Selbyville, Delaware, September 22, 2021 (GLOBE NEWSWIRE) –
The revenue of the US home improvement market is expected to register a valuation of $ 450 billion by 2027, according to the most recent study from Global Market Insights Inc. Changing consumer preferences for modern lifestyles as well as increasing growth in the residential construction sector are expected to be the main drivers of growth.
The US home improvement market will show significant growth from 2021 to 2027. The increasing use of environmentally friendly solutions to limit environmental impacts will proliferate market share. US Homeowners Invest Significantly in Sustainable Restructuring and Renovation to Reduce CO Emissions2 emissions. For example, Low-E windows dramatically reduce energy consumption by blocking heat without limiting light through it. Additionally, green buildings are specifically designed to reduce waste, further supporting regulations and policies across states.
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The United States is currently facing a shortage of affordable housing due to rapid population growth in developed regions. In addition, sales of existing homes are expected to increase in recent years, as the supply of new buildings has improved slightly. According to the National Association of Realtors, in July 2021, the median price of existing homes increased 17.8% from the previous year. Because of this factor, homeowners are deeply motivated to renovate their homes to increase their value. The recent COVID-19 pandemic and fluctuations in raw material costs have negatively impacted the home improvement market share in the United States and have limited revenue generation.
Do-it-yourself projects hold a significant market share in the US home improvement industry because they can enhance the interior and exterior appearance of residential spaces. Do-it-yourselfers continue to engage in modifying and designing complex projects without seeking professional help. The DIY projects segment will eventually increase in the coming years and is expected to be valued at around $ 170 billion by 2027.
Due to the emergence of e-commerce, the presence of wholesalers on the digital platform has increased significantly in recent years. In addition, growing trends in residential retail will favor the U.S. Home Renovation Market Share in recent years as it covers sales of all kinds of home improvement materials such as appliances, doors and windows, exhausts, flooring, countertop styling, backsplash, etc.
Flooring is one of the major home improvement components which held around 7.5% market share in 2020 and will grow at a tremendous rate due to the growing demand for attractive appearances in home interiors. The growing awareness of consumers to follow new and improved design trends in the market, equivalent to other home maintenance activities, has promulgated the size of the industry.
Key market players operating in the US home improvement market including Andersen Corporation, APCO Industries, Ferguson Enterprises, ABC Supply, The Sherwin-Williams Co., JELD-WEN, Masco Corp., Kohler Co. and Pella Corporation. Wholesalers play an important role in the distribution channel at competitive prices. For example, ABC Supply, a leading wholesale distributor of roofing, siding and other exterior improvement products in the United States, established a new site in Utah to strengthen its presence in the region and support its customers.
Some of the key findings of the US Home Renovation Market report include:
- The growing demand for energy efficient buildings and luxurious living spaces will propel the size of the industry.
- Changing consumer preferences for highly functional, attractive and technology-equipped systems will increase new market opportunities.
- Increased investment by homeowners due to the need for smart kitchens and bathrooms will fuel the growth of the market.
- The rising cost of new homes and low mortgage rates will lead to a proliferation of demand for home improvement activities.
- Recently launched financial programs and policies will support the growth of the US home improvement industry by providing financial assistance.
- Market leaders focus on continuous research and innovation, mergers and acquisitions (M&A), and product improvisation to gain competitive advantages.
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Chapter 3 Overview of the US Home Improvement Industry
3.1 Industry segmentation
3.2 Industry landscape, 2017 – 2027
3.2.1 Impact of COVID-19 on the Industry Landscape
3.3 Industry Ecosystem Analysis
3.3.1 Supply chain
3.3.2 Raw material
18.104.22.168 Impact of COVID-19 on the supply of raw materials
3.3.3 Analysis of distribution channels
22.214.171.124 Online sales channel
126.96.36.199 DIY retailers
188.8.131.52 DIFM retailers
3.3.4 Profit margin trends
3.3.5 Analysis of value chain disruptions (COVID-19 impact)
3.3.6 Matrix of suppliers
3.4 Overview of the US residential construction market
3.4.1 New housing construction in the United States
3.4.2 Housing Renovation Spending in the United States
3.5 Regulatory landscape
3.5.1 United States
3.6 Industry best practices and key purchasing criteria
3.7 Industry impact forces
3.7.1 Growth drivers
184.108.40.206 Rising new housing prices and increasing ownership transfer
220.127.116.11 Energy efficiency support programs and financing options
3.7.2 Pitfalls and challenges of the industry
18.104.22.168 Increased labor costs and the need to improve visibility and efficiency of the supply chain
3.8 Innovation and sustainability
3.8.2 Advanced Structural Insulation Panels
3.8.3 Smart windows
3.9 Analysis of growth potential, 2020
3.10 Porter’s analysis
3.11 Competitive landscape, 2020
3.11.1 United States Market Share Analysis, 2020
3.11.2 Strategy dashboard
3.12 PESTEL analysis
3.13 New home construction in the United States
3.14 Information on the best wholesalers
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services; offering syndicated and personalized research reports as well as growth consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid strategic decision making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.