UK Home Improvement Market

UK Home Improvement Market Overview:

The UK home improvement market size reached USD 13.74 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 22.06 Billion by 2032, exhibiting a growth rate (CAGR) of 4.70% during 2024-2032. The market is propelled by the rising demand for energy-efficient homes, increased focus on home aesthetics and interior design, growing adoption of smart home technology, and a rise in DIY projects and home renovation during the pandemic.

UK Home Improvement Market Trends:

Rising Demand for Energy-Efficient Homes

The UK home improvement market is significantly influenced by the growing emphasis on energy efficiency. Due to the continually rising energy costs, homeowners are motivated to invest in improvements that reduce their energy consumption and lower their utility bills. For instance, installing double-glazed windows, better insulation, energy-efficient lighting, and solar panels are helping to achieve energy efficiency. Moreover, the UK government has also introduced various initiatives to encourage energy-efficient upgrades. The Green Homes Grant, for instance, is a valuable incentive for homeowners. Beyond monetary savings, green home improvements also reduce carbon footprints. This appeals to environmentally conscious consumers. According to the World Bank Group, renewable energy consumption in the UK reached 12.20% in 2021, reflecting the growing adoption of energy-efficient sources. This desire to create more eco-friendly, energy-compliant homes has sparked increased investments in energy-saving technologies and materials, creating a favorable market outlook for the home improvement sector.

Increased Focus on Home Aesthetics and Interior Design

The growing trend toward home design improvements to enhance the look and functionality of homes has notably increased, particularly since the COVID-19 pandemic. Individuals started spending more time inside their homes due to lockdowns and social distancing measures. Due to this, there was a resurgence in interior design as they became much more inclined to make their living spaces comfortable and aesthetic. Home renovations increased with individuals remodeling their kitchens and baths and refurnishing their living spaces. Moreover, UK citizens are trying to personalize their spaces more, and home improvement retailers have obliged with a wide array of products. This trend is partly driven by the popularity of TV home renovation shows and individuals taking on DIY home projects that are inspired by social media platforms. This focus on improving the aesthetics and practicality of homes is driving growth in the UK home improvement market.

Growth in Smart Home Technology Adoption

The popularity of smart home technology is having a considerable impact on the UK home improvement market. Homeowners are increasingly seeking to integrate smart systems that enhance convenience, security, and energy efficiency. According to Gitnux, 49% of households in the UK owned smart home devices in 2020. Smart thermostats, lighting systems, home security cameras, and voice-controlled devices are some of the innovations that are gaining widespread adoption in UK homes. These technologies provide added convenience and increase the value of properties. This makes smart devices an attractive investment for homeowners who are seeking to upgrade. Moreover, smart home technology is evolving rapidly, with new products constantly entering the market, driving ongoing demand for home upgrades. With rising awareness among consumers about the benefits of smart home devices, the demand for incorporating these systems into home improvement projects is increasing. As per Gitnux, the percentage of homes with smart devices was expected to reach 17.9% by 2023 in the UK. This increasing reliance on technology to streamline daily tasks, improve security, and reduce energy usage is contributing substantially to the growth of the UK home improvement market.

UK Home Improvement Market News:

• 17 July 2024: The National Home Improvement Council (NHIC) announces support for the “Get Britain Building Again” initiative by the new government. The pledge aims to increase the rates of construction and renovation in the UK housing market and improve the standard of living and energy efficiency of UK households.
• 4 June 2024: Oxford City Council announces a £7 Million reconstruction project for 316 social housing accommodations to make these homes more energy efficient. The initiative is a key component of ongoing efforts to make Oxford more environmentally friendly and is partly financed by the Social Housing Decarbonization Fund (SHDF) of the UK government.

UK Home Improvement Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on project and type.

Project Insights:

• DIY
• DIFM
   

The report has provided a detailed breakup and analysis of the market based on the project. This includes DIY and DIFM.

Type Insights:

• Kitchen Improvement and Additions
• Bath Improvement and Additions
• System Upgrades
• Exterior Replacements
• Interior Replacements
• Property Improvements
• Disaster Repairs
• Others
   

A detailed breakup and analysis of the market based on the type have also been provided in the report. This includes kitchen improvement and additions, bath improvement and additions, system upgrades, exterior replacements, interior replacements, property improvements, disaster repairs, and others.

Regional Insights:

• London
• South East
• North West
• East of England
• South West
• Scotland
• West Midlands
• Yorkshire and The Humber
• East Midlands
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

UK Home Improvement Market Report Coverage:

Key Questions Answered in This Report:

• How has the UK home improvement market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the UK home improvement market?
• What is the breakup of the UK home improvement market on the basis of project?
• What is the breakup of the UK home improvement market on the basis of type?
• What are the various stages in the value chain of the UK home improvement market? 
• What are the key driving factors and challenges in the UK home improvement?
• What is the structure of the UK home improvement market and who are the key players?
• What is the degree of competition in the UK home improvement market? 

 Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the UK home improvement market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the UK home improvement market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the UK home improvement industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.