Home Improvement Services Global Market Report 2024

The home improvement services market size has grown strongly in recent years. It will grow from $345.33 billion in 2023 to $364.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The increase observed in the historical period can be ascribed to changes in homeowner lifestyles, government incentives and programs, weather-related events, influences in the real estate market, and consumer preferences for energy efficiency.

The home improvement services market size is expected to see strong growth in the next few years. It will grow to $450.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The expansion anticipated in the forecast period can be linked to factors such as resilience and disaster-proofing, adaptable living spaces, urbanization, and housing trends, as well as a focus on health and wellness, and the availability of DIY and educational resources. Major trends projected for the forecast period encompass eco-friendly and sustainable solutions, smart home integration, remote services, and virtual consultations, a continued emphasis on health and wellness, and the enhancement of outdoor living spaces.

The growing demand for home remodeling is expected to drive the expansion of the home improvement services market. Home remodeling involves renovating real estate, enhancing both residential and commercial properties. In January 2023, the Joint Center for Housing Studies of Harvard University projected national spending on remodeling and repairs for owner-occupied homes to reach $485 billion in 2023, marking a 2.6% increase from 2022. The increasing demand for home remodeling is a significant driver for the home improvement services market.

The increase in urbanization is expected to drive the growth of the home improvement service market. Urbanization, the increasing growth and expansion of cities, leads to a demand for modern and efficient living spaces. Home improvement services meet this demand by adapting homes to evolving urban lifestyles and enhancing overall aesthetic and functional aspects. According to the World Economic Forum, over 4.3 billion people, or 55% of the world's population, lived in urban settings, and this number is expected to rise to 80% by 2050. Thus, increasing urbanization is driving the home improvement services market.

Technological innovations are also a prominent trend in the home improvement services market. Modern technologies such as visualization apps and 3D software are inspiring homeowners to make improvements. In February 2021, APL Apollo, an Indian-based steel company, launched Apollo Chaukhat, door frames manufactured using direct forming technology. These frames offer fire-resistant and termite-proof properties, ensuring easy installation and providing an environmentally friendly and cost-effective solution.

Major companies are placing increased focus on introducing innovative systems such as thermally insulated window & door systems. These systems minimize heat transfer through windows and doors, enhancing energy efficiency. For instance, in May 2023, Aluprof, a Poland-based company, introduced the MB-79N system, an evolution of previous systems with a starting UW of 0.72 W/m2K. The system offers flexibility in fabricating different types of windows and doors based on specific requirements for functionality, aesthetics, and thermal insulation.

In July 2021, Titan Home Improvement, a US-based home improvement service company, acquired Home Smart Industries for an undisclosed amount, expanding its footprint from 11 to 16 states and entering important Northeast markets. Home Smart Industries is a US-based home remodeling company.

Major companies operating in the home improvement services market report are 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.

North America was the largest region in the home improvement services market share in 2023. The regions covered in the home improvement services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the home improvement services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of home improvement services are kitchen renovation and addition, bathroom renovation and addition, exterior and interior replacements, system upgrades, and others. Kitchen renovation and addition refer to restoring something to its former beauty, not by radically altering it, but by making it as good as new. The services are provided in metro cities and other non-metro cities and towns to under 35, 35-54, 55-64, and above 65 age buyers.

The home improvement services market research report is one of a series of new reports that provides home improvement services market statistics, including home improvement services industry global market size, regional shares, competitors with home improvement services market share, detailed home improvement services market segments, market trends, and opportunities, and any further data you may need to thrive in the home improvement services industry. This home improvement services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The home improvement services market includes revenues earned by entities by home improvement services such as fixing cracks, outdated architecture, or change the house's design. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.