Home improvement retail industry worth $2,291 billion in 2019

Market research firm Lucintel predicts that the global home improvement retail industry will reach $2,291.6 billion by 2019.

Growth is forecasted to be moderate, and in particular, the Asia Pacific region has the best growth prospects for retailers with increasing housing activities partly due to the GDP and population growth. Emerging markets like China, India and Middle East countries are experiencing a rising demand in home improvement products which is good for the industry.

By 2019, Europe is expected to be the biggest market, while North America will be enjoying the highest CAGR.

Increasing disposable income, new or existing home sales, home renovation, a rising middle class population and urbanization are the major growth factors.

Importers may consider looking into gradually increasing the purchases of popular home improvement hardware to boost their businesses while demand for the products is on the rise for the said period.