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Remodeling Market Trends

Report ID: GMI237
Published Date: Jun 2024
Report Format: PDF

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Remodeling Market Trends

An increasing focus on sustainability is encouraging homeowners to make investments in green remodeling practices such as eco-friendly construction methods, renewable materials, and energy-efficient equipment. There is a strong desire among homeowners to update bathrooms and kitchens with modern styles, smart appliances, and energy-saving fixtures. By incorporating elements such as spacious layouts, ample storage, and premium materials, homeowners can enhance functionality. Additionally, homeowners recognize that remodeling their kitchens and bathrooms can significantly increase the value of their properties.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.