Global Home Improvement Market is anticipated to witness CAGR of 4.5% over the forecast period is expected to reach USD 1155.79 Billion by 2026 from USD 849.31 Billion in 2019.
The home improvement referred as the process of renovating or making additions to one's home. It is also known as remodeling or renovation. It can consist of activities which upgrade existing home interior, exterior or other improvements to the property. This is because home improvement is also a great opportunity to improve the comfort, safety and energy performance of house or apartment by adding or raise insulation. While home improvement often refers to building projects that change the structure of an existing home, it can also include improvements to lawns, gardens and outdoor structures, such as gazebos and garages. It also includes maintenance, repair, and general servicing tasks. Global home improvement industry is expected to show a significant growth in the coming few years. According to the Joint Center for Housing Studies of Harvard University; Boomers are expected to account for 56% of all residential remodeling spending by 2025, up from 31% in 2005. That gives remodelers plenty of opportunity to address the growing need for aging-in-place renovations.
one of the major factors driving the growth of Global Home Improvement Market is rapid urbanization increasing disposable income in developing economies. For catering the growing home improvement demand, the industry is witnessing increasing design & product innovations with multiple colour & finishing options. As socialization is considered as one of vital part for social status and leisure time including house parties and family gatherings which supports the demand for home improvement services. In 2018, System upgrades holds over 14% share in the global home improvement market size. Product innovations related to Wi-Fi technology and automation such as wireless LED bulbs are one of key aspects widely considered for particular segment.
Lowe's Commits To Keeping Home Improvement Pros Working
June 1st, 2020; In an effort to help keep Pros working, Lowe's unveils the first step in its previously announced USD 25 million commitment to support small businesses with the launch of Lowe's for Pros JobSIGHT powered by Streem, an augmented video chat service that allows Pros to conduct virtual home visits with customers. With more people staying at home, the need to keep homes running safely has never been more important. This new offering allows Pros the ability to interact with homeowners and clients without entering their homes, which expands their work opportunities.
North America is Expected to Dominate the Global Home Improvement Market
North America is expected to dominate the global home improvement market. Increasing spending on home improvement projects owing to inclination towards installation of modern household products having attractive and appealing finishing are some of the major factors driving the growth of home improvement market size in this region. According to Home Improvement Industry Statistics, Home improvement and renovations in the U.S. totaled over USD350 billion. USD 194 billion of that figure represents the 13 million projects started in 2018 that cost the homeowner over USD 1,000. Those with higher incomes and multiple properties tend to remodel more and undertake home improvement projects more frequently. 25% of homeowners spent between USD 10, 000 and USD 25, 000 on their home improvement and renovating projects in 2018. In addition, According to Home improvement trends of 2016, 60% of Canadian homeowners had realistic budgets for roofing renovations.
Europe is second largest region for the growth of home improvement market due to rise in construction activities and increasing land costs has shifted the preference towards renovation of existing homes.
Lowe’s Companies,are serving approximately 18 million customers a week in the United States and Canada. The company is founded in 1921 and based in Mooresville, N.C. More than 2,200 home improvement and hardware stores and related businesses are operated. Approximately 300,000 associates are employed. The company Specialties in Home Improvement, retail, home and garden, and DIY.
News- Lowe's witness gaining on Home Depot during lockdown DIY Boom. Lowe's Co Inc is expected to edge past rival Home Depot with what could be its biggest growth in quarterly same-store sales in at least a decade,,which will benefit exposure to customers ready to splurge on do-it-yourself home renovations.
Hardware stores (in a number of countries, "shops"), also known as DIY stores .The company sells household hardware for home improvement including: fasteners, building materials, hand tools, power tools, keys, locks, hinges, chains, plumbing supplies, electrical supplies, cleaning products, housewares, tools, utensils, paint, and lawn and garden products. These are s directly to consumers for use at home or for business. The Home Depot, Lowe's (both in the United States), Kingfisher of the United Kingdom, Obi of Germany, and Leroy Merlin of France are the five largest hardware retailers in the world.
Ace Hardware Corporation is an American hardware retailers' cooperative. Founded in 1924 as "Ace Stores", in 1931 the company changed its name to "Ace Hardware Corporation”. It is the world's largest hardware retail cooperative, and the biggest non-grocery American retail cooperative. In 2018, the company is recognized as a “Best and Brightest Company to Work For” also has been named a Top Ten Workplace in Chicago for the last two years.
Rona is an American-owned Canadian retailer of home imp rovement and construction products and services. The company is founded in1939; 81 years ago. Founder of the are Rolland Dansereau and Napoleon Piotte. Headquartered in Boucherville, Quebec, Canada. Over 500 of locations are covered.Canada Saint Pierre and Miquelon are the areas covered. The company, globally has vast network of more than 375 stores includes both corporate stores and independent affiliated dealers. The company Specialties in Commerce de détail ,Retail, Rénovation résidentielle ,Home improvement, Service à la clientèle |,Customer service, Quincaillerie ,Hardware, Matériaux de construction , Building materials, Électroménagers , Appliances, Maison, jardin et décoration , Home & Garden and Decor, Projets à faire soi-même ,DIY, Commerce électronique ,E-commerce, Services d'installation ,Installation services, and Services commerciaux ,Commercial services.
Homebase (HHGL) is a British home improvement retailer and also a garden centre with stores across the United Kingdom and Republic of Ireland. Headquatered Milton Keynes, England .Founded by Sainsbury's and GB-Inno-BM in 1979.In January 2016 the company was sold to the Australian conglomerate Wesfarmers in January 2016.The companies specialists in Home, Garden, DIY, Big Ticket, Kitchen, and Bathrooms.
News- Homebase calls on The Hut Group to 'fast-forward digital plans.
Homebase reopens store estate after strict lockdown.
After successful trial, Homebase to reopen 50 more stores .
Wickes was founded by Henry Dunn Wickes, in Michigan, United States in 1854, a home improvement retailer and garden centre, based in the United Kingdom which is owned by the Travis Perkins Group. With more than 230 stores throughout the country .The area covered is United Kingdom with 230 different locations. Headquartered in Watford, England, United Kingdom.
News-Travis Perkins profits fall, number of store closures.
COVID 19 Impacts: Travis Perkins pauses Wickes demerger due to ‘extreme volatility’.
owner of Wickes,Travis Perkins to slash jobs and close stores.
An American multinational e-commerce corporation based in San Jose, California.The company facilitates consumer-to-consumer and business-to-consumer sales through its website.The company was founded september 3, 1995; 25 years ago by Pierre Omidyarr Has made a notable success story of the dot-com bubbl
News- eBay at diving Into Tech and Innovation . The eBay Managed Payments Program Offers Flexibility, Including Credit Cards and with some Other Methods. Ebay helps buyers find things easily on the Search page by highlighting competitively priced items from trusted sellers.
on July 5, 1994 Amazon was founded by jeff bezos in Bellevue,Washington. The company started as an online marketplace for books and now is an American multinational technology company based in Seattle, Washington. The company mainly focuses on focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence.A worldwide known company.
News-Amazon infuses Rs 1,125 crore into India unit ahead of festive sales. Amazon India scraps single-use plastic in packaging across centers.
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