The global home improvement retail market is expected to reach an estimated market value of $1,959 billion in 2017, growing at a compound annual growth rate (CAGR) of 3% over the next five years.
The global home improvement retail market consists of companies which sell goods and offer services that are used to improve the quality, value, and living situation of residential housing. This industry is heavily linked to the housing market, hence the number of potential problems the market has to face.
Home Depot is the world's largest retailer of home improvement products followed by Lowe's. Wal-Mart and Target also cater for the home improvement retail market.
Despite many challenges and pressures in the market, the environment for home improvement retailers is encouraging.
Market growth within the global home improvement retail market is set to be driven by a number of factors including, population growth, mall culture, urbanization, an increase in middle class population, and an increase in double income families.
The global home improvement market holds immense potential retailers as most countries are yet to be penetrated. APAC looks set to provide the most promising potential for growth prospects over the coming years with the help of an increasing population and consumer demand. Europe is a small market but with increase an in GDP there is growth potential.
For more information on the global home improvement retail market, see the latest research: Global Home Improvement Retail Market Report
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