Table of Contents
Home Improvement Market Overview
Home improvement companies involve a range of activities aimed at enhancing a home’s functionality, aesthetics, and value.
Key categories include cosmetic improvements, such as painting and flooring; and structural enhancements. Like additions and roofing; and functional upgrades, including kitchen and bathroom renovations.
Successful projects require careful budgeting, planning, and an understanding of local regulations, along with a decision on whether to undertake the work as a DIY project or hire professionals.
Current trends emphasize sustainable materials and smart home technology, reflecting a growing interest in eco-friendly and efficient solutions.
Overall, a strategic approach to home improvement can lead to significant enhancements in comfort and property value.
Market Drivers
The global home improvement market is fueled by key factors such as rising homeownership and an aging housing stock that requires renovations.
Technological advancements and a shift towards sustainable living have increased demand for modern, eco-friendly solutions.
Urbanization and population growth necessitate space optimization, while social media and home improvement shows encourage DIY projects. Economic recovery has boosted disposable income, allowing homeowners to invest in upgrades.
Furthermore, a heightened focus on home wellness, particularly after the pandemic, promotes improvements for healthier indoor environments. Collectively, these factors drive significant growth in the home improvement market.
Market Size
The global smart homes market is anticipated to increase from USD 132.2 billion in 2023 to about USD 503.1 billion by 2032, with a CAGR of 16.8%.
List of Major Companies
These are the top 10 companies operating in the Home Improvement Market:
Samsung
Company Overview
| Establishment Year | 1938 |
| Headquarter | Seoul, South Korea |
| Key Management | Jong-Hee Han (CEO) |
| Revenue (US$ Bn) | $ 198.4 Billion (2022) |
| Headcount | ~ 98,557 (2022) |
| Website | http://www.samsung.com/ |
About Samsung
Samsung Electronics has made notable advancements in the home improvement companies/sector, particularly with its innovative home appliances and connected solutions.
The Bespoke product line showcases the company’s commitment to customization and smart technology, featuring products like the Bespoke AI Family Hub refrigerator, which uses AI to optimize food storage and monitor expiration dates.
The SmartThings ecosystem allows users to remotely control appliances, enhancing convenience through AI and voice commands. Recent updates include an upgraded Bixby voice assistant and improved security via Samsung Knox.
Through strategic acquisitions and collaborations, Samsung aims to maintain its competitive edge in the evolving smart home technology market.
Geographical Presence
Samsung Electronics, a global technology leader, has a strategic presence across regions including Asia-Pacific, North America, Europe, Latin America, and the Middle East/Africa.
Headquartered in South Korea, the company operates key manufacturing and R&D facilities in China, India, and the U.S.
It has a strong market presence in Western Europe, particularly Germany and the UK, while also expanding in Eastern Europe and Latin America, especially Brazil and Mexico.
This broad geographical reach allows Samsung to tailor products to local preferences, streamline its supply chain, and foster innovation through localized R&D. This ensures its continued growth and leadership in the technology sector.
Recent Developments
- In October 2024, Samsung Electronics teamed up with NTT DOCOMO to investigate the integration of AI in next-generation mobile communication technologies.
- In October 2024, Samsung Electronics partnered with CJ ENM Co to provide Korean entertainment content in the US.
LG
Company Overview
| Establishment Year | 1947 |
| Headquarter | Seoul, South Korea |
| Key Management | William Cho (CEO) |
| Revenue (US$ Bn) | $ 64.5 B (2022) |
| Headcount | ~ 37,835 (2022) |
| Website | http://www.lge.co.kr/ |
About LG
LG Electronics is expanding in the home improvement companies/sector with a strong emphasis on smart home technologies and personalized appliances.
The LG ThinQ™ platform leverages AI and IoT, allowing users to control and customize their appliances based on data insights.
In 2023, LG launched innovative products like the MoodUP™ refrigerator with color-changing panels and the WashTower, enhancing convenience and user experience.
