Home improvement services refer to the activities that involve the remodeling, altering, refurbishing and renovation of residential buildings. These services are availed to upgrade the existing interior or exterior and add other improvements to a building. They also aid in enhancing the overall appearance, privacy, and safety of the unit while improving energy efficiency and optimizing space utilization of the house.
According to the global home improvement services market report by IMARC Group, the market reached a value of US$ 321.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 411.3 Billion by 2027, exhibiting at a CAGR of 3.80% during 2022-2027.
Home Improvement Services Industry Trends and Drivers:
The market is primarily driven by the escalating demand for the renovation of residential buildings due to rapid urbanization. At present, home improvement services are widely adopted to remodel newly purchased homes or upgrade existing residential complexes as per the preferences and requirements of the customers.
In addition, the rising need for energy-efficient and luxurious living spaces represents another major growth-inducing factor. Besides this, the market is further propelled by various technological advancements, including the launch of the Internet of Things (IoT)-integrated home control systems.
Moreover, various service providers are incorporating artificial intelligence-enabled cameras, lighting, audio, and door access systems to provide users with remote access, which is contributing to the market growth.
Furthermore, the implementation of various government initiatives to promote the construction of green buildings and the rising disposable incomes of consumers are some of the other factors anticipated to propel the market growth.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, type, buyers age and city type.
Breakup by Type:
- Kitchen Renovation and Addition
- Bathroom Renovation and Addition
- Exterior and Interior Replacements
- System Upgrades
Breakup by Buyers Age:
- Under 35
- 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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.