Global Home Improvement Market Size, Share, Growth Analysis, By Product(Flooring, Furniture), By Resident(Residential, Commercial), By Distribution channel(DIY Retailers, Home Improvement Stores) - Industry Forecast 2023-2030

Global Home Improvement Market size was valued at USD 342 billion in 2022 and is poised to grow from USD 364.9 billion in 2023 to USD 613.1 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).

In recent times, there has been a notable transformation in the global home improvement market, primarily fueled by a growing inclination towards renovating and remodeling homes. This shift is influenced by changes in consumer lifestyles and preferences, reflecting a desire for personalized living spaces tailored to individual needs and tastes. The rise of do-it-yourself (DIY) projects has been instrumental in driving this trend, facilitated by the widespread availability of online tutorials and home improvement products, enabling homeowners to tackle projects themselves. Several product categories within the home improvement market have witnessed considerable demand. Flooring, furniture, kitchen and bathroom enhancements, and outdoor landscaping are particularly popular as homeowners aim to enhance both the visual appeal and functionality of their living environments. Additionally, there is a notable emphasis on energy-efficient and sustainable home improvement options as consumer awareness of environmental issues grows. The surge in online shopping has significantly contributed to the expansion of the home improvement market. The convenience and accessibility offered by e-commerce platforms have provided consumers with greater flexibility in purchasing home improvement products, thereby driving market growth. This shift towards online shopping has not only broadened the reach of home improvement retailers but has also empowered consumers with a convenient avenue to compare products and prices, enabling them to make informed purchasing decisions. Overall, the evolving preferences towards renovating and remodeling homes, coupled with the rise of the DIY culture, the increasing demand for specific product categories, and the convenience of online shopping, are driving notable growth and innovation within the global home improvement market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Home Improvement Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Home Improvement Market Segmental Analysis

The global home improvement market is segmented on the basis of product type, resident type, distribution channel, and region. By product type, the market is segmented into furniture, kitchen and bathroom improvements, lighting fixtures, paints and coatings, tools and hardware, outdoor and Garden. By resident type, the market is segmented into residential, commercial. By distribution channel, the market is segmented into diy retailers, home improvement stores, online retail, and others. By region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.

Drivers of the Global Home Improvement Market

More homeowners are choosing to renovate and remodel their homes because they want spaces that suit their lifestyles better. The pandemic made this trend even bigger as people spent more time at home and wanted to make their living areas nicer. Also, more people are getting into DIY projects because there are lots of online tutorials and products available, which has increased the demand for home improvement stuff.

Restraints in the Global Home Improvement Market

One big challenge in the market is that quality materials, labor, and advanced technologies are expensive, which makes home improvement projects costly for some people. Changes in the economy and real estate market also affect how much people spend on fixing up their homes, especially during tough times. Plus, there are rules and regulations like building codes and zoning restrictions that make projects more complicated and pricey, which slows down the market.

Market Trends of the Global Home Improvement Market

More and more people are focusing on being eco-friendly and sustainable, so they're choosing products that match their values. There's a big trend in making homes smarter by adding technology to things like lights, security systems, and thermostats. DIY projects are still popular because it's easy to find tutorials online and there are lots of products made for people to do it themselves. Online shopping for home improvement stuff is booming because it's convenient to buy things on e-commerce websites. Also, there's a growing interest in staying healthy, which affects how people decorate their homes. They're looking for products that make the air inside better.