Title: Home Improvement Market growth outlook with industry review and forecasts 2019-2025
1Home Improvement Market Analysis by Growth,
Trends and Forecast over 2019- 2025
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2- Home Improvement Market Scenario-
- Trend towards improving energy efficiency owing
to favorable government policies and necessity to
reduce the electricity costs is driving the home
improvement market growth. Many countries such as
the U.S., China, Japan, India, and European
countries offer tax credits as part of their
green building regulations. Developed countries
in Europe and North America are most willing to
invest in sustainable solutions for the homes.
For instance, the Renovate Europe campaign is
enhancing the need to reduce energy bills. - Similarly, lower lending rates coupled with
increasing land costs is surging the home
improvement market development. The other key
aspects contributing to rise in demand includes
rapid urbanization, internal external
migration, increasing employment, and economic
growth in a country. For instance, as per World
Bank, the global urban population has increased
from 51.7 in 2010 to 54.8 in 2017. - Features such as technological advancements and
design innovations in the form of new materials,
color durable finish options will generate
notable gains over the forecast timeframe.
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3Continue-
- The home improvement spending is higher in
countries witnessing disruptions due to
disasters. According to Insurance Information
Institute, in 2017, the natural catastrophe
losses in the U.S. were estimated at around 165.3
billion. Also, increasing average age of
buildings has supported the home improvement
market growth. - Surging demand among the consumers pertaining to
fire-rated building products such as windows and
doors due to rise in count of fire incidences
will create new home improvement market growth
opportunities. - System upgrades holds a substantial share in
global home improvement market in 2018. High
demand is expected majorly due to technological
advancements and increase in remodeling services
owing to old house structures. The segment
includes spending on replacement or addition of
products such as AC, heaters, lightings, wiring,
plumbing fixtures, water heaters, and others.
Also, the development of new security systems has
surged the market expansion.
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5- North America home improvement market was valued
at over USD 460 billion in 2018. Growth in demand
is expected majorly due to stringent green
building regulations, rising electricity
expenses, growth in internal migrations, and high
household spending. Also, manufacturers have
constantly focused on technological advancements,
design innovations, and improving the product
quality, and adhering to the changing trends such
as offering ecofriendly products. Further, the
lending rates in the region are comparatively
lower and the property prices are increasing,
thus supporting the home improvement market
advancement.
- The global home improvement market share is
highly competitive with presence of large count
of global manufacturers and regional players. The
key industry participants include ABC Supply, Dow
Building Solutions, Kohler Co., Builders First
Source, 3M, The Home Depot, Andersen Corporation,
Fortune Brands Home Security, GAF Materials
Corporation, Oldcastle Building Products,
JELD-WEN, Hanley Wood LLC, and Ferguson
Enterprises
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