Home Improvement Market Regional Analysis:
North America Market Insights
North America industry is likely to hold largest revenue share of 35% by 2035. The market demand is being driven by growing client demands for aesthetically beautiful and environmentally friendly products for remodeling projects. In 2021, the US spent more than USD 86 billion on green construction projects.
The United States' rapidly expanding residential building sector and rapidly increasing population will be key factors in the home improvement market's growth. The population of the United States makes up 4.23% of the entire world's population.
APAC Market Insights
The APAC region will also encounter huge growth for the home improvement market during the forecast period. The extensive rural population development in rising Asian nations is the cause of the greater growth rate. While simultaneously supporting advancements in rural housing structures, the regional governments are devoting significant resources to the region's ongoing urbanization. According to UN Habitat’s data, Asia's urban population is predicted to increase by 50% by 2050, adding 1.2 billion new residents.
The growing Chinese population is driving up demand for both functional and esthetic improvements in homes. 52 percent of Chinese respondents, by slim margin, said they did not anticipate any changes in the upcoming six months.
Growing e-commerce is propelling the home improvement market in Japan. Online shopping is more convenient than traditional brick-and-mortar stores because it allows customers to use their mobile devices to make purchases while at home or on the go. The amount that people spent on online fashion purchases in 2023 was estimated to be around 31.9 billion dollars.
Regional expansion is anticipated to be driven by the rising number of solar panel installation projects and the rising demand for do-it-yourself home repair projects in Korea. In South Korea, between 2018 and 2023, 2020 had about 4,120 megawatts of installed solar power generator capacity the largest amount ever installed in a single year.
