According to a new report published by Allied Market Research, titled, “Home Remodeling Market,” The home remodeling market size was valued at $852.10 billion in 2020, and is estimated to reach $1,317.50 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
Commonly observed types of home remodeling projects are DIY (Do It Yourself) and Contractor. Among these, the project type, the professional segment accounted for the highest market share in 2020, owing to requirement of skilled labor. The market is analyzed with respect to different applications of home remodeling such as windows & doors, kitchen & bathroom, floor & roof, walls and others. The market is mainly driven by rise in remodeling activities of the old buildings. However, fluctuating prices of raw materials used for manufacturing of home remodeling products is a restraining factor that hinders the growth of the market.
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Top Key Players include in this Report:
- Andersen Corporation,
- Dow Inc.,
- Industrie Cotto Possagno S.p.A,
- JELD-WEN, Kajaria Ceramics Ltd.,
- Kohler Co.,
- Lutron Electronics Co., Inc,
- Mohawk Industries, Inc.,
- Pella Corporation
- Seven Group Holdings Limited (Boral Limited)
In 2020, North America dominated the global home remodeling market, in terms of revenue, followed by Europe and Asia-Pacific. Moreover, the market in Asia-Pacific has grown with high CAGR, owing to increase in disposable income of homeowner, which eventually led to increased spending on home remodeling activities by them.
The advancements in the computer-based technologies such as visualization apps, 3D rendering software, and other such technologies have positively influenced the growth in the home remodeling market. Such advancements have enabled the homeowners to easily visualize the intentions of the architects related to remodeling. Moreover, home remodeling is done for many purposes, such as; to add new space or level in the house, making cosmetic changes inside & outside the buildings, adding new features to the buildings, and other changes meant for improving quality of life of the residents of buildings. This is possible due to availability of different types of products and options in the home remodeling market.
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Furthermore, on the basis of application type, the demand for others segment is anticipated to grow rapidly, during the forecast period due to awareness regarding security and fire safety.
For instance, in January 2022, Pella Corporation, a leading manufacturer of windows and doors, unveiled its latest innovation the ‘Hidden Screen’. This innovative design makes the screen appear when the window is opened and folds away when the window is closed. Pella is the first company to incorporate this feature in its vinyl windows.
However, during the pandemic lockdown, various manufacturers in the home construction market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of home renovation product manufacturing companies. In addition, lack of manpower and raw materials constricted supply of home remodeling components; and has negatively influenced the home remodeling market growth. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of home remodeling product manufacturing companies.
KEY FINDINGS OF THE STUDY
- The report provides an extensive analysis of the current and emerging home remodeling market trends and dynamics.
- Depending on type, the ride-on mowers dominated the home remodeling market share, in terms of revenue in 2020 and the robotic mower segment is projected to grow at a significant CAGR during the home remodeling market forecast.
- By end user, residential segment registered highest revenue in2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the home remodeling market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the home remodeling industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth home remodeling market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
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