The acquisition of Athom, a smart home platform, bolsters LG’s AI-driven capabilities, enabling better management of appliances across various brands. This strategic direction reinforces LG’s commitment to the smart home ecosystem.
Additionally, the company has pledged $39.5 billion towards research and development to maintain its leadership in home automation and advanced appliance technologies.
Geographical Presence
LG Electronics Inc. has established a strong global presence across North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa.
In North America, the company leads in home appliances and televisions, supported by a solid distribution network.
In Latin America, LG customizes products for local markets, while in Europe, it prioritizes sustainability and environmental compliance.
The Asia-Pacific region, particularly South Korea, India, and Vietnam, sees LG emphasizing innovation and cost-effectiveness.
In the Middle East and Africa, LG adapts its offerings to regional needs, solidifying its status in the consumer electronics sector. This strategic focus on localization has driven LG’s successful expansion worldwide.
Recent Developments
- In October 2024, LG Electronics invested US$740 million to improve the capabilities of its AI webOS platform.
- In July 2024, LG Electronics purchased an 80% stake in Athom, a leading smart home platform, to boost its connectivity in open smart home ecosystems.
Bosch
Company Overview
| Establishment Year | 1886 |
| Headquarter | Stuttgart, Germany |
| Key Management | Stefan Hartung (CEO) |
| Revenue (US$ Bn) | $ 99.1 Billion (2022) |
| Headcount | ~ 429,416 (2023) |
| Website | http://www.bosch.com/ |
About Bosch
Robert Bosch GmbH has made a significant impact in the home improvement companies/sector, specifically in heating, ventilation, and air conditioning (HVAC) solutions.
In 2024, the company executed its largest acquisition to date by purchasing Johnson Controls’ residential and light commercial HVAC business for $8 billion, including the Johnson Controls-Hitachi joint venture.
This deal enhances Bosch’s presence in the U.S. and Asia, nearly doubling its HVAC market sales to approximately €9 billion.
This move aligns with Bosch’s Strategy 2030, which focuses on expanding its leadership in energy-efficient technologies, particularly heat pumps essential for reducing carbon emissions.
The Home Comfort Group, already generating €5 billion in sales, is set to benefit from this expansion amid a projected 40% growth in global HVAC demand by 2030.
Geographical Presence
Robert Bosch GmbH, based in Stuttgart, Germany, is a prominent global player in engineering and technology, with operations in mobility solutions, industrial technology, consumer goods, and energy and building technology.
The company has a strong presence in Europe, including facilities in Germany, France, Italy, and the UK, as well as significant manufacturing and R&D centers in the United States and Mexico.
In South America, Bosch is particularly well-established in Brazil, and in the Asia-Pacific region, it has a notable presence in China and India.
Additionally, it operates in the Middle East and Africa, including South Africa and the UAE. Bosch prioritizes innovation and sustainability, investing heavily in R&D and eco-friendly technologies to meet local market demands and promote global advancements.
Recent Development
- In July 2024, Bosch acquired Johnson Controls’ global HVAC solutions business for residential and light commercial buildings.
- In July 2024, Robert Bosch Smart Home introduced the new Eyes Outdoor Camera II.
Panasonic
Company Overview
| Establishment Year | 1918 |
| Headquarter | Osaka, Japan |
| Key Management | Yuki Kusumi (CEO) |
| Revenue (US$ Bn) | $ 62.8 Billion (2023) |
| Headcount | ~ 233,391 (2023) |
| Website | https://holdings.panasonic/ |
About Panasonic
Panasonic Corporation is expanding in the home improvement companies/sector by introducing advanced smart home appliances and sustainability-focused solutions.
In 2023, the company enhanced its smart appliance range with cloud-based services, enabling users to control devices like air conditioners and refrigerators through smartphones.
Panasonic is also investing in energy-efficient technologies, including innovations in solar power and hydrogen fuel cells, as part of its “Green Impact” initiative to achieve carbon neutrality by 2050.
Additionally, it has launched products like the nanoe™ X air purifier and LUMIX cameras, diversifying its home and lifestyle offerings while expanding partnerships for sustainable energy management and smart home integration.
