The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global home improvement services market is on an upward trajectory, poised to grow from $324.87 billion in 2022 to $343.80 billion in 2023, with a projected CAGR of 5.8%. Looking ahead, the market is anticipated to reach $423.98 billion in 2027, maintaining a robust CAGR of 5.4%. This growth is fueled by several factors, with an increasing demand for home remodeling emerging as a key driver.

1. Remodeling Homes Fuels Market Growth:

• Definition of Home Remodeling:
  • Home remodeling involves making alterations or enhancements to residential or commercial properties, contributing to the overall growth of the real estate sector.
  • This includes upgrading residential buildings and renovating commercial and company assets.
• Consumer Spending Statistics:
  • In 2021, American consumers spent a staggering $538 billion at home improvement stores, reflecting a substantial demand for remodeling.
  • The surge continued, with 76% of American homeowners completing projects to improve their properties in 2020.
• Market Size Projection:
  • The U.S. home renovation market is anticipated to grow at a CAGR of 4.1% from 2021 to 2027, indicating sustained growth in the remodeling sector.
  • In 2021, the renovation sector in the U.S. generated $1.1 billion in sales.

2. Leading Players in the Market:

• Key Industry Players:
  • Major players shaping the home improvement services market include Belfor, Coit Services Inc., Crane Renovation Group, and FirstService Corporation.
  • These industry leaders contribute significantly to market dynamics through innovation, service excellence, and strategic initiatives.
• Diverse Offerings:
  • The market boasts a range of players, from Power Home Remodeling Group LLC to Servpro, Neil Kelly Company, and Steves and Sons Inc.
  • These companies offer a variety of services, catering to the diverse needs of homeowners and businesses.

3. Technological Innovations:

• Digital Transformation in Home Improvement:
  • Technological innovations are a prominent trend, with modern computer-based technologies inspiring homeowners to embark on improvement projects.
  • Visualization apps and 3D software empower individuals to conceptualize and plan their home transformations.
• Innovative Product Launches:
  • Pella Corporation, a U.S.-based window and door manufacturing company, launched the Easy-Slide Operator in December 2020.
  • This innovative hardware solution offers a smoother window operation, allowing homeowners to effortlessly slide the operator up to open and down to close the window.
• Competitive Edge through Innovation:
  • Manufacturers are focusing on launching cutting-edge products, such as windows and doors with swift and seamless operation.
  • These innovations provide key players with a competitive edge, meeting the evolving demands of the home improvement market.

4. Market Segmentation:

• Diverse Service Types:
  • The global home improvement services market is segmented based on service types, including Kitchen Renovation and Addition, Bathroom Renovation and Addition, Exterior and Interior Replacements, System Upgrades, and Other Types.
  • This segmentation caters to a spectrum of home improvement needs, offering tailored solutions.
• City Type and Buyer’s Age:
  • Market segmentation also considers city types, with offerings for Metro Cities and other Non-Metro Cities and Towns.
  • The buyer’s age is a crucial factor, with segmentation targeting Under 35, 35-54, 55-64, and Above 65 demographics.

5. Regional Dynamics:

• North America’s Dominance:
  • In 2022, North America emerged as the largest region in the home improvement services market.
  • The region’s robust economic landscape, coupled with a culture of home improvement, contributes to its leadership position.
• Asia-Pacific’s Growth Potential:
  • Asia-Pacific is expected to be the fastest-growing region in the forecast period, indicating an increasing appetite for home improvement services.
  • The region’s rising middle class and evolving lifestyle preferences drive the demand for modernized living spaces.

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The Home Improvement Services Global Market Report 2023  provides an overview of the home improvement services market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The home improvement services market forecast analyzes home improvement services market size, home improvement services market share, leading competitor and their market positions.

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