Increase in interest and property costs and rise in newly bought old homes drive the growth of the global home improvement services market
PORTLAND, Ore., July 15, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Home Improvement Services Market by Type (Kitchen Renovation & Addition, Bathroom Renovation & Addition, Exterior & Interior Replacements, System Upgrades and Others), Buyers Age (Under 35, 35-54, 55-64 and Above 65) and City Type (Metro Cities and Other Non-Metro Cities & Towns): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global home improvement services industry was accounted for $316.8 billion in 2020, and is expected to reach $585.3 billion by 2030, growing at a CAGR of 6.2% from 2021 to 2030.
Drivers, restraints, and opportunities
Increase in interest and property costs and rise in newly bought old homes drive the growth of the global home improvement services market. However, rise in DIY culture hampers the market growth. On the contrary, increase in smart homes and home automation technology is expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 outbreak hampered the demand for home improvement services due to restrictions on construction activities. However, the demand would rise soon as the lockdown restrictions are being lifted.
- The prolonged lockdown hampered the supply chain. However, as the market regains stability, the re-initiation of home improvement services would help the market to recover.
The exterior & interior replacements segment dominated the market
Based on type, the exterior & interior replacements segment held the lion's share in 2020, accounting for more than one-fourth of the global home improvement services market. However, the system upgrades segment is expected to register the highest CAGR of 7.0% from 2021 to 2030, due to rapid adoption of new and advanced systems in homes by customers.
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The metro cities segment held the lion's share
By type, the metro cities segment dominated the market in 2020, accounting for more than four-fifths of the global home improvement services market, due to high expenditure capacity of people in the metro cities because of high income. However, the other non-metro cities and towns segment is projected to manifest the highest CAGR of 6.9% from 2021 to 2030, owing to rise in residential development in rural areas.
North America held the largest share
The market across North America held the largest share in 2020, contributing to nearly half of the market, due to high expenditure capacity of the people in the region. However, the global home improvement services market across Asia-Pacific is estimated to register the highest CAGR of 7.5% during the forecast period. This is due to surge in infrastructural development in the region.
Major market players
- Belfor
- Crane Renovation Group
- Coit Services, Inc.
- FirstService Corporation
- DKI Ventures, LLC
- Power Home Remodeling Group, LLC
- Mr. Handyman
- Servpro
- Rainbow Restoration
- Venturi Restoration.
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