Home Improvement Market Trends, Segmentation and Registering a Strong Growth by 2027 End
Home improvement market size is set to exceed USD 1,009.9 billion by 2027, according to a new research report by GMI Inc. Increasing energy efficiency trends in the residential construction sector will influence market growth.
Home improvement market size is set to exceed USD 1,009.9 billion by 2027, according to a new research report by GMI Inc. Increasing energy efficiency trends in the residential construction sector will influence market growth
Shifting trends toward net-zero energy building coupled with the rapid emergence of sustainable urban developments will promote a strong industry outlook. With the adoption of green buildings, the sector will minimize carbon dioxide emissions by 39%, energy utilization by up to 50%, water usage by 40%, and solid waste by 70%. They also minimize operating costs, improve workplace productivity, and promote sustainable materials. Strategic partnerships among government administrations and utilities for the successful implementation of several programs, such as residential weatherization & retrofit, appliance recycling, financial incentives, and direct install programs, will contribute to improvements in HVAC systems, roofing, doors, and home insulations.
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The penetration of the home improvement market will be fueled by rising consumer preferences for key technologies like smart locks, plug-in cameras, smart thermostats, rooftop solar panels, and the development of vacuuming baseboards. The market will expand as a result of the increasing use of apps and virtual programmes, drones, and 3D printing technologies in various home improvement projects.
Rising equity levels of new properties and an upsurge in the price value of older homes are encouraging older homeowners to opt for renovation & improvement activities. As per the latest trends of HousingWire Magazine, in 2019, more than three million or over 70% of homeowners are above 55 years old and are rapidly shifting toward the modernization of aging infrastructure instead of purchasing a new property. Rapid urbanization, surging international trade, demographic transition, and a high influx of the FDI will escalate the demand for home remodeling by 2027.
The home improvement market will benefit greatly from rising consumer awareness of design innovations and a high acceptance rate of fire-resistant building products, such as doors. However, the COVID-19 crisis has had a serious negative impact on the global construction industry, creating a worrying situation. Demand for home improvements has decreased during the period due to lower consumer confidence and a decrease in consumption brought on by lockdown measures. Increasing vaccination campaigns will stabilise the overall effect over time and encourage homeowners to gradually invest in significant energy-efficient upgrades, which will support the expansion of the industry as a whole.
DIFM to acquire a high growth rate in the home improvement market
The DIFM segment to capture a revenue of around USD 620.7 billion by 2027. The consumer trends are shifting toward DIFM as consumers of the mature markets are willing to go for DIY due to the lack of technical know-how. The outsourcing of home improvement work by baby boomers in developed nations to boost market growth. The significant rise of DIFM projects has contributed to the “don’t move, improve” among consumers owing to the constant upsurge in house prices and costings of stamp duty. Furthermore, access to a large number of options related to designs & texture in home renovation will subsequently propel business growth.
The bath improvement & additions end-use will exhibit promising demand
The bath improvement & additions end-use segment held around 9% of the home improvement market share in 2020 and is likely to see a stable growth rate of 4.3% through 2027. Bath improvements comprise sink, showers, bathtubs, lighting, flooring, ventilation unit, mirrors, faucets, and other bathroom fixtures. Since bath and kitchen are the major water consumption areas in a household, they require regular maintenance and upgradations to avoid wastage of water. Hidden water damage is a common problem in bathrooms; therefore, it is necessary to equip the bath area with efficient solutions.
North America is anticipated to be among the leading regional market
North America is estimated to account for more than 53.3% of the overall home improvement market revenue share by 2027. The regional market is driven by stringent regulations on green buildings, high household spending, and rising population due to internal & external immigrations. The rising cost of land and low lending rates will surge the market demand. Technological advancements and better product quality coupled with the increasing number of new product launches will foster the industry share. High-income homeowners hire professionals for their convenience. Rising property prices coupled with lowering interest rates in the region will spur the market growth.
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New product development and joint ventures will augment market competitiveness
The home improvement industry is highly fragmented on account of the presence of a large number of small-scale and multinational players. Companies are focusing on branding & customer satisfaction, aftersales support, retaining & developing skilled labor, and finding innovative uses of technology to gain a competitive advantage.
Some of the major home improvement market players include Sherwin-Williams Company, The Home Depot, Ferguson Enterprises, Andersen Corporation, DuPont de Nemours, Watsco, Inc., Beacon Roofing Supply, Pella Corporation, Kohler, ABC Supply Co., Neil Kelly Company, etc.
In January 2019, Lutron Electronics acquired Michigan-based Limelight that offers wireless outdoor lighting control solutions. This acquisition will help the company to expand its product portfolio and enhance its market share in the residential sector.
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