Home Improvement Market to Hit $1,009.9 Bn by 2027; Global Market Insights, Inc.
SELBYVILLE, Del., May 12, 2021 (Newswire.com) - Global Market Insights Inc. has recently added a new report on the home improvement market which estimates the market valuation for home improvement will hit US$ 1,009.9 billion by 2027. Growing expenditure in the modernization of aging infrastructures will escalate home improvement demand.
Advanced material technologies that include self-healing concrete cracks, kinetic paving, and 3D printing structures are providing a positive outlook for home improvement projects. A surging acceptance of enhanced materials among architects, interior designers, house decorators, DIYers, and home builders for renovation projects will escalate the market size. Major benefits including customizability, energy efficiency, and appropriate protection of the property will provide a strong outlook for business development.
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Industry players and engineers & scientists across various international laboratories are collaborating with architects and focusing on the development of efficient & cost-effective home renovation designs, meeting customer requirements. A rise in the adoption of 3D printing has provided homeowners with the ability to customize with exceptional decor items that can add new opportunities for personal expression throughout their homes. 3D printing technology has very recently expanded in the interior design and architecture segment that makes it easier to create customized home items, such as wallpaper, moldings, and curtain walls, with a particular style & feel. 3D printing is becoming more prominent among builders and homeowners owing to benefits including the incorporation of architectural features such as curved walls, total design freedom, and fast remodeling options.
The surging cases of COVID-19 have severely disrupted the global economy. Vaccine inequality and the lack of manufacturing capacity have led to extreme lockdown measures. This has resulted in halts in several infrastructural projects across the nation. The pandemic has shaken the confidence of consumers, thereby having a direct impact on the spending capacity of individuals on home improvement activities.
Product revenue from the property improvements end-use segment will reach USD 152.6 billion by 2027. Property improvement structures include porches, garages, and other outbuildings. Non-structural improvements comprise gates, fencing, walkways, cycle tracks, and driveways. The increasing number of nuclear families will boost the growth of group societies, apartments, and individual housing. Changing lifestyles and consumer inclination toward convenience living will drive the market for property improvements.
The Middle East & Africa market is anticipated to grow at a CAGR of 3.6%. Increasing house prices in several emerging economies, such as Saudi Arabia, Turkey, and the UAE, will support the regional home improvement market growth. The growing popularity of improving home décor will aid the developing home improvement market in the region. The UAE construction sector is majorly driven by strong investments in the residential sector. Projects including Emaar Majestic Vistas, Emaar Golfville, and Emaar Grand Bleu Tower will drive home improvement revenues during the forecast period.
The competitive landscape of the home improvement industry encompasses diverse market niches and business segments. Investors look out for businesses that offer scalable profit opportunities with good systems and a robust management team. In March 2018, Masco Corporation acquired The L.D. Kichler Co., a prominent developer of LED lighting, fans, decorative residential lighting, and systems across consumer distribution channels. This acquisition has helped the company to expand its already extensive product portfolio with the addition of residential lighting products to meet the growing home improvement market.
Major players operating in the home improvement industry are Pella Corporation, Kohler, ABC Supply Co., Neil Kelly Company, Henkel Corporation, American Exteriors, Lutron Electronics, Dreamstyle Remodeling, Steves and Sons Roxul, Builders FirstSource, Masco Corporation, Keller Supply Company, Case Design/Remodeling, Robert Bowden, APCO Industries, Boral Building Products, Harvey Building Products, State-wide Remodeling, Owens Construction, etc.
Some major findings of the home improvement market report include:
- Latin America will be the fastest-growing market at a CAGR of 5.2% by 2027. The rising popularity of coordinated sanitary ware, concept washroom and other fittings & accessories will provide a strong business outlook. The growing number of experienced retail centers in the region where customers can virtually view the version of their bathrooms post-renovation will further fuel the market growth.
- Exterior replacements held a substantial revenue share of over 18.6% in 2020. The exterior replacement end-use segment will dominate the overall market due to rising demand for aesthetic design, high energy efficiency, and low maintenance. Exterior replacement activities add unique value to the housing appearance along with enhanced performance & durability. In addition, effective renovation projects pertaining to the exterior environment will improve the safety & security features of a particular house.
- DIFM will influence the home improvement industry and is anticipated to grow at a CAGR of 4.2% owing to the rising consumer demand for quality workmanship, guaranteed results, and high convenience. Furthermore, the supplementation of existing skillsets with additional expertise along with the utilization of marketing automation tools to their fullest capabilities will further provide a strong outlook for business expansion.
- Technological advancements, product innovations, strategic partnerships with investors & franchisors, geographical expansion are key strategies adopted by industry players.
- An upsurge in raw material costs may pose a key restraint in the home improvement market growth owing to changing labor laws across several economies. Moreover, a lack of efficiency in the production processes and service operations across the entire supply chain may pose a major challenge in the market by 2027.
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Partial chapters of report table of contents (TOC):
Chapter 3 Home Improvement Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017 - 2027
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Supply chain
3.3.2 Raw material
3.3.2.1 SCM practices by raw material suppliers
3.3.3 Distribution channel analysis
3.3.3.1 Online sales channel
3.3.3.2 Resellers
3.3.3.3 Wholesale
3.3.3.4 DIY retailers
3.3.3.5 DIFM retailers
3.3.4 Profit margin analysis
3.3.5 Vendor matrix
3.3.6 Value chain disruption analysis (COVID-19 impact)
3.4 Technology landscape
3.4.1 Smart windows
3.4.2 Contactless security cards
3.4.3 3D Printing
3.4.4 Integrated Home Systems (IHS)
3.5 Raw material analysis
3.5.1 COVID-19 impact on raw material supply
3.6 Global residential construction market overview
3.7 Regulatory landscape
3.7.1 North America
3.7.2 Europe
3.7.2.1 European Construction Sector Observatory
3.7.2.2 European Commission
3.7.2.3 Implementing Decree, No. 364/2012 implementing Act No 555/2005
3.7.2.4 Act No 150/2013 on the State Housing Development Fund (Section 6(1)(c) of the Act
3.7.3 Asia Pacific
3.7.3.1 China
3.7.4 Latin America
3.7.4.1 Mexico
3.7.5 Middle East & Africa
3.7.5.1 Saudi Arabia
3.7.5.2 South Africa
3.8 Industry best practices & key buying criteria
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Elevating prices of new homes and increasing transfer of ownership
3.9.1.2 North America
3.9.1.3 Asia Pacific
3.9.1.4 Europe
3.9.1.5 LATAM
3.9.1.6 Middle East & Africa
3.9.1.7 Supportive energy efficiency programs and financing options
3.9.1.8 Increasing spending by baby boomers on modernization of the aging infrastructure
3.9.2 Industry pitfalls & challenges
3.9.2.1 Limited availability of skilled labor to meet fluctuating consumer demand
3.9.2.2 Increasing cost and need to enhance supply chain visibility and efficiency
3.10 Innovation and sustainability
3.11 Growth potential analysis, 2020
3.12 Competitive landscape, 2020
3.12.1 Company performance analysis, 2020
3.12.2 Market share analysis, 2020
3.12.3 Key stakeholders
3.12.4 Strategy dashboard
3.13 Regional price trends
3.13.1 COVID-19 impact on pricing
3.14 Porter's analysis
3.15 PESTLE analysis
3.15 COVID-19 impact on home Improvement demand by application
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