Geographical Presence
Panasonic Corporation operates in over 80 countries, with key markets in Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.
Headquartered in Japan, it has major manufacturing operations in China, producing home appliances and automotive components.
In North America, particularly the U.S. and Canada, Panasonic specializes in consumer electronics and automotive systems.
Its European presence focuses on sustainability and energy efficiency in markets like Germany and the UK. The company is also expanding in Latin America and exploring growth opportunities in the Middle East and Africa, leveraging strategic partnerships to enhance its global competitiveness.
Recent Development
- In September 2024, Panasonic Corporation introduced RZ-B120W earbuds.
- In September 2024, Panasonic Connect North America announced its plans to launch AW-UB50 and AW-UB10.
Sony
Company Overview
| Establishment Year | 1946 |
| Headquarter | Tokyo, Japan |
| Key Management | Kenichiro Yoshida (CEO) |
| Revenue (US$ Bn) | $ 85.3 B (2022) |
| Headcount | ~ 113,000 (2023) |
| Website | https://www.sony.com/ |
About Sony
Sony Corporation is progressing in the home improvement companies/sector with its advanced technology and smart home entertainment products.
In 2023, the company emphasized integrating its imaging and sensing technologies into home entertainment systems, including high-end OLED TVs and audio solutions, to create immersive experiences.
Strategic partnerships, such as with Epic Games for virtual production using Unreal Engine, further enhance smart living environments.
While focusing on entertainment and smart devices, Sony’s ongoing investment in AI and IoT indicates a broader vision for connected home experiences.
Recent product launches, like the INZONE M10S OLED monitor and LinkBuds wireless earbuds, underscore Sony’s commitment to superior audio-visual technology in modern homes.
Geographical Presence
Headquartered in Japan, Sony Corporation has a strong global presence in electronics, gaming, entertainment, and financial services.
North America, especially the U.S., excels in gaming with PlayStation and has a robust film and music division.
Key European markets include the UK and Germany, where the focus is on consumer electronics and entertainment.
The Asia-Pacific region, notably Japan and China, is vital for R&D and localized strategies. In Latin America, Brazil and Mexico are significant markets, while growth is also seen in the Middle East and Africa for consumer electronics and entertainment.
Sony emphasizes market adaptation, local partnerships, and innovation to maintain its competitive advantage globally.
Recent Developments
- In October 2024, Sony unveiled the LinkBuds lineup with the LinkBuds Fit and LinkBuds Open wireless earbuds and the LinkBuds Speaker.
- In September 2024, Sony announced the availability of WH-1000XM5 and WF-1000XM5 noise-cancelling headphones in Smoky Pink.
Huawei
Company Overview
| Establishment Year | 1987 |
| Headquarter | Shenzhen, China |
| Key Management | Ren Zhengfei (CEO) |
| Revenue (US$ Bn) | $ 99.0 Billion (2023) |
| Headcount | ~ 207,272 (2023) |
| Website | https://www.huawei.com/ |
About Huawei
Huawei Technologies Co., Ltd. is expanding its digital solutions and smart home technologies in the home improvement companies/sector.
In 2023, the company launched various products focused on digital transformation, including smart energy management systems that enhance household energy efficiency through intelligent scheduling.
Additionally, Huawei is promoting low-carbon technologies like photovoltaic systems for clean energy. In 2024, it unveiled 36 new products at events such as MWC Barcelona, highlighting smart, connected living spaces powered by AI for sustainability.
Despite international sanctions, Huawei remains committed to innovation and diversification in the home technology market.
Geographical Presence
Huawei Technologies Co., Ltd. boasts a strong global presence across regions including Asia-Pacific, Europe, the Americas, the Middle East, and Africa. China remains its primary market, complemented by operations in Southeast Asia and South Asia.
In Europe, the company has a notable foothold in countries such as Germany, France, and Poland. While it faces regulatory hurdles in North America, Huawei actively engages in Latin America, particularly in Brazil and Mexico.
