online home services is rising as a result of the convenience that home service providers are offering. Because the current generation has the biggest user base for internet services, on-demand gadgets are highly favoured.
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Some of the major players operating in the home improvement services market are:
● DKI Ventures, LLC
● Rainbow Restoration
● Servpro
● Power Home Remodeling Group, LLC
● Coit Services, Inc.
● Crane Renovation Group
● Mr. Handyman
● FirstService Corporation
● Belfor
● Venturi Restoration
Key Segments cover in the market:
By Deployment:
● Online
● Offline
By Repairs & Maintenance :
● Non-HVAC Home Appliances
● Ventilation and Air Conditioning
● Electricity
● Gas
● Heating
● Plumbing
By Home Improvement Type:
● Interior Design
● Construction
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About the report:
The global home improvement services market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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