North America home improvement market is grow with the rapid adoption of green building solutions in residential renovation projects. The term home improvement has emerged as a trending topic during the recent pandemic time. As homes played multiple roles at once, they are required to be equipped with all the functionalities of an office, school, or gym. Thanks to the growing interest in house-wellness,
As millennials have emerged as the main DIYers, they have developed a voracious need for information. This is why a plethora of home renovation how-to videos appearing on manufacturer websites are spurring attention toward the trend. Do-It-Yourself (DIY) projects held a considerable market share in 2020 and will grow at a CAGR over 4% from 2021 to 2027. With more homeowners stuck indoors, they are spending more on home improvement products.
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According to U.S Census Bureau, 22% of homeowners will spend between $5k and $15k on these projects. They revealed that the pandemic had no negative effect on home improvement stores, the remodeling industry, home improvement market, or building materials suppliers. According to V12data.com, homeowner search trends analysis revealed that searches for kitchen remodeling, and general contractors for home improvement have more than doubled since 2020.
Home improvement market in North America share from the exterior replacements segment is projected to be USD 90 billion by the end of 2027. Focus toward entryway revamping has grown amongst home renovators, who have been considering exterior door replacement as an investment with high returns. Rising consumer knowledge of new and better design trends, such as polymer & vinyl sidings and stone veneer sidings, to improve the appearance & aspect of home exteriors, is likely to fuel the service uptake.
Some prominent home improvement companies in North America are:
- Kohler Co.
- Andersen Corporation
- Sherwin-Williams Company
- Hanley Wood LLC, JELD-WEN
- The Home Depot, Inc.
- DuPont Building Innovations
- Robert Bowden, Inc.
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A thriving residential construction sector in the United States is projected to be a critical stimulant for market expansion across the region. Advanced construction systems and technologies have been rapidly adopted to enhance air filtration capacity and heat transfer operations. In 2020, the United States home improvement market held 80% of the total revenue. Rising customer awareness regarding home wellness is considered a major driver. With the number of rental properties significantly rising in recent years, the industry’s future appears to be promising.
The easy availability of home improvement loans coupled with the fast-growing urbanization in the region will encourage house owners to invest in their living spaces. Government measures to give incentives and tax credits for green building development will further support the growth trajectory of the industry. The popularity of e-commerce companies and the availability of technologically improved system improvements will boost house renovations in North America.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Research Methodology
1.2 Market estimation & forecast parameters
1.3 List of Data sources
Chapter 2 Executive Summary
2.1 North America home improvement market snapshot
Chapter 3 North America Home Improvement Market Insights
3.1 Industry coverage
3.2 Industry size and forecast, 2017 – 2027
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Future trends
3.4.1 Innovation landscape
3.5 Raw material analysis
3.6 Regulatory norms & directives
3.7 Drivers & restraints
3.8 Industry analysis: Porter’s
3.9 Competitive benchmarking
3.9.1 Strategy dashboard
3.10 PEST analysis
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