LONDON, April 11, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the home improvement services market identifies the increasing demand for home remodelling to drive the growth of the home improvement services market in the future. The renovation of real estate is referred to as home remodelling. This entails making changes or improvements to a home or other real estate. House improvements can refer to both commercial and company assets, in addition to residential buildings. According to Zippia Inc., a US-based provider of online recruitment services, American consumers will spend $538 billion at home improvement stores in 2021. Furthermore, in 2020, 76% of American homeowners completed a home improvement project. In addition, the renovation industry in the United States will generate $1.1 billion in sales by 2021. The home renovation market in the United States is expected to grow at a CAGR of 4.1% between 2021 and 2027. As a result, rising demand for home remodelling services is driving growth in the home improvement services market.
The global home improvement services market size is expected to grow from $324.8 billion in 2022 to $343.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The home improvement market size is expected to grow to $423.9 billion in 2027 at a CAGR of more than 5%.
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Major players in the home improvement services market are Belfor, Coit Services Inc., Crane Renovation Group, DKI Ventures LLC, FirstService Corporation, Mr. Handyman, Power Home Remodeling Group LLC, Rainbow International Restoration, Venturi Restoration, Servpro.
Technological advancements are gaining traction in the home improvement market trends. Modern computer-based technologies, such as visualisation apps and 3D software, have inspired homeowners to make improvements to their homes. Manufacturers are focusing on releasing innovative products such as windows and doors that open quickly and easily. Such innovation enables market leaders to gain a competitive advantage. Pella Corporation, a US-based window and door manufacturing company, for example, launched the new Easy-Slide Operator in December 2020. The new hardware solution offers a significantly smoother operation than continuously cranking by allowing homeowners to simply slide the operator up to open and down to close the window. The Easy-Slide Operator's innovative design brings modern technology and aesthetics to the window and door industry.
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North America was the largest region in the home improvement services market in 2022. The regions covered in the home improvement services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global home improvement services market is segmented by type into kitchen renovation and addition, bathroom renovation and addition, exterior and interior replacements, system upgrades, other types; by city type into metro cities, other non-metro cities and towns; by buyers age into under 35, 35-54, 55-64, above 65.
Home Improvement Services Global Market Report 2023 by The Business Research Company provides insights on the home improvement services market size, home improvement services market segments, home improvement services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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Certainly! The article delves into the dynamic landscape of the home improvement services market, highlighting pivotal aspects like market size, trends, and growth projections. Let's break down the concepts:
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Home Remodeling and Improvement Services Market Overview:
- Definition: Refers to the renovation of real estate, involving alterations or enhancements to residential, commercial, or company-owned properties.
- Market Growth: Anticipated growth in the US market driven by increased consumer spending, with projections indicating significant expansion through 2027.
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Market Statistics and Projections:
- Market Size: Estimated to grow from $324.8 billion in 2022 to $343.8 billion in 2023, with a projected increase to $423.9 billion by 2027.
- Consumer Spending: Reports from Zippia Inc. indicate a considerable expenditure of $538 billion at home improvement stores in 2021, with 76% of American homeowners completing improvement projects in 2020.
- CAGR: The market is expected to grow at a Compound Annual Growth Rate (CAGR) of more than 5%.
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Major Players and Technological Advancements:
- Key Companies: Mentioned industry players include Belfor, Coit Services Inc., Crane Renovation Group, and others.
- Technology Influence: Innovations such as visualisation apps, 3D software, and product advancements (e.g., Pella Corporation's Easy-Slide Operator for windows and doors) are influencing market trends and enhancing user experience.
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Market Segmentation:
- Regional Focus: Analysis covers regions like North America, Asia-Pacific, Western and Eastern Europe, South America, Middle East, and Africa.
- Segmentation by Type: Includes kitchen renovation, bathroom renovation, exterior and interior replacements, system upgrades, among others.
- Buyer Demographics: Segmented by age groups: under 35, 35-54, 55-64, and above 65.
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The Business Research Company's Role:
- Market Insights: The Business Research Company provides detailed reports, encompassing market size, segments, trends, drivers, restraints, and competitive analysis.
- Expertise: With a vast repository of industry reports, TBRC leverages extensive secondary research, interviews with industry leaders, and a robust database, including over 1.5 million datasets.
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Global Market Model:
- Comprehensive Database: TBRC's Global Market Model covers macroeconomic indicators across 60 geographies and 27 industries, aiding in assessing supply-demand gaps and offering a holistic market intelligence platform.
This comprehensive analysis underscores the significant growth, market drivers, technological advancements, and the pivotal role of research entities like The Business Research Company in understanding and forecasting trends within the home improvement services market.
