Global home improvement market set for 6.2% CAGR

The global home improvement services market is set to reach $585.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.2%, according to a report by Allied Market Research. The market, valued at $316.8 billion in 2020, is driven by increasing property costs, the rise in old home purchases, and greater interest in home upgrades. However, the growing DIY culture could limit growth.

Key market segments include exterior and interior replacements, which led the market in 2020, and system upgrades, expected to see the highest growth. Metro cities dominate the market, but rural areas are anticipated to grow the fastest. North America held the largest market share in 2020, with the Asia-Pacific region projected to see the highest growth due to rising infrastructure development. Leading players in the sector include Belfor, Mr. Handyman, and Servpro.