Home Improvement Services Market

The home improvement services market size was valued at $316.8 billion in 2020, and is expected to reach $585.3 billion by 2030, registering a CAGR of 6.2% from 2021 to 2030. The report study shows the revenue generated by home improvement services companies that offer cleaning, renovation, and restoration services to residential customers. The home improvement services market represents the fee that is charged by professional home improvement service providers to carry out design and actual construction or installation work.

The home improvement services market was initially hampered owing to restrictions on construction activities. However, the market started recovering as lockdown restrictions were uplifted.

The home improvement services market is majorly driven by rise in interest rates and property costs. With industrialization in developing countries and rise in overall economies of developed countries, the global residential property prices are rising at their fastest rate since the last few years. The global residential property prices have risen by 60% in the past 10 years. Moreover, mortgage are continuously fluctuating, making the situation volatile to apply for housing loans and becoming a challenge for managing EMIs and budget. People opt to spend on home renovation rather than spend huge amounts on new houses. In addition, remodeling of newly bought old homes as per one’s choice costs much less than buying a new house. Thus, instead of moving into a new house, people tend to renovate their old house as per their choice. However, rise in DIY culture around the world with assistance through YouTube videos, professional courses, and availability of advanced tools in the market has hampered the growth of the home improvement services market. Furthermore, during the COVID-19 outbreak, construction, manufacturing, and oil & gas industries were majorly affected. Construction activities were also stopped or restricted to a huge extent. Manufacturing and transportation activities along with their supply chains were hampered on a global level. This directly hampered the home improvement services market growth. However, the market gained stability in third and fourth quarter of 2020. Moreover, gradually, all industries are resuming their regular manufacturing and services. This is further expected to lead to re-initiation of home improvement services companies at their full-scale capacities, which is expected to help the market to start to recover by mid-2021.

On the contrary, rise in adoption of automation and installation of smart & energy-efficient devices in houses is expected to be a major opportunity for the growth of the home improvement services market during the forecast period.

The home improvement services market is segmented on the basis of type, buyers age, city type, and region. On the basis of type, the market is divided into kitchen renovation & addition, bathroom renovation & addition, exterior & interior replacements, system upgrades, and others. Depending on buyers age, it is classified into under 35, 35-54, 55-64, and above 65. On the basis of city type, the market is bifurcated into metro cities and other non-metro cities & towns. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

By type, in 2020, the others segment dominated the home improvement services market, in terms of revenue, and the system upgrades segment is expected to witness growth at the highest CAGR during the forecast period. On the basis of buyers age, the 35-54 segment led the market in 2020, in terms of revenue, and under 35 is anticipated to register the highest CAGR during the forecast period. On the basis of city type, the metro cities segment led the market in 2020, in terms of revenue, and the other non-metro cities & towns segment is anticipated to register the highest CAGR during the forecast period. By region, North America led the market in 2020, in terms of revenue, and Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Competition analysis

The major players profiled in the home improvement services market include Belfor, Coit Services, Inc., Crane Renovation Group, DKI Ventures, LLC, FirstService Corporation, Mr. Handyman, Power Home Remodeling Group, LLC, Rainbow Restoration, Servpro, and Venturi Restoration. Major companies in the market have adopted strategies, such as business expansion, partnership, and acquisition, to offer better products and services to customers in the home improvement services market.

Key Benefits for Stakeholders: 

• The report provides an extensive analysis of the current and emerging home improvement services market trends and dynamics. 
• In-depth home improvement services market analysis is conducted by estimations for the key segments between 2021 and 2030. 
• Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
• A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
• The home improvement services market forecast analysis from 2021 to 2030 is included in the report.
• The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the home improvement services industry.

KEY MARKET SEGMENTS

By Type

• Kitchen Renovation & Addition
• Bathroom Renovation & Addition
• Exterior & Interior Replacements
• System Upgrades
• Others

By Buyers Age 

• Under 35
• 35-54
• 55-64
• Above 65

By City Type 

• Metro Cities
• Other Non-metro Cities & Towns

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
• Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa

Key Players: 

• Belfor
• Coit Services, Inc.
• Crane Renovation Group,
• DKI Ventures, LLC
• FirstService Corporation
• Mr. Handyman
• Power Home Remodeling Group, LLC
• Rainbow Restoration
• Servpro
• Venturi Restoration

 Home Improvement Services Market Report Highlights