The Middle East and Sub-Saharan Africa are also vital for its ICT infrastructure, with significant partnerships in the UAE, Saudi Arabia, and South Africa.
With over 30 R&D centers globally, Huawei emphasizes telecommunications innovation and collaborates with international partners to expand its technological capabilities.
Recent Developments
- In September 2024, Huawei unveiled a tri-foldable phone, Mate XT.
- In August 2024, Huawei signed a deal to sell a 10% stake to Avatr Technology, an EV brand, for US$1.6 billion.
Apple
Company Overview
| Establishment Year | 1976 |
| Headquarter | Cupertino, California, U.S. |
| Key Management | Tim Cook (CEO) |
| Revenue (US$ Bn) | $ 363.2 Billion (2023) |
| Headcount | ~ 161,000 (2023) |
| Website | https://apple.com/ |
About Apple
Apple Inc. is enhancing its presence in the home improvement market through its HomeKit ecosystem, enabling users to control smart home devices from their iPhones and other Apple products.
In 2023, iOS 17 introduced features like StandBy, which turns iPhones into a full-screen display for quick access to home information while charging.
The HomePod lineup is also being upgraded for better smart device integration. Although Apple has a limited range of proprietary smart home products, it has strengthened its ecosystem by supporting third-party devices compatible with HomeKit, particularly via the Matter standard, for improved interoperability.
Additionally, Apple’s commitment to sustainability is reflected in its 2023 offerings, such as the carbon-neutral Apple Watch Series 9, emphasizing its dedication to environmental responsibility in-home technology.
Geographical Presence
Apple Inc., headquartered in Cupertino, California, is a leading global technology company renowned for its consumer electronics, software, and services, including the iPhone, iPad, and Apple Music.
Its geographical footprint includes a strong presence in North America, with the U.S. as its largest market and Canada showing growth. In Europe, Apple sees robust sales in Western Europe and emerging opportunities in Eastern Europe.
In the Asia-Pacific region, China and Japan are key markets, while India is increasingly important for expansion. Latin America, particularly Brazil and Mexico, poses growth challenges, and the Middle East and Africa represent smaller yet developing markets.
Apple’s strategy focuses on extensive retail and online channels, local partnerships, and manufacturing investments in India and China to enhance competitiveness globally.
Recent Developments
- In October 2024, Apple announced its plans to introduce the Apple Intelligence generative AI suite.
- In September 2023, Apple introduced the iPhone 15 and iPhone 15 Plus, featuring colour-infused back glass with a matte finish and a contoured aluminium edge.
Philips
Company Overview
| Establishment Year | 1891 |
| Headquarter | Amsterdam, Netherlands |
| Key Management | Roy Jakobs (CEO) |
| Revenue (US$ Bn) | $ 19.6 Billion (2022) |
| Headcount | ~ 69,656 (2023) |
| Website | http://www.philips.com/ |
About Philips
Philips is advancing its role in the home improvement companies/sector with smart lighting and connected home technologies.
The Philips Hue product line continues to lead the market, offering innovative features for personalized lighting.
In 2023, Philips updated the Hue range to support the Matter smart home standard, improving compatibility with platforms like Apple, Google, and Amazon for seamless device integration and increased energy efficiency.
The company also introduced new lighting options, such as Surimu and Aurelle panel lights, and improved app features, including a brightness balancer and advanced motion sensor controls.
Philips remains dedicated to sustainable and energy-efficient solutions, consistently innovating to meet the needs of the growing smart home market.
Geographical Presence
Philips has a strong presence in multiple regions. In North America, it emphasizes health technology and home healthcare through partnerships, particularly in the U.S.
Its European headquarters in the Netherlands fosters innovation in healthcare and sustainable lighting. In the Asia-Pacific region, especially in emerging markets like China and India, Philips focuses on local partnerships and tailored solutions.
The company is also expanding in Latin America to address health challenges and collaborates with local governments in the Middle East and Africa to enhance healthcare delivery and sustainability.
These strategic investments enable Philips to effectively meet diverse customer needs and drive growth in the health technology sector.
