Steady Growth Forecast For Home Improvement Products

Amid the COVID-19 crisis, the global market for home improvement products estimated at US$807.5 billion in the year 2020, is projected to reach a revised size of $989.7 billion by 2026, growing at a compound annual growth rate (CAGR) of 3.4 per cent over the forecast period, says a report from Global Industry Analysts Inc., Do-it-yourself (DIY) is projected to record a 3.3 per cent CAGR and reach $812.2 billion by the end of the analysis period. Growth in the do-it-for-me (DIFM) segment is readjusted to a revised 3.6 per cent CAGR for the seven-year period. The home improvement products market in the U.S. is estimated at $224.4 billion in the year 2021. China, the world's second largest economy, is forecast to reach a projected market size of $200.4 billion by the year 2026, with a CAGR of 6.1 per cent over the analysis period. Among the other noteworthy geographic markets in the report are Canada and Japan, forecast to grow at 2.5 per cent and one per cent respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.7 per cent CAGR.