A $615.58 Billion Market by 2029, Fueled by Rising Demand for Personalization and Customization, & Smart Home Technology Integration

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A 5.58 Billion Market by 2029, Fueled by Rising Demand for Personalization and Customization, & Smart Home Technology Integration

U.S. Home Improvement Market

U.S. Home Improvement Market
U.S. Home Improvement Market

Dublin, Nov. 05, 2024 (GLOBE NEWSWIRE) — The “U.S. Home Improvement Market – Focused Insights 2024-2029” report has been added to ResearchAndMarkets.com’s offering.

The U.S. Home Improvement Market was valued at USD 522.25 billion in 2023, and is expected to reach USD 615.58 billion by 2029, rising at a CAGR of 2.78%.

The U.S. home improvement market report consists of exclusive data on 26 vendors. The competition among major players is intense. Major players like 84 Lumber Company, Ace Hardware Corporation, Lowe’s, Menards, Masco Corporation, The Home Depot, Tractor Supply Co., and The Sherwin-Williams Company offer a wide range of products along with various services like repairs, installations, and renovations.

They compete on price, customer experience, and product selection. They offer a wide range of products and various services like repairs, installations, and renovations. They compete on price, customer experience, and product selection. The integration of smart home technology is creating various opportunities for home improvement. The companies can offer innovative products across the U.S. market. Companies use digital tools like augmented and virtual reality to increase customer experience. The companies focus on energy-efficient and sustainable products, which drives the demand for eco-friendly options.

The South region dominates the U.S. home improvement market. South is the largest region due to the rapid growth of population, large stock of single-family homes, and warm climate. People in the south region invest more in outdoor living spaces, repair of homes due to climate conditions, and energy-efficient upgrades.

The warm climate in this region encourages outdoor living spaces, which drives the demand for pools, gardens & landscaping, decks, patios, and other projects. It also requires the frequent maintenance of home systems. People are investing in energy-efficient home systems. Roof replacement, siding improvement, and window upgrades are common as homeowners seek to improve this region’s storm resistance and energy efficiency.

Smart Home Technology Integration

Smart home integration is a significant trend in the U.S. home improvement market. This involves incorporating technology systems to enhance security, convenience, energy efficiency, and home management in residential spaces. Home automation systems allow homeowners to control various aspects of the home, including climate, security, and lighting, through a single interface. They can be controlled through voice commands or smartphone apps.

Rising Demand for Personalization and Customization

The rising demand for personalization and customization is a significant trend in the U.S. home improvement market, and it reflects the shift in consumer lifestyle and behavior preferences. This trend drives the desire to make better living spaces that reflect consumers’ various needs, identities, and tastes. The homeowners focus on customization in interior designs, such as furniture and fixtures, to fit the specific design and dimensions. The custom outdoor living and landscaping trend has led to a rise in the demand for custom decks, patios, gardens, landscaping, etc.

Increasing DIY Home Improvement Activities

The DIY home improvement activities are rising across the U.S. due to several factors, including accessibility of information, desire for personalization, home equity, remote work trend, and increased demand for leisure & entertainment activities. DIY activities have increased in the U.S. during the pandemic period. The most popular DIY activities in home improvement projects are remodeling, painting, and landscaping in the U.S. DIY activities can save consumers money on home improvement projects. DIY allows homeowners to create spaces and express their style in a way that suits their tastes and needs perfectly. The online tutorials, resources, and guidance have made it easier for homeowners to invest in home improvements.

INDUSTRY RESTRAINTS

Supply Chain Disruptions

Supply chain disruption is a major challenge in the U.S. home improvement market. It may increase the price of final products. Various factors, such as weather & market conditions, price of energy, geopolitics, regulations, natural disasters, etc, can influence it. The increased consumer spending and strong economic growth may strain the supply chain, which causes price increases and shortages.

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