Home Repair Market

The global home repair market size was valued at USD 832.94 Billion in 2022 and is expected to surpass USD 1227.21 Billion by 2031, expanding at a CAGR of 4.4% during the forecast period, 2023–2031. The growth of the market is attributed to the rising consumers’ awareness regarding magnificent renovating designs, increasing disposable income, and rapid integration of smart home appliances.

Home repair or home improvement can be described as the process of restructuring or renovating the existing designs or shapes of a home. It means remodeling or renovation of the interior, exterior, or any surrounding items of a house or a building, which are mainly aimed at providing more comfort, safety, and elegant to the existing structure. Home repair also includes the process of remodeling gardens as well as maintenance of lawns and other outdoor structures such as garages, storage, or workshop associated with a house.

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Among key factors, rising influence of urbanization especially in developing countries plays a crucial role in the expansion of the market. As per the United Nations Development Programme (UNDP) estimation, nearly 54% of the global population lived in urban areas in 2016 and the number is likely to be more than two-thirds by 2050. The organization further stated that the world would need about USD 57 trillion to provide the accommodation of the rising demand for urban dwellers by 2030.

The COVID-19 outbreak posed a threat to the expansion of the market as it caused a severe disruption in the supply chain and hampered the demand for improvement services. One of the major setbacks for the market was the complete halt of the construction and building activities globally, impacted by the policy of movement restriction of people especially workers due to various emergency lockdown policies of governments. However, the sale for smart home appliances and other electronic products for home decors through ecommerce platforms were seen surging. With the coronavirus cases started slowing down worldwide, the market recovered and gained its normal pace in beginning months and mid-months of 2021. 

Home Repair Market Trends, Drivers, Restraints, and Opportunities

• Rising land costs, surging new home prices, and rapid urban migration are key factors expected to boost the market during the forecast period.

• High adoption of integrated home control systems, smart home appliances, and smart kitchen renovation are further propelling the market.

• Increasing use of green building materials for energy-saving due to governments’ incentives and tax benefits on green building construction present another key driver of the market.

• High cost of home renovation materials and building products and lack in the availability of skillful workers are major hurdles that can hinder the market expansion in the coming years. 

• Wide availability of innovative designs & products with multiple colors & finishing options along with technologically advanced system upgrades are likely to offer lucrative opportunities of the market growth.

Scope of the Home Repair Market Report

The report on the global home repair market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Home Repair Market Segment Insights

Surge in e-commerce sale drives the DIY home improvement segment

Based on projects, the global home repair market is bifurcated into DIFM home improvement and DIY home improvement. The DIY home improvement segment was worth more than USD 285.5 billion in 2020 and is expected to expand at a rapid pace during the forecast period owing to wide availability of DIY renovation products on e-commerce platforms and rising online sales of these products. On the other hand, the DIFM home improvement segment accounted for nearly 55% of the total revenue of the market and is anticipated to hold a key share of the market in the coming years. The segment growth is attributed to growing preference of the DIFM projects by young adult population and a wide availability of superior design and texture options in house restoration.  

Exterior replacements segment to expand at a considerable CAGR

On the basis of types, the market is segregated into property improvements, interior replacements, exterior replacements, bath improvement & additions, kitchen improvement & additions, system upgrades, disaster repairs, and others. The exterior replacements segment is projected to expand at a CAGR of 17.8% during the forecast period owing to wide preference for enhancing the external looks and appearance of a house or building. Rising awareness about aesthetic values of external outlook of items including doors, windowpanes, and lawns play a vital role in consumers’ high spending on exterior renovation. Wall painting consists a major component for fueling the exterior replacement segment.  

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High spending by urban dwellers drives the North America market

In terms of regions, the global home repair market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2020, representing more than 45% of the total revenue of the market and is expected to constitute a key share of the market during the projected period owing to high spending of house renovation or modernization among a large section of urban dwellers especially in the US. As per Home Improvement Industry Statistics, the US home renovation was worth more than USD 345 billion in 2020.

The report stated that one-fourth of the US homeowner spent between USD 10,000 and USD 25,000 for renovating of their buildings in 2018. According to report by the Home Renovation Statistics and Trends in 2018, most of the consumers spent a large sum for house decoration, followed by renovation and repairing activities.

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Segments

The global home repair market has been segmented on the basis of

Projects

• DIFM Home Improvement
• DIY Home Improvement

Types

• Property Improvements
• Interior Replacements
• Exterior Replacements
• Bath Improvement & Additions
• Kitchen Improvement & Additions
• System Upgrades
• Disaster Repairs
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Kohler
• Neil Kelly Company
• DuPont de Nemours American Exteriors
• Sherwin-Williams Company
• The Home Depot
• Ferguson Enterprises
• Boral Building Products
• Andersen Corporation
• Dreamstyle Remodeling
• Steves and Sons Roxul
• Builders FirstSource
• Owens Construction Services LLC
• Beacon Roofing Supply
• Keller Supply Company
• Masco Corporation
• Harvey Building Products
• Lutron Electronics
• M S International
• Power Home Remodeling Group
• State-wide Remodeling
• Robert Bowden

Competitive Landscape

Key players competing in the global home repair market are Kohler; Neil Kelly Company; DuPont de Nemours; American Exteriors; Sherwin-Williams Company; The Home Depot; Ferguson Enterprises; Boral Building Products; Andersen Corporation; Dreamstyle Remodeling; Steves and Sons Roxul; Builders FirstSource; Owens Construction Services LLC; Beacon Roofing Supply; Keller Supply Company; Masco Corporation; Harvey Building Products; Lutron Electronics; M S International; Power Home Remodeling Group; State-wide Remodeling; and Robert Bowden. Some of these main players are actively engaged in various business development policies such as entering into merger and acquisition, partnerships, or collaboration besides launching new products and capacity expansion for manufacturing units to enhance their market position.