LONDON, April 11, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the home improvement services market identifies the increasing demand for home remodelling to drive the growth of the home improvement services market in the future. The renovation of real estate is referred to as home remodelling. This entails making changes or improvements to a home or other real estate. House improvements can refer to both commercial and company assets, in addition to residential buildings. According to Zippia Inc., a US-based provider of online recruitment services, American consumers will spend $538 billion at home improvement stores in 2021. Furthermore, in 2020, 76% of American homeowners completed a home improvement project. In addition, the renovation industry in the United States will generate $1.1 billion in sales by 2021. The home renovation market in the United States is expected to grow at a CAGR of 4.1% between 2021 and 2027. As a result, rising demand for home remodelling services is driving growth in the home improvement services market.
The global home improvement services market size is expected to grow from $324.8 billion in 2022 to $343.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The home improvement market size is expected to grow to $423.9 billion in 2027 at a CAGR of more than 5%.
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Major players in the home improvement services market are Belfor, Coit Services Inc., Crane Renovation Group, DKI Ventures LLC, FirstService Corporation, Mr. Handyman, Power Home Remodeling Group LLC, Rainbow International Restoration, Venturi Restoration, Servpro.
Technological advancements are gaining traction in the home improvement market trends. Modern computer-based technologies, such as visualisation apps and 3D software, have inspired homeowners to make improvements to their homes. Manufacturers are focusing on releasing innovative products such as windows and doors that open quickly and easily. Such innovation enables market leaders to gain a competitive advantage. Pella Corporation, a US-based window and door manufacturing company, for example, launched the new Easy-Slide Operator in December 2020. The new hardware solution offers a significantly smoother operation than continuously cranking by allowing homeowners to simply slide the operator up to open and down to close the window. The Easy-Slide Operator's innovative design brings modern technology and aesthetics to the window and door industry.
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North America was the largest region in the home improvement services market in 2022. The regions covered in the home improvement services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global home improvement services market is segmented by type into kitchen renovation and addition, bathroom renovation and addition, exterior and interior replacements, system upgrades, other types; by city type into metro cities, other non-metro cities and towns; by buyers age into under 35, 35-54, 55-64, above 65.
Home Improvement Services Global Market Report 2023 by The Business Research Company provides insights on the home improvement services market size, home improvement services market segments, home improvement services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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