Home Improvement Market Size, Share, Growth Analysis, By Product(Flooring, Furniture), By Resident(Residential, Commercial), By Distribution channel(DIY Retailers, Home Improvement Stores) - Industry Forecast 2024-2031

Home Improvement Market size was valued at USD 342 billion in 2022 and is poised to grow from USD 364.9 billion in 2023 to USD 613.1 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).

The intense competition among major players vying for market share through strategic initiatives and a wide range of product offerings characterises the dynamic competitive environment of the home improvement industry. Prominent industry players are actively involved in product innovation, distribution network expansion, and strategic partnerships, including both multinational corporations and regional players. The ability to adapt to changing consumer preferences, brand recognition, and pricing strategies are important areas of competition. Reputable providers of home improvement goods, including furniture, flooring, tools, and smart home solutions, compete to offer a wide range of goods through their physical storefronts and online stores. 'The Home Depot, Inc.', 'Lowe's Companies, Inc.', 'Ferguson Enterprises, Inc.', 'Masco Corporation', 'Sherwin-Williams Company', 'Watsco, Inc.', 'Pella Corporation', 'Kohler Company', 'Andersen Corporation', 'ABC Supply Co., Inc.', 'Beacon Roofing Supply, Inc.', 'Builders FirstSource, Inc.', 'Case Design/Remodeling, Inc.', 'Dreamstyle Remodeling', 'Du Pont de Nemours, Inc.', 'Henkel AG & Co. KGaA', 'Kingfisher plc', 'Neil Kelly Company', 'Robert Bowden, Inc.', 'Steves and Sons, Inc.'

The increase of homeowners investing in renovations and remodeling projects, influenced by evolving lifestyles and a desire for personalized living spaces. The pandemic has further accelerated this trend, as more individuals spent time at home and sought to enhance their living environments. Additionally, the growing popularity of the do-it-yourself (DIY) culture, facilitated by easy access to online tutorials and a wide range of home improvement products, has significantly boosted market demand.

The growing emphasis on environmentally friendly and sustainable practices, as more and more customers choose products that share their concerns. Smart home integration is another significant trend, with the integration of technology into various home improvement products, including lighting, security systems, and thermostats. With the help of readily available online tutorials and an abundance of products that are suitable for DIY projects, the do-it-yourself (DIY) trend is still growing. Online retail is experiencing a surge, driven by the convenience of e-commerce platforms for purchasing home improvement goods. Furthermore, a growing emphasis on health and wellness is influencing interior design trends through an increase in demand for goods that improve indoor air quality.

North America is a dominant region due to its developed housing market, high homeownership rates, and culture of home improvement. Sustaining market leadership is facilitated by well-established home improvement retail networks and a strong focus on property value. The persistent demand for home improvement projects is driven by the high homeownership rates in North America. Dominance in the market is supported by a well-developed retail infrastructure, which includes online marketplaces and home improvement stores.