Home Improvement Services Market is Expected to Reach $585.3 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “Home Improvement Services Market by Type, Buyers Age, City Type, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030,”

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. Home improvement services include renovation, remodeling, and refurbishment of old homes as per the choice of the customer. The revenue generated by charging fees for designing and construction & installation of new infrastructure in old homes is considered in the home improvement services market.

The major driving factor of the home improvement services market is remodeling of newly bought old homes before moving into it to feel like moving into a new place and also to discard the old look and faults in the house. In addition, rise in interest rates on houses and property cost has led people to spend on home renovation rather than to spend huge amounts on new houses. However, rising DIY culture around the world is directly hampering the home improvement services market as people carry out their renovation work on their own rather than hiring professional help. In addition, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to halt in the construction industry, which, in turn, hinders the growth of the home improvement services market. However, industries have gradually got back on track and vaccine discovery is expected to lead to recovery of the home improvement services market by mid-2021. On the contrary, renovating homes to make them energy-efficient and equip them with automation, smart gadgets, & equipment is a major opportunity for the home improvement services market growth 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).

Key Findings Of The Study:

• By type, the exterior & interior replacements segment was the highest revenue contributor in 2020.
• By buyers age, the 35-54 segment generated the highest revenue in 2020.
• By city type, the metro cities segment generated the highest revenue in 2020.
• By region, North America generated the highest revenue in 2020.

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.