North America Bath Remodeling Market Size

North America Bath Remodeling Market Size

North America Bath Remodeling Market was valued at USD 67.7 billion in 2023 and is estimated to grow at a CAGR of 2.9% during the forecast period from 2024 to 2032.

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In North America, a large number of homes are aging and in need of improvements to meet current standards and preferences, especially in the bathrooms. As these houses have gotten older, their bathrooms frequently show old-fashioned designs and ineffective layouts. Consequently, a increasing number of homeowners are seeking bathroom renovations to enhance the aesthetics and functionality of their homes.
 

Furthermore, there has been a significant increase in the demand for property renovations in North America, particularly for modernizing bathrooms. As urban areas expand and real estate markets grows, homeowners and investors shift their attention to increasing the value and attractiveness of their properties. Contemporary bathrooms with eco-friendly technology, upscale features, and chic aesthetics cater to customer needs and greatly enhance a property's appeal to the market. In addition to this, increasing household incomes lead to greater investment in home improvement projects, focusing on bathroom renovations to align with current energy efficiency, functionality, and aesthetic trends. For instance, according to the Federal Reserve Bank of St. Louis, the state's per capita personal income raised from USD 64,174 in 2019 to 77,036 in 2022. The data indicates a significant increase in income levels, which has resulted in a higher standard of living.
 

The market growth is hindered by the high cost of renovation. The primary reasons for the expensive prices are labour costs, advanced fixtures, and top-notch materials. There is also a lack of workers in the industry, leading to potential delays in projects and decreased quality of work.