The United States Home Improvement Market document additionally mentions market share gathered by means of every product in the market, alongside with the manufacturing growth. The market Trend for Development and advertising channels are analyzed. In addition to the boom potential, future opportunities, using factors, industry-specific issues and dangers, the market lookup additionally consists of market share and boom rate. The find out about additionally covers adjustments in currencies and change rates, import-export alternate and the modern-day country of the world market. United States Home Improvement Market is developing at a High CAGR at some point of the forecast length 2023-2031. The growing pastime of the persons in this enterprise is the principal cause for the growth of this market.
Key Players[ABC Supply Co., Inc., ACE Hardware Corporation, Andersen Corporation, APCO Industries, Ferguson Enterprises, Floor & Decor Holdings Inc., JELD-WEN, Kohler Company, Lowe’s Companies, Inc., Lumber, M Company, Masco Corp, Menard, Inc., Pella Corporation, The Home Depot U.S.A., Inc., The Sherwin-Williams Co.
US Home Improvement Market to Grow at a CAGR of 5.7% until 2028
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Changing homeowners’ preferences coupled with Government Tax Credits to drive the Market Growth
Changes in homeowners’ preferences for energy-efficient and luxurious living spaces have contributed significantly to the expansion of the industry. Rapid urbanization and government initiatives to provide incentives and tax credits for green building construction have boosted the market growth. In addition, the importance of e-commerce and the availability of technologically advanced system upgrades drive home remodeling activities. The increase in the development of the Home Improvement market is a combination of factors such as lower lending rates and higher real estate costs. The integrated home control system enhances convenience, accessibility, and security, giving users complete access to their homes from a single-touch panel system. Increasing demand for integrated home control systems is rapidly expanding market growth.
Outdoor living products Accounted for the Largest Market Share In 2021 By Product
On the basis of product, the United States home improvement market is segmented into building and remodeling, home dcor, outdoor living, tools, and hardware. The outdoor living segment is expected to lead the Home Improvement market during the forecast period. Due to its ability to withstand a variety of climatic conditions, the demand for outdoor furniture is increasing. Outdoor furniture is designed to withstand high temperatures and humidity, bringing new styles and decorations to outdoor living spaces. The full utilization of garden furniture in outdoor gardens and terraces where the outdoor living space is aesthetically pleasing is driving the demand for these products. In addition, the development of outdoor furniture made of upholstery products, teak wood, eucalyptus, and high-quality metal has created high demand in the market. Increasing barbecues and social gatherings are other factors in procuring visually appealing outdoor furniture. Rapid population growth and the thriving housing construction sector in the United States will be major drivers of market growth. Of these, the painting sub-segment is expected to grow from USD 145.8 billion in 2021 to over USD 237.5 billion by 2030, the fastest-growing market.
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Impact of COVID-19 on the United States Home Improvement Market
In 2020 the U.S. economy shrank 3.5%, but spending on improvements and repairs increased by more than 3% to nearly USD 420 billion as house owners modified their homes for work, school, and leisure. Many professional remodeling projects have stopped due to a pandemic, but DIY refurbishment has skyrocketed. The sudden flexibility of working from home has also increased the demand for larger homes and gardens in the country’s low-cost, low-population areas. The unexpected power of the Home Improvement market has made 2020 the 10th consecutive year of expansion for the industry, but the pandemic has confused some long-term trends. From 2010 to 2019, homeowners relied primarily on professional contractors and remodeling activities were concentrated in coastal metropolitan areas. But in 2020, DIY projects became more popular again, and remodeling activities shifted to lower-cost metros.
United States Home Improvement Market – Regional Insights
By States, the United States home improvement market is segmented into Oklahoma, Louisiana, Georgia, Hawaii, North Carolina, Nevada, Tennessee, Texas, Washington, Illinois, Rest of States. Among all, Oklahoma has the highest share of the United States home improvement market. The U.S. Home Improvement industry is the 7th retailer in terms of market size and the 51st largest retailer in the United States. The market size of the U.S. Home Improvement industry has grown at an average annual rate of 5.3% between 2017 and 2022, and by the end of 2022 expected growth rate is 1.5%.
Market Segment:
By Project: (DIY, DIFM)
By End Use:(Kitchen Improvement & Additions, Bath Improvement & Additions, System Upgrades, Exterior Replacements, Interior Replacements, Property Improvements, Disaster Repairs, Other Room Additions & Alterations)
By Sourcing:(Homeware Stores, Franchised Stores, Specialty Stores, Online Sales Channel, Others)
By Product:(Building And Remodeling, Home DCOR, Outdoor Living, Tools And Hardware)
By States:(Oklahoma, Louisiana, Georgia, Hawaii, North Carolina, Nevada, Tennessee, Texas, Washington, Illinois, Rest Of States)
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The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
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The report’s in-depth analysis provides information about growth potential, upcoming trends, and the United States Home Improvement Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Home Improvement Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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