Remodeling Market size to cross $6 trillion by 2032

Remodeling Market size is anticipated to reach USD 6 trillion by 2032, according to latest research report, by Global Market Insights Inc.
 

The increasing residential renovation projects driven by rising per capita income has positively impacted industry growth. Many homeowners are focusing on custom home remodeling projects to enhance the existing layout and design of their homes in a cost-effective manner. This has led to a rise in DIY home remodeling initiatives, which is further shaping global market outlook. The demand for home flexibility and customization particularly increased during the COVID-19 pandemic, as it gave homeowners the time they needed to undertake more comprehensive of the remodeling projects.
 

Increasing disposable income to bolster residential sector expansion

The remodeling market from residential application registered more than USD 3,000 billion revenue in 2022, owing to steadily increasing gains in home prices and the growing implementation of renovation projects by homeowners. In addition, an increase in the per capita consumer income across developing economies, coupled with low-interest rates on housing loans by banks, is likely to foster the segment growth. According to Harvard University's Joint Center for Housing Studies, residential property owners in the US alone annually spend over $400 billion on residential renovations.
 

Browse key industry insights spread across 255 pages with 123 market data tables and 41 figures & charts from the report “Remodeling Market Size By End-Use (Residential [Interior addition & alterations {Kitchen, Bath, Other room}, Exterior addition and alterations {Porch, garden, and garage}, System & equipment, Disaster repair, Property improvement], Commercial [Office space renovation, Retail space renovation, Hotel remodeling, Restaurant renovation & remodeling, Snow removal]), COVID19 Impact Analysis, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/remodeling-market
 

Growing demand from rented accommodations in North America

The North America remodeling industry is projected to witness over 3.5% CAGR between 2023 and 2032. The industry development is slated to be fostered by the increasing number of rented accommodations in the region and changing customer demographics. This has elevated the demand for affordable, durable, high-quality, and compact renovation materials that can easily accommodate in the smaller rental properties. Meanwhile, increasing demand for the renovation services from existing residential properties will also spur business statistics.
 

Acquisitions and mergers to shape the competitive landscape

Some contenders in the remodeling market include JELD-WEN, Lutron Electronics, Pella Corporation, Masco Corporation, Kohler, The Sherwin-Williams Company, and others. Emboldened by the industry boom during the pandemic, many have turned to mergers and acquisitions to foray into new end markets. For instance, in November 2020, Masco Corporation, a leading home improvement products manufacturer, acquired a majority stake in Dutch firm, Easy Sanitary Solutions (ESS) to diversify its consumer base in end markets. The deal also allowed Masco to expand its product portfolio through Easy’s extensive range of bathroom and shower-oriented products.