Luton, Bedfordshire, United Kingdom, March 09, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Remodeling Market.
The global Remodeling Market Size is projected to reach USD 5.46 Billion by 2029 from USD 3.80 Billion in 2022, at a CAGR of 4.1% from 2023 to 2029. The remodeling market is a large and diverse industry that encompasses a wide range of activities related to home improvement and renovation. It includes everything from minor repairs and cosmetic upgrades to major structural changes and complete home overhauls.
The remodeling market has been growing steadily over the past several years, driven by a number of factors including a strong economy, low interest rates, and a high demand for housing. The most common types of remodeling projects include kitchen and bathroom renovations, room additions, and whole-house remodels. Homeowners typically undertake these projects to improve their quality of life, increase their home's value, or prepare for a sale.
In addition to traditional remodeling projects, there is also a growing trend towards sustainable and eco-friendly home upgrades. This includes the installation of energy-efficient appliances, solar panels, and insulation, as well as the use of non-toxic materials and building practices. Overall, the remodeling market is expected to continue growing in the coming years as homeowners seek to update and improve their living spaces. However, there are also potential challenges to the industry, including rising material costs and a shortage of skilled labor.
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The remodeling market is driven by several factors, including:
- Economic Conditions: The state of the economy, particularly factors such as low unemployment, high consumer confidence, and low interest rates, can all contribute to a strong remodeling market. When homeowners feel financially secure, they are more likely to invest in their homes.
- Aging Housing Stock: The housing stock in many areas of the country is aging, with many homes in need of repairs and upgrades. This presents a significant opportunity for the remodeling industry to provide services to homeowners looking to modernize and update their homes.
- Lifestyle Changes: Changes in lifestyle and family size can also drive the remodeling market. For example, a growing family may need to add a room or expand the living space, while empty nesters may look to downsize or convert unused space into a home office or workout room.
- Home Value: Homeowners often undertake remodeling projects to increase the value of their homes, particularly if they are planning to sell in the near future. This can include updating kitchens and bathrooms, adding curb appeal, and making other upgrades that are likely to appeal to potential buyers.
- Sustainable and Green Remodeling: The trend towards sustainability and eco-friendly living is also driving the remodeling market. Homeowners are increasingly interested in green upgrades such as solar panels, energy-efficient appliances, and sustainable building materials, which can help them save money on utility bills and reduce their environmental impact.
| Report Attribute | Details |
| Remodeling Market size value in 2022 | USD 3.80 billion |
| Revenue forecast in 2029 | USD 5.46 billion |
| Market Growth rate | CAGR of 4.1% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2020 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Revenue in USD Million, volume in units, CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, trends |
| Segments covered | By End Use and By Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; France; Italy; U.K.; China; India; Japan; Brazil; Saudi Arabia |
| Key companies profiled | Dow Building Solutions, The Home Depot, Andersen Corporation, JELD-WEN, Lutron Electronics, Pella Corporation, Masco Corporation, Neil Kelly Company, The Sherwin-Williams Company, Kohler, Case Design/Remodeling, ROCKWOOL International, Harvey Building Products, Henkel Construction, and Builders FirstSource. |
| Customization scope | Free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Companies Covered in Remodeling Market Report:
- Dow Building Solutions
- The Home Depot
- Andersen Corporation
- JELD-WEN
- Lutron Electronics
- Pella Corporation
- Masco Corporation
- Neil Kelly Company
- The Sherwin-Williams Company
- Kohler
- Case Design/Remodeling
- ROCKWOOL International
- Harvey Building Products
- Henkel Construction
- Builders FirstSource.
Browse Full Premium Report | Remodeling Market Analysis with Strategic Developments
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Report Benefits
- Develop business strategies by understanding the trends shaping and driving the Market.
- Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Remodeling Market in the future.
- Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Remodeling Market leaders.
- Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
- Track sales in the global and country-specific Market.
- Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of remodeling market trends, estimations, and dynamics of the market analysis from 2020 to 2030 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the remodeling market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as key players, market segments, application areas, and market growth strategies.
Key Market Segments: Remodeling Market
By End Use
- Residential
- Exterior Addition and Alteration
- Porch
- Garden
- Garage
- Commercial
- Office Space Renovation
- Retail Space Renovation
- Hotel Remodeling
- Restaurant Renovation and Remodeling
- Snow Removal
-
- Interior Addition and Alteration
- Kitchen
- Bath
- Rooms
By Regions
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Frequently Asked Questions About This Report
- How big is this Market?
- What is the Remodeling Market growth?
- Which segment accounted for the largest Market share?
- Who are the key players in the Market?
- What are the factors driving the Market?
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