From the staggering $620 billion spent on DIY projects in the U.S. alone to the global market surging toward $1.2 trillion, the numbers paint a clear picture: the home improvement retail industry is not just growing, it's undergoing a powerful transformation fueled by renovation demand, digital innovation, and shifting consumer priorities.
Key Takeaways
- The U.S. home improvement retail market reached a value of $539 billion in 2023, growing at a CAGR of 4.2% from 2019-2023
- Global home improvement market size was estimated at $847.5 billion in 2022 and is projected to grow at a CAGR of 5.1% from 2023 to 2030
- U.S. DIY home improvement spending hit $620 billion in 2022, up 8% from 2021
- Home Depot reported net sales of $152.7 billion in fiscal 2023, up 0.3% YoY
- Lowe's Companies net sales reached $86.4 billion in fiscal 2023, down 12.1% YoY
- U.S. home improvement retail e-commerce sales $45 billion in 2023, 12% of total
- Tractor Supply Co. revenue $14.0 billion in 2023, up 9.2%, category: Revenue and Sales
- 48% of U.S. homeowners aged 35-54 planned major home improvement projects in 2023
- 62% of millennials prefer DIY home projects over hiring pros in 2023 survey
- Women accounted for 52% of home improvement purchases in U.S. 2023
- Home Depot holds 30% U.S. home improvement market share in 2023
- Lowe's market share 20% in U.S. home centers 2023
- Walmart captured 8% of home improvement sales via general merchandise 2023
- U.S. home improvement e-commerce penetration reached 15% in 2023
- Home Depot digital sales $19.8 billion, 13% total revenue 2023
The global home improvement market is thriving, with steady growth seen across multiple regions and consumer segments.
Competitive Landscape
- Home Depot holds 30% U.S. home improvement market share in 2023
- Lowe's market share 20% in U.S. home centers 2023
- Walmart captured 8% of home improvement sales via general merchandise 2023
- Amazon's share of online home improvement 25% in 2023
- Independent hardware stores 12% market share U.S. 2023, via 14,000 locations
- Home Depot #1 by revenue globally among home improvement chains 2023
- Lowe's #2 U.S. with 1,759 stores in 2023
- Canadian Tire 15% Canada market share 2023
- B&Q (Kingfisher) 22% UK DIY market 2023
- Leroy Merlin leads France with 18% share 2023
- Ace Hardware 5,700 U.S. stores vs Home Depot's 2,300 in 2023
- Menards 7% Midwest U.S. share with $13B sales 2023
- Tractor Supply 12% rural home improvement share 2023
- Floor & Decor 2% flooring submarket but growing 15% YoY 2023
- Sherwin-Williams 15% U.S. paint market share 2023
- Home Depot loyalty program 80M members, 55% of sales 2023
- Lowe's MyLowe's 75M members driving 70% sales 2023
- Amazon Handyman services integration boosted share 5% 2023
- IKEA 10% furniture/home improvement overlap share Europe 2023
- Harbor Freight tools competitive on price, 4% share 2023
- True Value cooperative 4,000 stores, 2% national share 2023
- Global top 10 firms hold 35% market 2023
- Home Depot store density highest in Sun Belt states 2023
- Lowe's expanded Pro hubs to 150 in 2023 for competition
- Online pure-plays like Wayfair 3% share in home improvement 2023
Competitive Landscape Interpretation
While Home Depot lords over the kingdom like a big orange behemoth and Lowe's plays its dutiful blue-clad rival, the true story is a cluttered, billion-dollar garage where a giant like Amazon can muscle in, a specialty shop like Floor & Decor can quietly expand its empire, and a neighborhood Ace Hardware, despite its modest slice of the pie, can still survive by being the helpful neighbor everyone knows.
