Remodeling Market – Global Industry Analysis and Forecast (2023 to 2029)

Remodeling Market was valued at US$ 926.91 Bn in 2022. The Global Remodeling Market size is estimated to grow at a CAGR of 4.3% over the forecast period.
Remodeling Market Overview:
The process of renovating or adding to one’s home is referred to as remodeling, home improvement, and home renovation. It can include exterior and interior upgrades or other enhancements to the property. For example, personal preference and comfort, maintenance or repair work, making a home bigger, and increased safety are all reasons for this project. The industry’s growth is attributed to the rapid urbanization, increasing demand for home repair over rebuilding, and shifting consumers toward new technologies. To increase the life of structures, homeowners spend remodeling their houses at regular intervals.

To know about the Research Methodology :- Request Free Sample Report

The report explores the Remodeling Market's segments (Project Type, Distribution Channel, end-use, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Remodeling Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Remodeling Market's contemporary competitive scenario.
Remodeling Market Dynamics:
The growth of the remodeling market is expected to rise because of the changing lifestyles in terms of modern home technology, safety, and advanced security including climate control and smart lightning are driving the industry’s growth. Modern living standards provide an opportunity for the building and construction industry to fulfill the growing demand of consumers. Due to the increasing number of individual cases, the demand for the industry also increases followed by the demand for aesthetic appearance and modern architectural design.

And also, the rising per capita income and low mortgage bank rates help in increasing the home remodeling market. The advanced computer based-technologies like visualization apps and 3D software have encouraged the homeowners to make desirable changes in their houses. Manufacturers are focused on launching innovative products such as windows and doors that open easily and with less effort. In December 2022, the Pella Corporation has launched the “Easy-Slide Operator”.

The factors attributed to the market opportunities are product improvisation and partnerships and the companies highly spending on the various research and development activities creating new technological advancements and innovations to satisfy the customers. Many competitive players are investing in profitable remodeling projects.
Remodeling Market Segment Analysis
Based on End Use, the market is divided into Residential and commercial. The residential sector is anticipated to be the fastest-growing market. The exterior additions and modifications are expected to grow fast at a CAGR of 3.8% by 2029. The fast-growing remodeling applications in porches, gardens, and garages are due to the construction and landing. The rapid rise in real-estate prices and the integration of technology-based projects such as house systems, remote access automation, and sustainable housing energy management are driving the demand for the segment. Kitchen improvements and additions are expected to grow at the fastest rate and are driven by changing consumer preferences for improved design and functionality.

Based on Project Types, the market is segmented into DIY and professional. The Do It Yourself DIY initiatives are expected to rise at a rate of 4.3% by 2029. Millennials are becoming more interested in DIY projects and prefer eco-friendlier-efficient projects with advanced features. The DIY projects are cost-effective for end-users because there is no third party involved. Homeowners can work with top architects to invest in energy-efficient modifications and visualizes and implement innovative out-of-the-box project ideas. The advantages of DIY are that it saves money, obtains contentment, improves creativity and thinking, improves the social life and allows one to be more active, helps reduce stress, and improves the mood.

Based on Distribution Channels, the market is segmented into direct selling online, direct selling to the consumer, wholesale to the retailer, wholesale to the consumer, and wholesalers selling online. The wholesalers have a great impact on the distribution channels with manufacturers, retailers, and consumers. The wholesaler-to-retail segment accounted for the highest revenue of US$ 140 billion in 2022 and is expected to remain stable till 2029. Wholesalers improve supply and demand stability by giving customer feedback directly to the manufacturers. The fastest emerging e-commerce business allows wholesalers or manufacturers to offer their customers various options for renovated products at reasonable prices. Pricing options comparable to real-time tracking have the power to bring consumers to digital platforms and increase the US home remodeling market.
Remodeling Market Regional Insights:
North America held the largest market share in 2022 and is expected to rise at a CAGR of 3.9% by 2029. In recent years, the housing crises in major cities and the growing prices of new homes it, has led to an increase in residential remodeling operations. The increasing consumer tastes toward energy-efficient systems and lavishly living spaces are the factors contributing to the market share of the U.S. and Canada. This strong demand from major countries has a great impact on this market around the world.

The European remodeling market is expected to reach US$1,760 billion by 2029. The countries like the UK, France, and Germany are investing in protecting old facilities and assets by rebuilding them with sustainable materials. The European Commission’s laws and regulations have improved housing standards. The government’s loan program for house refurbishment has boosted the market growth and helped financially disadvantaged households improve their living conditions.

The objective of the report is to present a comprehensive analysis of the global Remodeling Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Remodeling Market dynamic, and structure by analyzing the market segments and projecting the Remodeling Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Remodeling Market make the report investor’s guide.
Remodeling Market Scope: Inquiry Before Buying



Remodeling Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 926.91 Bn.


Forecast Period 2023 to 2029 CAGR:
4.3%
Market Size in 2029:
US$ 1244.6 Bn.


 Segments Covered:
by End-Use
Residential
Commercial


by Distribution Channel
Direct selling online
Direct selling to the consumer
Wholesale to retailer
Wholesale to consumer
Wholesalers selling online


by Project Types
DIY
Professional



Remodeling Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Remodeling Market Key Players are:
1. Andresen Corporation
2. Dow Inc
3. Jeld-Wen Holdings Inc
4. Kajaria Ceramics Limited
5. Kohler Co
6. Mohawk Industries Inc
7. Pella Corporation
8. Harvey Building Products
9. Seven Group Holdings Limited
10. The Home Depot
11. Masco Corporations
12. Neil Kelly Company
13. Case Design
14. Rockwool International
15. Henkel Construction

Frequently asked questions:

1. What is the market growth of the Remodeling Market?
Ans. The modified market was valued at USD 926.91 Billion in 2022 and is expected to reach USD 1244.6 Billion by 2029, at a CAGR of 4.3% during the forecast period.

2. Which are the major key players in the Remodeling Market?
Ans. The key players in this market include

3. Which region is anticipated to account for the largest market share?
Ans. North America is anticipated to dominate the Remodeling Market,

4. what is the forecast period for the Remodeling Market?
Ans. The forecast period for the Remodeling Market is from 2023 to 2029.

5. what is the segment in which the Remodeling Market is divided?
Ans. The Remodeling Market is fragmented based on End Use, Distribution Channel, and Project Types. It is also divided on basis of different regions.