Home Improvement Services Industry
Summary:
- The global home improvement services market size reached USD 356.9 Billion in 2023.
- The market is expected to reach USD 512.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032.
- North America leads the market, accounting for the largest home improvement services market share.
- Home improvement services accounts for the majority of the market share in the type segment as they encompass a wide range of renovation, repair, and remodeling projects, driven by increasing consumer demand for home customization, energy efficiency, and modernization.
- Based on the buyers age, the market has been divided into under 35, 35-54, 55-64, and above 65.
- Metro cities remain a dominant segment in the market, due to higher population density, greater disposable incomes, and increased demand for modern, space-efficient home improvements driven by urbanization.
- The increased home ownership rates are a primary driver of the home improvement services market.
- Growing popularity of DIY home improvement and rising awareness about home renovation financing are reshaping the home improvement services market.
Industry Trends and Drivers:
- Rising demand for smart home technologies:
The adoption of smart home technologies is a major factor driving the home improvement services market. Homeowners are increasingly looking for ways to integrate advanced technology into their living spaces, driven by a desire for greater convenience, energy efficiency, and security. Smart devices such as thermostats, lighting systems, security cameras, and voice-controlled assistants have become more affordable and user-friendly, making them accessible to a wider demographic. Moreover, these technologies offer real-time data on energy consumption and home security, providing value to consumers looking to reduce energy bills and enhance the safety of their home. As smart home devices become more interconnected and interoperable, demand is likely to grow further, particularly among tech-savvy homeowners. Home improvement services play a crucial role in the installation, integration, and maintenance of these systems, fueling market expansion. Additionally, rising awareness about the Internet of Things (IoT) and its role in creating more efficient living environments is expected to accelerate this trend
- Increasing emphasis on sustainable and eco-friendly renovations:
Another key driver is the growing emphasis on sustainability in home improvement projects. Consumers are becoming more conscious of their environmental impact, seeking ways to reduce their carbon footprint. This has led to a rising demand for energy-efficient appliances, solar panels, sustainable building materials, and water-conserving systems. Governments across the globe are also encouraging green renovations by offering tax incentives, subsidies, and rebates for energy-efficient upgrades, further boosting market growth. For instance, the use of renewable energy sources such as solar panels has seen a significant rise as homeowners look to reduce dependency on traditional energy grids. This trend extends to insulation upgrades, smart HVAC systems, and eco-friendly flooring materials, all aimed at creating more sustainable living spaces. As environmental concerns continue to rise, the demand for eco-friendly home improvements is expected to grow. Contractors and service providers who specialize in sustainable renovations are likely to see increased business, making it a critical factor driving market expansion.
- Rising disposable income and urbanization:
Urbanization and increased disposable incomes, particularly in developing regions, are contributing significantly to the expansion of the home improvement services market. As more individuals migrate to cities, the demand for home renovations and repairs naturally rises, driven by the need for modern, efficient, and aesthetic living spaces. Additionally, the growth of the middle class in many countries has given households more financial resources to invest in home upgrades, leading to increased spending on home improvement projects. In urban areas, where space is often limited, renovations frequently involve creating multifunctional rooms or optimizing space through the use of modern designs. Rising property prices have also led many homeowners to renovate their existing homes rather than buying new properties, especially in highly urbanized areas where real estate costs are prohibitive.
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Home Improvement Services Market Report Segmentation:
Breakup By Type:
- Kitchen Renovation and Addition
- Bathroom Renovation and Addition
- Exterior and Interior Replacements
- System Upgrades
- Others
Home improvement services dominate the market due to the consistent demand for remodeling, maintenance, and upgrading existing homes to enhance functionality, aesthetics, and value.
Breakup By Buyers Age:
- Under 35
- 35-54
- 55-64
- Above 65
Based on the buyers age, the market has been divided into under 35, 35-54, 55-64, and above 65.
Breakup By City Type:
- Metro Cities
- Non-metro Cities and Towns
Metro cities hold the maximum number of shares due to their high population density, higher disposable incomes, and greater demand for home upgrades and renovations.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America holds the leading position owing to a large market for home improvement services driven by its high levels of home ownership, significant disposable incomes, and a strong culture of investing in home renovations and improvements.
Top Home Improvement Services Market Leaders:
- Belfor
- Coit Cleaners
- Crane Renovation Group
- DKI Ventures LLC
- FirstService Corporation
- Mr. Handyman International LLC
- Power Home Remodeling Group
- Rainbow International LLC
- Servpro
- Venturi Restoration
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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