Home improvement market to be characterized by the launch of innovative products over 2019-2025, rising consumer expenditure on enhancing residential interiors to drive the industry landscape
Publisher : Fractovia | Published Date : 2019-05-09Request Sample
The global home improvement market is poised to emerge as a lucrative vertical in the years to come, subject to burgeoning disposable incomes & rapid urbanization, particularly across emerging economies. The home improvement industry is currently experiencing a positive phase of sorts, owing to the considerable amplification in the demand for technologically advanced products such biometric locks, smart ACs, eco dish cleaners, smart faucets, wireless lighting systems, HD camera doorbells, curved TVs, audio controllers, smart shower controls, motion sensor garbage bins, and space-saving accessories across the globe.
North America Home Improvement Market, By End-Use, 2018 & 2025, (USD Billion)
Increasing consumer expenditure on exteriors such as sidings, windows & doors, and roofing primarily fueled by the damage caused by climatic variations, as well as the desire to avail new designs, has significantly influenced home improvement market trends. Of late, there has been a paradigm shift in lifestyle patterns world over, adding impetus to house party & family gathering culture, which augments the need for home improvement solutions.
According to the Home Improvement Research Institute, the steady increment in the home remodeling sector will continue through 2021. This growth can be attributed to increasing home prices, difficulty in finding new construction opportunities in some regions, and aging houses. It has been noted that the existing house stock has an average age of over 36 years, requiring home improvement services to preserve & augment its value. Thus, the rising aging home infrastructure across the globe will offer enormous growth opportunities for the home improvement market players.
It would not be incorrect to mention here that home improvement industry is endowed with a slew of design & product innovations, serving customers with a spectrum of color and finishing options to select from. Home lighting plays a pivotal role in overall home enhancement, as it considerably influences the resident’s mood and ambience. Also, LED lighting is gaining traction across the globe, outshining incandescent and fluorescent fittings.
Lately, Circadian rhythm lighting has gained immense popularity, as this innovative human-centric lighting generates indoor illumination which closely matches natural lighting in terms of warmth and, in conjunction with home automation, modifies throughout the day with the sun to assuage the impact of artificial light on the eyes. The emergence of such revolutionary home improvement products has completely transformed the home improvement market landscape.
Here is a list of innovative products offered by prominent home improvement industry contenders:
• Sensitive alarm clock: The new iHome iDL95 is renowned for its exceptional ability to shut off the display for complete darkness during the night so that one is not bothered while sleeping by its trivial light.
• Lifesaver bathroom tiles: TOTO's Hydrotect ceramic tiles are covered with an exclusive titanium-dioxide coating. This coating dissolves pollutants along with using antimicrobial metals to destroy bacteria that can otherwise generate mildew and stains, eliminating your chances of sliding in the bathroom, and simultaneously enhancing cleanliness.
• An enhanced toilet experience: Unlike a typical toilet flush that dumps 1.6 gallon water per flush, the new Niagara Stealth Dual Flush dumps just 0.8 gallons water per flush, by making use of air instead of water to force the stuff into the bowl. Not only that, this vacuum-assist toilet silently accomplishes its job, instead of creating a loud sucking noise as water exits.
New solutions can be installed virtually anywhere in the home premise including exterior spaces, interior spaces, kitchen, garden area, sit outs, terrace, as well as other places, and the use of pioneering products is kicking in. Therefore, the freedom to customize the environment as per consumer needs and wants through aesthetically appealing designs and innovative products, will certainly take the home improvement market to newer heights, in the ensuing years.
In this backdrop, the home renovation industry is anticipated to consistently grow at a record pace, thereby surging the number of entrepreneurs looking to take advantage of the rewarding prospects extended by this booming industry.
