SELBYVILLE, Del., May 12, 2021 /PRNewswire/ -- 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
About Global Market Insights
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home-improvement-market-revenue.jpg
Home Improvement Market revenue worth $1,009.9 Bn by 2027
Home Improvement Market size is set to exceed USD 1,009.9 billion by 2027, according to a new
research report by Global Market Insights, Inc.
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