Consumer Trends
- 48% of U.S. homeowners aged 35-54 planned major home improvement projects in 2023
- 62% of millennials prefer DIY home projects over hiring pros in 2023 survey
- Women accounted for 52% of home improvement purchases in U.S. 2023
- 71% of Gen Z consumers shopped home improvement online first in 2023
- Average U.S. household spent $12,000 on home improvements in 2023, up 5%
- 55% of U.S. consumers prioritized kitchen remodels in 2023 polls
- Eco-friendly products saw 28% purchase increase among U.S. shoppers in 2023
- 40% of baby boomers delayed projects due to inflation in 2023
- Smart home device adoption in renovations rose to 35% in 2023 U.S. homes
- 67% of urban dwellers bought tools online in 2023 vs 45% rural
- Hispanic consumers increased home improvement spending 15% YoY 2023
- 52% of U.S. parents with kids under 18 did backyard upgrades in 2023
- Subscription services for tools grew 22% in popularity 2023
- 61% of consumers researched via YouTube before buying in 2023
- Outdoor living spaces prioritized by 48% of high-income households 2023
- 29% reduction in impulse buys due to economic uncertainty 2023
- Pet-friendly home mods increased 18% among owners in 2023
- 75% of remote workers invested in home offices 2023 survey
- Vintage/retro decor trend adopted by 42% of millennials 2023
- 56% of consumers used BNPL for big-ticket items 2023
Consumer Trends Interpretation
The home improvement landscape reveals a new American ethos: confident millennials and Gen Z are eagerly DIYing smarter, greener, and more pet-friendly spaces funded by BNPL, guided by YouTube tutorials and temporarily tempered only by inflation, while everyone else is just trying to keep up from the kitchen to the backyard.
E-commerce and Digital
- U.S. home improvement e-commerce penetration reached 15% in 2023
- Home Depot digital sales $19.8 billion, 13% total revenue 2023
- Lowe's online sales 22% of total at $18.7 billion in 2023
- Amazon home improvement category sales $25 billion U.S. 2023
- 68% of U.S. home improvement shoppers used mobile apps 2023
- Wayfair home improvement revenue $3.2 billion 2023, up 2%
- Buy online pick up in store (BOPIS) 35% of online orders Home Depot 2023
- Lowe's same-day delivery covered 90% stores in 2023
- Global home improvement e-com CAGR 12.5% to 2028
- 45% growth in AR/VR tools for home improvement shopping 2023
- Home Depot app downloads 10M+ in 2023
- Lowe's app users project visualization 50M sessions 2023
- E-com share in tools segment 18% U.S. 2023
- Social commerce home improvement sales $1.2B U.S. 2023
- 55% consumers buy paint/supplies online 2023 survey
- Marketplace platforms 20% of online home improvement 2023
- Home Depot curbside pickup 25% digital orders 2023
- Lowe's ship-from-store efficiency 95% 2023
- Voice shopping home improvement queries up 30% Alexa 2023
- Influencer marketing drove 15% e-com traffic 2023
- Subscription box e-com for DIY kits $500M 2023
- 72% Gen Z discover products via TikTok home improvement 2023
- Blockchain for supply chain transparency 10% adoption e-com 2023
E-commerce and Digital Interpretation
Even as Amazon and others chip away at the edges, the home improvement giants are nailing the omnichannel experience, proving that while you might browse for a power tool on your phone, you still want to pick it up curbside or have it delivered from a local store that actually smells like lumber.
Market Size and Growth
- The U.S. home improvement retail market reached a value of $539 billion in 2023, growing at a CAGR of 4.2% from 2019-2023
- Global home improvement market size was estimated at $847.5 billion in 2022 and is projected to grow at a CAGR of 5.1% from 2023 to 2030
- U.S. DIY home improvement spending hit $620 billion in 2022, up 8% from 2021
- The European home improvement market grew by 3.8% in 2023 to €175 billion, driven by renovation demand
- Canadian home improvement retail sales increased 6.5% YoY in 2023 to CAD 38.4 billion
- Asia-Pacific home improvement market expanded at 6.2% CAGR from 2018-2023, reaching $250 billion
- U.S. home improvement market share held by big-box retailers was 85% in 2023
- Renovation segment of global home improvement market accounted for 62% in 2022
- U.S. professional contractor spending on home improvement products rose to $200 billion in 2023
