Selbyville, Delaware, United States, November 23 2020 (Wiredrelease) Global Market Insights, Inc :Home Improvement Market size to Hit $1120 Billion by 2025 with CAGR of 4.5% from 2019 to 2025. The global home improvement market has depicted robust expansion in the last half a decade or so, attributed to the expansive boom in the real estate domain. In recent times, there has been a spurt in disposable incomes in nations such as Brazil, Indonesia, Mexico, India, and more, leading to better affordability and the increased demand for enhanced lifestyles. The surge in incomes has led to people undertaking a variety of home improvement projects, defined by the presence of modern household products, aesthetically painted walls, and appealing interiors.
In recent years, there has been a massive rise in the number of ecommerce channels that have been luring millennials with huge discounts on home enhancement products. Rising number of natural disasters has fueled the need for home design replacements and renovations as well. Drastic changes in climatic conditions, especially in polar and sub-tropical areas have also led to the requirement of technology-centric home enhancements such as smart automation systems, which will drive the global home improvement industry outlook.
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A major factor triggering the undertaking of home improvement projects includes the stringent regulations enforced by regional governments concerning the construction of green buildings and lowering of power costs. The rapid rise in global warming and the urgent need for energy efficiency have propelled a surge in the demand for smart products smart kitchens, eco dish cleaners, and the like, which will help augment the growth map of home improvement market in the years to come.
In terms of the project type, home improvement market is divided into DIY and DIFM. Of these, the DIY segment dominated the overall home improvement market in 2018, accounting for over 50% of the industry share. The growth can be attributed to the robust rise in the number of DIY stores worldwide, along with the convenient availability of DIY equipment across online channels.
On the other hand, the increasing population worldwide in tandem with the lack of interest and willingness of the youth have increased the demand for DIFM projects , especially across the developed regions of Europe and North America.
In terms of the end-use spectrum, kitchen improvement additions segment is anticipated to be rather lucrative. This can be attributed to the robust surge in the number of remodeling and replacement projects in urban homes in developed and developing economies.
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In recent years, there is been a huge rise in the demand for compact, efficient kitchen appliances such as 18-inch dishwasher, touch-activated faucets, etc., as well as for streamlined, textured cabinets, quartz countertops, and effective storage cabinet designs, which will stimulate the requirement of kitchen improvement additions category. Estimates claim this segment to register more than 6% CAGR through 2025.
Regionally, North America is a lucrative growth ground for home improvement market, on account of the extensive spending by the masses on remodeling and renovation projects. Consumers have been increasingly demanding enhanced interior and exterior home designs, system upgrades, and more, especially owing to the spurt in new house sales. Higher future mortgage rates, minimal loan interest rates, and the presence of a huge number of retailers leading to a surge in DIY projects will drive North America home improvement industry trends in the ensuing years.
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Some of the major vendors in the home improvement market include Kingfisher plc, Steves and Sons, Inc., Anderson Corporation, AARP American Exteriors, LLC., The Home Depot, etc. Most players go in for tactics such as MAs, capacity expansions, and joint ventures to expand their market share. For example, in May 2018, Anderson declared that it plans to spend USD 40 million and expand its U.S. based window extrusion factory 60,000 square feet to cater to the rising product demand from North America.
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