Worldwide Home Improvement Industry to 2026 - Key Drivers and Challenges

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Sep 24, 2021, 13:30 ET

DUBLIN, Sept. 24, 2021 /PRNewswire/ -- The "Global Home Improvement Market, By Product (Building and Remodeling, Home Decor, Tools and Hardware, and Outdoor Living), By Project (DIFM, and DIY), By Sourcing, By Region, Competition, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.

Global home improvement market is expected to reach around USD1975 billion by the end of 2026F, growing at a CAGR of over 5.63% during the forecast period.

Home improvement refers to the process of renovating or adding products related to home decor, gardening, or other similar things to one's home. Other terms for home improvement include remodeling and renovation. The home improvement market encompasses efforts to improve the interior, exterior, or other aspects of a pre-existing home. Even the maintenance, repair, and basic service are also considered within the home improvement market.

One of the reasons for the surge in the home improvement market development is a combination of factors such as lower lending rates and rising land costs. Growing population, increasing employment, growing urbanization, internal and external migration, and innovative products offered by the company are some of the major factors in this market that are driving up the demand for home improvement.

In terms of project, the global home improvement market is categorized into DIFM (Do It for Me), and DIY (Do It Yourself). Consumer preferences are shifting towards DIFM, which accounts for approximately 55% of the global home improvement market, as consumers are willing to do it themselves due to a lack of technical expertise. Home improvement work performed by millennials in developed countries is being outsourced in order to boost the market growth. The significant increase in DIFM projects has contributed to the consumer sentiment of "don't move, improve" as a result of the steady rise in property prices and income tax costs. Furthermore, having access to a wide range of design and texture options in house restoration will help to propel business growth.

In terms of region, the global home improvement market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Among these regions, North America dominates the global home improvement market with a market share of around 47% in 2020. Some of the primary reasons which are driving the expansion of the home improvement market size in this region are rising expenditure on home improvement projects as a result of a preference for installing new household products with attractive and appealing finishes. It is the United States of America that holds the largest market of the home improvement industry in terms of country in the year 2020. It is expected to maintain first position in the market considering the GDP and the changing lifestyle pattern. Those with higher earnings and several residences are more likely to remodel and do home improvement tasks. In 2018, 25% of households spent between USD10,000 and USD25,000 on home improvement and renovation projects.

Today, the global home improvement market has become an attractive destination for investments and several large multinational companies are entering this market. Some of the major companies are The Home Depot U.S.A., Inc., Lowe's Companies, Inc., Groupe Adeo SA, Wesfarmers Limited (Bunnings Warehouse), Kingfisher plc, Menard, Inc., OBI Group Holding SE & Co.KGaA, ACE Hardware Corporation, HORNBACH Group (HORNBACH Baumarkt AG subgroup), 3M Company. The global home improvement market is highly fragmented due to many local and international suppliers.

Objective of the Study:

To analyze the historical market size of the global home improvement market from 2016 to 2020.
To estimate and forecast the market size of global home improvement market from 2021 to 2026 and growth rate until 2026.
To classify and forecast global home improvement market based on product, project, sourcing, region, and company.
To identify dominant region or segment in the global home improvement market.
To identify drivers and challenges for global home improvement market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global home improvement market.
To identify and analyze the profile of leading players operating in global home improvement market.
To identify key sustainable strategies adopted by market players in global home improvement market.

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Impact of COVID-19 on Global Home Improvement Market

4. Executive Summary

5. Voice of Customer
5.1. Factors Affecting Purchase Decision
5.2. Challenges Post Purchase
5.3. Preferred Sourcing
5.4. Source of Information

6. Global Home Improvement Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Product (Building and Remodeling, Home Decor, Tools and Hardware, and Outdoor Living)
6.2.2. By Project (DIFM, and DIY)
6.2.3. By Sourcing (Homeware Stores, Franchised Stores, Specialty Stores, Online Sales Channel and Others (Direct Sellers, General Merchandised Retailers, etc.))
6.2.4. By Region
6.2.5. By Company (2020)
6.3. Market Map

7. North America Home Improvement Market Outlook

8. Europe Home Improvement Market Outlook

9. Asia-Pacific Home Improvement Market Outlook

10. South America Home Improvement Market Outlook

11. Middle East & Africa Home Improvement Market Outlook

12. Market Dynamics
12.1. Drivers
12.2. Challenges

13. Market Trends & Developments

14. Competitive Landscape
14.1. The Home Depot U.S.A., Inc.
14.2. Lowe's Companies, Inc.
14.3. Groupe Adeo SA
14.4. Wesfarmers Limited (Bunnings Warehouse)
14.5. Kingfisher plc
14.6. Menard, Inc.
14.7. OBI Group Holding SE & Co.KGaA
14.8. ACE Hardware Corporation
14.9. HORNBACH Group (HORNBACH Baumarkt AG subgroup)
14.10. The 3M Company

15. Strategic Recommendations

16. About the Publisher & Disclaimer

For more information about this report visit https://www.researchandmarkets.com/r/ro0ou6

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