- UK home improvement retail market value stood at £38 billion in 2023, up 4.1% YoY
- Australian home improvement sector grew 5.3% in 2023 to AUD 52 billion
- Latin America home improvement market CAGR projected at 7.1% through 2028 from $45 billion base in 2022
- U.S. paint and supplies segment in home improvement grew 3.5% to $12.5 billion in 2023
- Middle East & Africa home improvement market valued at $35 billion in 2023, CAGR 4.8%
- France home improvement market sales reached €32 billion in 2023, up 2.9%
- India home improvement retail market hit INR 1.2 trillion in FY2023, CAGR 12%
- Germany DIY market volume was €22 billion in 2023, growth 3.2%
- Brazil home improvement sector expanded to BRL 120 billion in 2023, up 6.8%
- China home improvement market size reached CNY 1.8 trillion in 2023, CAGR 8.5%
- U.S. lawn and garden segment grew 4.1% to $58 billion in 2023
- Italy home improvement retail sales €28 billion in 2023, +3.7% YoY
- Mexico home improvement market CAGR 5.9% to 2027 from $18 billion in 2022
- Spain bricolage market €12.5 billion in 2023, growth 4.4%
- South Korea home improvement retail $25 billion in 2023, up 7.2%
- Netherlands home improvement sector €8.2 billion 2023, +2.8%
- Turkey home improvement market $15 billion 2023, CAGR 6.3%
- Sweden DIY market SEK 45 billion 2023, +3.9%
- Poland home improvement retail PLN 60 billion 2023, up 5.6%
- U.S. home improvement retail inflation-adjusted growth 2.8% in 2023
- Global home improvement market projected to $1.2 trillion by 2030, CAGR 5.3%
Market Size and Growth Interpretation
As we collectively accept that our dream homes are always under construction, the world is hammering, painting, and renovating its way toward a trillion-dollar testament to the fact that perfection is a moving target.
Revenue and Sales
- Home Depot reported net sales of $152.7 billion in fiscal 2023, up 0.3% YoY
- Lowe's Companies net sales reached $86.4 billion in fiscal 2023, down 12.1% YoY
- U.S. home improvement retail e-commerce sales $45 billion in 2023, 12% of total
- Floor & Decor Holdings sales $4.4 billion in 2023, +13.5% YoY
- Ace Hardware corp sales $9.1 billion in 2023 across 5,700 stores
- Menards annual sales estimated at $13 billion in 2023
- Sherwin-Williams net sales $23.0 billion in 2023, up 1.7%
- Masco Corporation revenue $8.5 billion in 2023, down 8.4%
- Home Depot comparable sales declined 2.7% in Q4 2023
- Lowe's DIY sales down 10.5% YoY in 2023, Pro sales up 1.2%
- U.S. home center sales $445 billion in 2023
- Harbor Freight Tools revenue $7.5 billion in 2023 from 1,500 stores
- True Value Co. sales $2.4 billion in 2023
- Home Depot online sales $19.8 billion in 2023, 13% of total
- Lowe's digital sales $18.7 billion in 2023, 22% of net sales
- U.S. hardware store sales $45 billion in 2023
- Fastenal Company revenue $7.4 billion in 2023, up 8.9%
- Home Depot Pro customer sales grew 4% in 2023 to $50 billion segment
- Lowe's Pro segment sales $27 billion in 2023
- At Home retail sales $1.3 billion in FY2023, up 5.2%
- U.S. paint store sales $15.2 billion 2023
- Home Depot international sales $5.2 billion in 2023
- Lowe's Canadian sales CAD 7.8 billion in 2023
- Builders FirstSource revenue $17.1 billion 2023, up 4.2%
- U.S. building materials sales $120 billion 2023
- Home Depot Q1 2024 sales $36.4 billion, down 2.3%
- Lowe's Q1 2024 sales $21.3 billion, down 7.0%
Revenue and Sales Interpretation
While the DIY spirit may be suffering from sticker shock and project fatigue—with giants like Home Depot barely growing and Lowe's seeing a notable slump—the pros are keeping the lights on, specialty niches like flooring are booming, and everyone, from massive chains to local hardware stores, is still fighting for a piece of that colossal $445 billion home improvement pie.
Revenue and Sales, source url: https://investors.tractorsupply.com/financials/annual-reports
- Tractor Supply Co. revenue $14.0 billion in 2023, up 9.2%, category: Revenue and Sales
Revenue and Sales, source url: https://investors.tractorsupply.com/financials/annual-reports Interpretation
They’re not just selling hay bales and chicken feed anymore; with revenue pushing past $14 billion and climbing nearly 10% in a year, Tractor Supply is plowing straight through the suburban frontier.
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