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The revenue graph of home improvement market size is slated to depict substantial gains over the many years to come, pertaining to a plethora of factors, one of the most prominent being, sustainable construction policies. Not to mention, the expansion of this remodeling industry can also be equally attributed to the increasing momentum picked up by the Do It Yourself (DIY) trend and the rising frequency of natural disasters.According to a report by GMI, worldwide home improvement market is estimated to surpass USD 1,120 billion by 2025. In which DIY(Di-it-yourself) based remodeling market share is expected to cross USD 680 billion in 2025. Developed regions including North America and Europe accounted for around 85% of the segment revenue in 2017. The presence of necessary skills in consumers for carrying out the remodeling work is among the key factors propelling the market growth. Also, manufacturers offer smart kits to assist the DIY consumers.
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Impact of the growing DIY trend on the home improvement market size: -
The Drivers: A major promoter of the DIY trend is that it is a financially viable option for someone with a strict budget that does not allow them to hire, often costly, professionals. It is far more affordable to purchase a home improvement product & install it properly using a readily available online tutorial than hiring a professional handyman.
The Potential: According to NerdWallet, homeowners across America did approximately 43 million remodeling projects (DIYs) from 2015 & 2017. Surveys depicted that around 80% claim professionals to cost too much and over 73% state that there are enough informational sources that they could conduct themselves. Moreover, with a majority of DIYers being millennials according to Forbes, the DIY home improvement trend is slated to pick-up significant momentum in upcoming years.
One of the most overlooked factors that has been providing momentum to the market is the prevalence of natural disasters, which possess the ability to completely decimate homes & buildings. The unpredictable nature of these disasters will thus further fuel the growth map of the global home improvement market size.
Browse key industry insights spread across 250 pages with 139 market data tables & 10 figures & charts from the report, “Home Improvement Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/home-improvement-market
Effects of natural disasters on the global home improvement market: -
While meteorologists are able to predict the prevalence of natural disasters for most parts, lately, several nations have experienced unexpected events such as typhoons, tornadoes, wildfires, floods, mudslides consecutively in recent years owing to changing climate conditions.
The Numbers: According to Harvard & National Oceanic and Atmospheric Administration, Hurricanes Irma, Harvey & Maria along with the Northern California wildfires and other natural calamities caused more than $313 billion in damages, making 2017 the costliest year for natural calamities. Ironically, this had provided a significant boost to the home improvement market size as recovering homeowners took up reparations & renovations on a large scale.
The Impact: While standalone natural disasters cost a lot in reparations, according to Nature International Journal of Science, the rise in cascading events such as wildfires, mudslides & floods are expected to commendably boost post-disaster remodeling projects.
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The key industry participants in home Improvement market share include ABC Supply, Dow Building Solutions, Kohler Co., Builders First Source, 3M, The Home Depot, Andersen Corporation, Fortune Brands Home & Security, GAF Materials Corporation, Oldcastle Building Products, JELD-WEN, Hanley Wood LLC, and Ferguson Enterprises.
Partial Table of Contents (ToC) of the report:
Chapter 4. Home Improvement Market, By Project
4.1. Global home Improvement market share by project, 2018 & 2025
4.2. DIY
4.2.1. Market estimates and forecast, 2013 - 2025
4.2.2. Market estimates and forecast, by region, 2013 - 2025
4.3. DIFM
4.3.1. Market estimates and forecast, 2013 - 2025
4.3.2. Market estimates and forecast, by region, 2013 - 2025
Chapter 5. Home Improvement Market, By End Use
5.1. Global home Improvement market share by end use, 2018 & 2025
5.2. Kitchen improvement & additions
5.3. Bath improvement & additions
5.4. System upgrades
5.5. Exterior replacements
5.6. Interior replacements
5.7. Property improvements
5.8. Disaster repairs
5.9. Other room additions & alterations
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/home-improvement-market
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