Global Home Improvement Services Market By Type (Kitchen Renovations & Additions, Bathroom Renovations & Additions, Exterior & Interior Replacements), By City Type (Metro Cities, Other Non-Metro Cities & Towns), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2021-2031

Home improvement services, known as home renovation or remodeling services, consists of projects that upgrade an existing home’s interiors (electrical, plumbing, etc.), as well as a residence’s exteriors (masonry, siding, concrete, roofing, etc.), or any other renovative improvements. These services also encompass work done to gardens, lawns, and outdoor structures (garages and gazebos).

It also encompasses general servicing, maintenance, and repair tasks. Home improvement services are typically utilized for additional comfort, space, maintenance, energy saving, and to increase home safety.

Home improvement services involve interior design & home renovation, kitchen remodeling & improvement, as well as bathroom remodeling & improvement, among others. Interior design & home renovation services include general contractor services, bathroom remodeling, handyman services, furniture assembly, cabinet painting/refinishing, kitchen remodeling, and garage renovation, among others.

Kitchen remodeling & improvement services include backsplash installations, cabinet painting/refinishing, cabinet & drawer installations, countertops setting (granite, concrete, steel, marble, stone slab, laminate & quartz), etc. On the other hand, bathroom remodeling & improvement includes bathroom design, bathroom flooring, room expansion/addition, bathroom cabinetry, bathroom lighting, etc.

Technologies such as integrated home control systems are adopted by homeowners for additional comfort and security. This system offers superior convenience, accessibility & safety, and even allows individuals to access their respective homes through a single touch screen panel system.

Moreover, the integration of IoT has facilitated interconnection of audio, cameras, lighting, video, HVAC, and door access. In addition, with connectivity to security systems, it facilitates the monitoring of an entire property with the help of smartphones & tablets. Hence, these aforementioned factors are anticipated to bolster the revenue growth of the global home improvement market over the forecast period.

Detailed Segmentation:

The global home improvement services market is segmented on the basis of type, city type, and region. A detailed segmental description is listed below:

Based on Type

• Kitchen Renovations & Additions
• Bathroom Renovations & Additions
• Exterior & Interior Replacements
• Others

Based on City Type

• Metro Cities
• Other Non-Metro Cities & Towns

Based on Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

Market Dynamics

The increasing adoption of smart kitchens among individuals has led to a surge in the demand for kitchen renovation services. This is owing to a steady surge in the demand for add-ons such as motion-sensing water faucets, self-regulating dispensers, and one-touch feature chillers, among others.

Additionally, an increase in available multiple financial options for home improvement projects, as well as a surge in new home or property prices are leading individuals to seek-out home renovation services. This in turn is anticipated to bolster the demand for home improvement services.

Instead of spending vast amounts of money on purchasing a new house/flat, individuals are opting for home renovation services as they are a more economical option. As such, the notion of moving into a new home is now steering individual preferences to opt to renovate their existing home as per their convenience and budgets. This in turn, is likely to augment projected revenues for the global home improvement service market.

However, fluctuating prices of raw materials, as well as a scarcity of skilled laborers, are slated to potentially restrain market growth opportunities for the global home improvement services industry to certain extent. Moreover, consistent growth in the GDP of both developed and developing nations has also aided in the evolution of various end-use industries.

Owing to this aforementioned growth in GDP, particularly that of emerging countries, prominent market players have exhibited a keen sense of interest towards these regions, thereby complementing revenue expansion prospects for the global home improvement services market.

Due to the COVID-19 pandemic, several countries have imposed complete lockdowns, which in turn, has negatively impacted the construction as well as manufacturing sectors respectively. Construction activities were also restricted or halted entirely.

Manufacturing, transportation activities, paired with their respective supply-chain operations were hampered on a global-level. This, in turn, is likely to impact market growth prospects to a certain extent. Additionally, most industries are gradually resuming their respective manufacturing activities or operations, and this is likely to revive the global home improvement services market by the end of 2021.

Moreover, increasing demographic dividends, surging per capita disposable incomes, and higher urbanization levels are also crucial elements that are slated to increase both the demand & availability of home improvement services, which are also key elements anticipated to positively impact this industry.

For instance, as per the US Bureau of Labor Statistics (BLS), there has been an increase in the personal disposable incomes of the US population. It increased from USD 11,394 Bn in 2006 to USD 15,928.7 Bn in 2016, and is expected to reach USD 24,174.5 Bn by 2024.

Competitive Landscape:

Certain key players operating in this global market are –

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

These aforementioned companies develop new products/services, adopt expansion strategies, and undertake partnerships, collaborations, and mergers & acquisitions to gain traction in the global home improvement services market.

Key Developments:

• For instance, in April 2019, JELD-WEN Inc. acquired VPI Quality Windows, a vinyl window producer, specialized in customized solutions for institutional, residential, and hospitality projects, primarily in the western part of the United States. This acquisition helped the company to enhance its existing revenue share in the multi-family window market.

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For the Home Improvement Services Market research study, the following years have been considered to estimate the market size: