IMARC Group, a leading market research company, has recently releases report titled “Home Improvement Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global home improvement services market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Home Improvement Services Market?
The global home improvement services market size reached US$ 341.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 426.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.56% during 2023-2028.
Home improvement services comprise numerous services related to refurbishing, renovation, and remodeling residential buildings. They include improving, altering, modifying, demolishing, decorating, and repairing various parts of residential or non-commercial properties. Some commonly offered home improvement services are floor replacement, room addition, kitchen and bathroom renovation, system upgrades, and exterior and interior replacements. They are generally used to improve aesthetics, privacy, safety, and comfort and protect the area from weather-related damage. Since they help enhance functionalities, improve energy efficiency, and optimize space utilization of the house, home improvement services are gaining immense traction across the globe.
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What are the growth prospects and trends in the home improvement services industry?
The global home improvement services market is primarily driven by the rising demand for remodeling homes and rapid urbanization. Moreover, many service providers are integrating artificial intelligence-enabled cameras, audio, lighting, and door entry systems to offer remote access to consumers. In line with this, the shifting inclination toward easy access and improved safety and convenience among individuals is positively influencing the market growth.
Additionally, the surging adoption of home improvement services for remodeling newly bought homes or modernizing existing residential complexes as per consumer preferences and needs is another major growth-inducing factor. Besides this, numerous technological advancements, including the integration of the Internet of Things (IoT) in home control systems embedded with single touch screen panels, have catalyzed market growth.
Furthermore, the escalating demand for energy-efficient, luxurious living spaces with efficient storage solutions and attractive floorings is contributing to the market growth. Other factors, including favorable government initiatives promoting the construction of green buildings, inflating consumer disposable incomes, and rising living standards, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Kitchen Renovation and Addition
- Bathroom Renovation and Addition
- Exterior and Interior Replacements
- System Upgrades
- Others
Breakup by Buyers Age:
- Under 35
- 35-54
- 55-64
- Above 65
Breakup by City Type:
- Metro Cities
- Non-metro Cities and Towns
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Belfor, Coit Cleaners, Crane Renovation Group, DKI Ventures LLC, FirstService Corporation, Mr. Handyman International LLC, Power Home Remodeling Group, Rainbow International LLC, Servpro and Venturi Restoration.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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