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Remodeling Market Size
Remodeling Market size was valued at around USD 4 trillion in 2023 and is estimated to register a CAGR of around 4.2% between 2024 and 2032. The need for renovation services to modernize infrastructure, increase energy efficiency, and satisfy modern lifestyle demands is fueled by the upkeep and updating of older homes.
For instance, national spending on owner-occupied home renovation and repairs is expected to reach USD 485 billion in 2023, a 2.6% increase as compared to the previous year, according to LIRA release projections. The aging baby boomers and millennials starting to own homes are two demographic developments that are driving the demand for remodeling projects, catering to various lifestyle preferences and accessibility needs.
Remodeled spaces might become more difficult and take longer to complete due to strict building norms, zoning regulations, and permit procedures. Project prices may go up if environmental laws, such as those governing waste disposal and energy efficiency, are followed. Remodeling projects may become more complex and expensive to comply with workplace health and safety laws.
Why is the demand for remodeling rising in the residential sector?
The residential end-use segment in the remodeling industry is projected to hold 73% remodeling market share in 2023, owing to the growing need to make homes safer and more accessible for the seniors.
What factors are driving growth in the remodeling industry in North America?
North America remodeling industry amassed 37% revenue share in 2023, on account of the growing need to preserve and increase the value of homes in the U.S. as the median age of these structures is more than forty years.
How big is the remodeling market?
Remodeling industry size was worth USD 4 trillion in 2023 and is projected to expand at 4.2% CAGR from 2024 to 2032, led by the rising need for renovation services to modernize infrastructure.
Why is the appeal for interior remodeling higher?
The interior remodeling type segment in the remodeling industry accounted for USD 2.1 trillion in 2023 due to the growing desire for flexible and open living areas.