Recent Development
- In October 2024, Philips launched the Philips Avent Premium Connected Baby Monitor.
- In September 2024, Philips launched the 160cm FDA-approved version of its LumiGuide endovascular navigation wire.
Toshiba
Company Overview
| Establishment Year | 1875 |
| Headquarter | Tokyo, Japan |
| Key Management | Taro Shimada (CEO) |
| Revenue (US$ Bn) | $ 24.8 Billion (2022) |
| Headcount | ~ 106,648 (2023) |
| Website | https://www.global.toshiba/ww/top.html |
About Toshiba
Toshiba Corporation has been redefining its business strategy, emphasizing smart and energy-efficient solutions in the home improvement companies/sector.
In 2022, Carrier acquired Toshiba’s HVAC division for $900 million, bolstering Carrier’s position in the energy-efficient heating and cooling market, especially regarding Toshiba’s variable refrigerant flow (VRF) and heat pump technologies.
Additionally, Toshiba announced a significant corporate restructuring in 2023, planning to split into three standalone businesses to improve operational efficiency and shareholder value.
This strategic shift will enable Toshiba to concentrate on its core strengths in infrastructure services, building energy solutions, and digital technologies, allowing it to meet better the rising demand for smart home and energy management solutions.
Geographical Presence
Toshiba Corporation, a multinational conglomerate headquartered in Tokyo, has a significant global presence. It operates research and manufacturing facilities throughout Japan and has subsidiaries in North America, focusing on technology solutions and consumer products.
In Europe, Toshiba has offices in the UK, Germany, and other countries, mainly in healthcare and industrial technology.
The Asia-Pacific region, particularly China and India, is crucial for its growth in power generation and electronic components.
Furthermore, Toshiba is expanding its operations in Latin America and the Middle East, concentrating on infrastructure and energy projects. This broad geographical reach enables Toshiba to utilize its technological expertise to meet regional market needs effectively.
Recent Development
- In September 2024, Toshiba unveiled its new range of Freely-compatible 4K TVs in the UK.
- In August 2024, Toshiba launched the S300 Pro Series HDD for surveillance systems.
Amazon
Company Overview
| Establishment Year | 1994 |
| Headquarter | Seattle, Washington, U.S. |
| Key Management | Jeff Bezos (Executive Chairman) |
| Revenue (US$ Bn) | $ 574.8 Billion (2023) |
| Headcount | ~ 1,525,000 (2023) |
| Website | https://www.amazon.com/ |
About Amazon
Amazon has been progressively expanding its presence in the home improvement companies/sector through its smart home ecosystem, primarily driven by Alexa-enabled devices.
In 2023, it launched several new products, including the Echo Hub, a smart home control panel that supports protocols like Matter, Zigbee, and Thread, allowing users to manage various devices easily.
The Echo Hub features an 8-inch customizable touchscreen for controlling security systems and viewing live camera feeds.
Additionally, Amazon has updated its Ring and Blink camera systems to include advanced motion tracking and energy-efficient accessories.
By enhancing support for the Matter smart home standard, Amazon is further solidifying its position as a leader in the smart home market, demonstrating its commitment to creating more connected and intelligent living environments.
Geographical Presence
Amazon.com Inc. is a global technology leader with a widespread geographical presence. In North America, its largest market is the United States, with additional operations in Canada.
Brazil serves as the primary focus in South America, while Europe, the UK, and Germany are key markets, complemented by services in France, Italy, and Spain. In the Asia-Pacific, Japan and India are vital, with Australia growing since its 2017 launch.
The Middle East and Africa represent emerging markets, particularly in the UAE, following the acquisition of Souq.com.
Amazon’s advanced logistics network, featuring fulfillment and sortation centers, enhances its fast delivery capabilities and positions the company for continued growth in the dynamic e-commerce sector.
Recent Developments
- In October 2024, Amazon introduced Blink home security cameras in New Zealand and Australia.
- In October 2024, Amazon partnered with India Post to improve its delivery capabilities.
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