Overview and Scope
Home remodeling is the process of upgrading or renovating an existing residential structure that may be in disrepair, outdated, or no longer meets the homeowner's needs. It involves creating something new.
Sizing and Forecast
The home remodeling market size has grown steadily in recent years. It will grow from $925 billion in 2023 to $970.07 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to expansion of electronics manufacturing, increased aerospace applications, rise in medical device manufacturing, increased practices of micro welding, energy efficiency and precision.
The home remodeling market size is expected to see steady growth in the next few years. It will grow to $1164.16 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to emergence of fiber lasers, expansion of renewable energy sector, demand for lightweight materials, medical device miniaturization, rapid prototyping and small-batch manufacturing. Major trends in the forecast period include advancements in laser technology, integration of automation and robotics, hybrid laser welding systems, customization and flexibility in welding processes, integration of artificial intelligence.
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Segmentation & Regional Insights
The home remodeling market covered in this report is segmented –
1) By Type: Do-It-Yourself (DIY), Do-It-For-Me (DIFM)
2) By Distribution Channel: Online, Offline
3) By Application: Windows And Doors, Kitchen And Bathroom, Floor And Roof, Walls, Other Applications
4) By End-Use: Residential, Commercial
North America was the largest region in the home remodeling market in 2023. The regions covered in the home remodeling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in the construction sector is expected to propel the growth of the home remodeling market going forward. The construction sector is a critical industry that encompasses a wide range of activities related to building and infrastructure development. It includes the construction of residential and commercial buildings, as well as infrastructure such as highways, bridges, airports, and public transportation systems. As the construction sector grows, it can stimulate demand for housing and create a more competitive housing market. In turn, homeowners may choose to renovate their existing homes instead of buying new ones. Furthermore, as the construction sector incorporates new technology and materials, homeowners may become interested in upgrading their homes with these advancements. . For instance, in August 2023, according to the U.S. Census Bureau, a US-based government agency, privately owned residential housing completions reached 1,406,000 housing units, a 3.7% increase from 1,355,000 in August 2022. Therefore, the rise in the construction sector is driving the growth of the home remodeling market.
Key Industry Players
Major companies operating in the home remodeling market report are Andersen Corporation, JELD-WEN Holdings Inc., Kohler Co., Pella Corporation, The Home Depot Inc., Dow Inc., Kajaria Ceramics Limited, Lutron Electronics Company, Mohawk Industries Inc., Masco Corporation, Industry Cotto Possagno S.p.A, Seven Group Holdings Limited (Boral Limited), Harvey Industries Inc., Neil Kelly Company, Case Design, ABC Supply Co., Atlas Roofing Corporation, AZEK Building Products Inc., Beacon Roofing Supply Inc., Builders FirstSource Inc., CertainTeed Corporation, Cornerstone Building Brands, CRH plc, Daltile Corporation, Danaher Corporation, Delta Faucet Company, D.R. Horton Inc., Johns Manville Corporation, Ferguson Enterprises LLC, GAF Materials Corporation, Georgia-Pacific LLC, Home Depot Inc., James Hardie Industries plc, Lennar Corporation, Lowe's Companies Inc., Owens Corning, Ply Gem Holdings Inc., Pool Corporation, Power Home Remodeling Group
The home remodeling market report table of contents includes:
1. Executive Summary
2. Home Remodeling Market Characteristics
3. Home Remodeling Market Trends And Strategies
4. Home Remodeling Market - Macro Economic Scenario
5. Global Home Remodeling Market Size and Growth
....
31. Global Home Remodeling Market Competitive Benchmarking
32. Global Home Remodeling Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Home Remodeling Market
34. Home Remodeling Market Future Outlook and Potential Analysis
35. Appendix
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