About Home Improvement Retail
In the United States, home improvement retail spending has been growing at almost double the rate of the rest of the retail sector. Home improvement is the process of renovating or making additions to one's home. It involves the renovation of an existing home interior (such as plumbing and electrical), the exterior (concrete, masonry, siding, roofing), or other improvements to the property. It is estimated that in the United States, around 80% of the nation’s 137 million homes are now at least 20 years old and 40% are at least 50 years old.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Home Improvement Retail market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Andersen Corporation (United States), ABC Supply Co., Inc. (United States), Builders FirstSource, Inc. (United States), Ferguson, LLC (United States), Hanley Wood, LLC (United States), The Home Depot, Inc. (United States), JELD-WEN (United States), Kohler Co. (United States), Lutron Electronics (United States) and Masco Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Pella Corporation (United States), The Sherwin-Williams Company (United States), AARP American Exteriors, LLC (United States), Case Design/Remodeling Inc. (United States) and Dreamstyle Remodeling, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Home Improvement Retail market by Type (Kitchen Improvement & Additions, Bath Improvement & Additions, System Upgrades, Exterior Replacements, Interior Replacements, Property Improvements, Disaster Repairs and Other Room Additions & Alterations) and Region.
On the basis of geography, the market of Home Improvement Retail has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Project, the sub-segment i.e. DIY will boost the Home Improvement Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Product Type, the sub-segment i.e. Door Hardware will boost the Home Improvement Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Renovation and Remodeling Trends in Developed Countries
Market Growth Drivers:
Increasing Disposable Income of the People and Rapid Urbanization in Developing Countries
Challenges:
Dearth of Skilled Workers
Restraints:
Augmenting Prices of Home Buidling Products
Opportunities:
Increasing Average Age of Homes in Europian Countries and Increasing Consumer Spending on Exterior
Market Leaders and their expansionary development strategies
November 2023, The Home Depot®, the world's largest home improvement retailer, has acquired International Designs Group (IDG), a platform company that owns and operates Construction Resources and other design-oriented subsidiaries. Construction Resources is a leading distributor of design-oriented surfaces, appliances and architectural specialty products for professional (Pro) contractors focused on renovation, remodeling, residential home building and multi-family.
In August 2023, The Home Depot® has launched a New Homeowners Hub to equip the next generation of current and future first-time homeowners with valuable resources including DIY guides, product recommendations, design inspiration and more.
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors, Emerging Companies, Research Professionals and End-users
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.