What to know about Home Depot and Lowe’s market share, the two giants have been competing for the hearts and wallets of homeowners and contractors for decades. We will take an in-depth analysis at the market share of Home Depot and Lowe’s, and how they stack up against each other.
The two major biggest home improvement retailers in the US are Home Depot and Lowe’s.
The both are known for providing several products and services to customers looking to make improvements to their homes.
Now the question is: What is Home Depot and Lowe’s market share? Read on to find the answer you need!
What to know About Home Depot and Lowe’s Market Share?
Home Depot and Lowe’s are both major players in the home improvement industry. They have a significant market share between them.
According to a report by Statista, as of 2021, Home Depot has a market share of approximately 30%, while Lowe’s has it own of around 20%.
This means that Home Depot is the clear market leader, with a significant lead over Lowe’s
However, it is worth noting that both companies have seen significant growth over the past few years.
In 2019, Home Depot’s revenue was $110.2 billion, up from $108.2 billion in 2018.
Similarly, Lowe’s revenue was $72.1 billion in 2019, up from $71.3 billion in 2018.
Home Depot Reported Revenue
Furthermore, in 2021, Home Depot reported revenue of $132.1 billion and a net income of $15.8 billion.
The company’s dedication to client service, extensive product selection, and affordable pricing are just a few of the reasons for its success.
Home Depot has also invested heavily in technology through the provision of an online platform and mobile app.
This app allows customers to easily browse products, place orders, and track shipments.
In contrast, Lowe’s recorded revenue of $94.5 billion and a net profit of $8.1 billion in 2021.
The company has been making stalks to increase its market share.
In recent years, they have been focusing on improving its online platform and expanding its product offerings.
Lowe’s has also invest in a new store formats, including smaller “neighborhood” stores that are design to appeal to urban customers.
Home Depot and Lowes have a combined market share of nearly 50%.
Although Home Depot now has a bigger share, while Lowe’s has been working to grow their position.
Despite this, both businesses provide a variety of goods and services to satisfy clients.