Home Remodeling Market Research, 2030
The global home remodeling market size was valued at $852.10 billion in 2020, and is projected to reach $1,317.50 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030. Home remodeling refers to the changes made in a residential structure in order to enhance the functionality of the structure. Home remodeling typically includes home renovation activities such as repairing broken structures or fixtures, adding more space to a building, aesthetic changes inside or outside the building, changes intended toward enhancing the building’s safety, and adding other features or improvements to the building.
The home remodeling market is segmented into By Project Type, By Distribution Channel and Application.
In the recent decades, the disposable income of the home owners has increased significantly especially in the developing nations such as India, China, and others. This has led to the increased demand in the home remodeling market for the purpose of increasing the standard of life of the residents. Furthermore, the home remodeling market is a very large market, due to the availability of a wide range of home remodeling solutions and options such as lighting systems, new flooring, walls, doors & windows, and others. Such factors drive the growth of the market. Furthermore, the advancement in the computer-based technologies such as visualization apps and 3D rendering software has enabled the home owners to precisely visualize the changes that they want to make.
Major players in the industry have focused on launching of innovative home remodeling products such as windows and doors that can open and close smoothly with little to no efforts by resident. For instance, in December 2020, Pella Corporation, a window & door designer and manufacturer, launched the new ‘Easy-Slide Operator’. This new innovative way to open and close casement and awning windows enables homeowners to easily slide the operator up to open and down to close the window, while keeping the operations smooth throughout. Furthermore, companies all over the world aim at developing products for a sustainable future. For instance, in November2021, Dow Inc. a producer of chemical products for the building construction & renovations, launched new PAS 2060-verified carbon-neutral silicones. It is made to decrease the environmental impact of buildings and also help to achieve regional and global targets for CO2 reduction. This silicon is specifically used in the building for the structural glazing, insulating glass, and weather sealing. In addition, home remodeling is significantly more economical than new home construction. These factors have driven the home remodeling market growth.
The novel coronavirus has rapidly spread across various countries and regions, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and has now become a significant threat to global trade, economy, and finance. The COVID-19 pandemic has halted the production of many components used for home remodeling due to lockdowns. The economic slowdown initially resulted in reduced spending on the home remodeling from home owners. Furthermore, the number of COVID-19 cases is expected to reduce in the near future as the vaccine for COVID-19 is introduced in the market. This has led to the reopening of home remodeling products manufacturing companies at their full-scale capacities. In addition, the home remodeling market in many developed countries witnessed a significant boost after initial restrictions were lifted. After COVID-19 infection cases begin to decline, home remodeling product manufacturers must focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.
Furthermore, the increased number of the old buildings requires maintenance, renovation, and remodeling. This is one of the most important factors that drive the demand in the home remodeling market. Furthermore, since it is an easier and cheaper option to remodel the house instead of buying a new one, it is also a reason people demand for home remodeling. In addition, rise in construction sector has positively influenced the home remodeling industry, as new construction keeps on bringing the new trends in the society.
By Project Type
The Professional segment is expected to hold a majority share of the market throughout the forecast period. .
The home remodeling market is segmented on the basis of type, application, distribution channel, and region. By project type, the market is bifurcated into DIY and contractors. On the basis of distribution channel, the market is categorized into online and offline. And on the basis of application, it is fragmented into windows & doors, kitchen & bathroom, floor & roof, walls, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2020, accounting for the highest share, and is anticipated to maintain this trend throughout the home remodeling market forecast. This is attributed to increase the share of DIY projects in home remodeling market share.
COMPETITION ANALYSIS
Key companies profiled in the home remodeling market report includes Andersen Corporation, Dow Inc., IndustrieCottoPossagno S.p.A, JELD-WEN, Kajaria Ceramics Ltd., Kohler Co., Lutron Electronics Co., Inc, Mohawk Industries, Inc., Pella Corporation andSeven Group Holdings Limited (Boral Limited)
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of home remodeling market trends, estimations, and dynamics of the home remodeling market analysis from 2020 to 2030 to identify the prevailing home remodeling market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the home remodeling market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as key players, market segments, application areas, and market growth strategies.
Home Remodeling Market Report Highlights
| Aspects | Details |
 By Project Type |
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 By Distribution Channel |
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 By Application |
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 By Region |
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 Key Market Players | Industrie Cotto Possagno S.p.A, Seven Group Holdings Limited (Boral Limited), Mohawk Industries, Inc., Dow Inc., Kohler Co., Pella Corporation, Andersen Corporation, Kajaria Ceramics Limited, Jeld-Wen Holdings Inc., Lurton Electronics |
Analyst Review
The home remodeling market has witnessed significant growth in past few years, owing to surge in spending on building maintenance activities.
The increase in investments on the maintenance, renovation, and remodeling of the old buildings, especially in developed countries such as U.S, Canada, UK, and Germany has fueled the demand in home remodeling market. Furthermore, increased disposable income of people, especially in developing countries has enabled the homeowners to spend significantly on home remodeling activities to improve the quality of their life; thereby increasing the demand in home remodeling market. Many manufacturers in home remodeling market are offering different solutions for home remodeling, such as lighting solutions, flooring solutions, doors & windows, and others. Such factors are anticipated to increase the demand in home remodeling market.
Moreover, advancements in computer-based technologies such as visualization apps, 3D rendering software, and others have enabled the home remodeling solutions providers to design complex structures, and easily convey their intentions to home owners through visualization on a computer screen, thereby; providing lucrative opportunities for further growth in the market.
Product launch is key growth strategy of home remodeling system industry players
The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
Andersen Corporation, Dow Inc., IndustrieCottoPossagno S.p.A, JELD-WEN, Kajaria Ceramics Ltd.and Kohler Co are some of the top companies to hold the market share in home remodeling market.
North America is the largest regional market for home remodeling.
$852.1 billion is the estimated industry size of home remodeling.
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