What is the Historic and Current Scenario of the Home Improvement Services Market?
The home improvement services market has seen considerable growth due to a variety of factors.
• The market size of home improvement services has seen significant growth in recent years. The market is projected to increase from $362.06 billion in 2024 to $381.75 billion in 2025, with a compound annual growth rate (CAGR) of 5.4%.
Historical growth in this industry is credited to changes in homeowner lifestyles, government incentive schemes, weather-induced events, impacts from the real estate market, and consumer demand for energy efficiency.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Home Improvement Services Market?
The home improvement services market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the home improvement services market is projected to experience solid expansion. It is predicted to reach a size of $479.05 billion in 2029, with a compound annual growth rate (CAGR) of 5.8%.
This growth during the forecast period is primarily due to factors such as resilience and disaster-proofing, adaptable living spaces, urbanization and housing trends, focus on health and wellness, and the rise of DIY and educational resources. The forecast period will also witness key trends such as eco-friendly and sustainable solutions, the integration of smart home technologies, the provision of remote services and virtual consultations, a continued focus on health and wellness, and the enhancement of outdoor living spaces.
Which Factors Are Boosting Growth In The Home Improvement Services Market?
The upsurge in home renovations is projected to fuel the expansion of the home improvement services industry in the future. Home remodeling, which encompasses the revamping of existing real estate through modifications or enhancements, isn't just limited to residential buildings but also extends to the improvement of commercial and corporate properties. For example, the Joint Center for Housing Studies of Harvard University, a research center based in the United States, reported in January 2023, that anticipated national expenditure on renovations and repairs for owner-occupied residences is on track to hit $485 billion in 2023, a 2.6% upswing from the 2022 figures. Consequently, the escalating demand for home renovations is boosting the growth of the home improvement services market.
What Are The Key Segments Within The Global Home Improvement Services Market?
The home improvement services market covered in this report is segmented –
1) By Type: Kitchen Renovation And Addition, Bathroom Renovation And Addition, Exterior And Interior Replacements, System Upgrades, Other Types
2) By City Type: Metro Cities, Other Non-Metro Cities And Towns
3) By Buyers Age: Under 35, 35-54, 55-64, Above 65
Subsegments:
1) By Kitchen Renovation And Addition: Cabinet Installation And Replacement, Countertop Installation, Flooring Upgrades, Appliance Installation, Custom Kitchen Design
2) By Bathroom Renovation And Addition: Bathtub And Shower Installation, Vanity And Sink Installation, Toilet Replacement, Tile And Flooring Upgrades, Accessibility Modifications
3) By And and Interior Replacements: Roof Replacement, Siding Installation And Repair, Window And Door Replacement, Flooring Replacement (Hardwood, Laminate, Carpet), Interior Painting And Wall Treatments
4) By System Upgrades: HVAC System Installation And Upgrades, Electrical System Upgrades (Wiring, Outlets), Plumbing System Upgrades (Pipes, Fixtures), Insulation Improvements, Smart Home Technology Installation
5) By Other Types: Landscaping And Outdoor Living Enhancements, Home Additions (New Rooms Or Expansions), Basement Finishing And Remodeling, Garage Renovations And Organization, General Contracting Services
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How Are New Trends Impacting The Size Of The Home Improvement Services
Leading firms in the home improvement services market are shifting their attention to the development and launch of cutting-edge platforms, such as home services platforms. These platforms are aimed at enriching the customer experience, simplifying service provision, and boosting operational effectiveness. A home services platform is essentially a digital network that links homeowners with a variety of service providers to fulfill their home improvement, maintenance, and repair requirements. An illustrative example is Renovo Home Partners, a comprehensive remodeling company based in the US, which launched a fresh home services platform in January 2022. This platform seeks to deliver an all-inclusive array of home improvement services directly to customers. These services range from bathroom renovations to window installations, siding, and roofing jobs, with an emphasis on high-volume and swift services. CEO John Dupuy heads Renovo, which endeavors to leverage technology to improve service levels and operational efficiency while broadening its reach across the United States.
Who Are the Key Players in the Home Improvement Services Market?
Major companies operating in the home improvement services market include:
• The Home Depot Inc.
• Lowe's Companies Inc.
• Lennar Corporation
• Henkel Corporation
• Sherwin-Williams Company
• PulteGroup Inc.
• Toll Brothers Inc.
• Owens Corning
• Masco Corporation
• KB Home
• Meritage Homes Corporation
• JELD-WEN Inc.
• Andersen Corporation
• FirstService Corporation
• Servpro
• Pella Corporation
• Belfor
• Trex Company Inc.
• Armstrong Flooring Inc.
• Power Home Remodeling Group LLC
• Steves and Sons Inc.
• Mr. Handyman International LLC
• Rainbow International Restoration
• Dreamstyle Remodeling
• Coit Services Inc.
• DKI Ventures LLC
• Venturi Restoration
• American Exteriors
• Neil Kelly Company
• Crane Renovation Group
• Simpson Strong-Tie Company Inc.
• D.R. Horton Inc.
• MI Windows and Doors LLC
• Ply Gem Holdings Inc.
• Whirlpool Corporation
• Mohawk Industries Inc.
• USG Corporation
What are the Regional Insights into the Home Improvement Services Market?
North America was the largest region in the home improvement services market share in 2024. The regions covered in the home improvement services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
