The Home Remodeling Market refers to the industry that involves making improvements, renovations, or modifications to existing residential properties. This market encompasses a wide range of activities and services aimed at enhancing the functionality, aesthetics, and value of homes. Homeowners may undertake remodeling projects for various reasons, such as improving the comfort and livability of their spaces, increasing property value, addressing maintenance or safety issues, or simply updating the look of their homes.
According to a new report published by Allied Market Research, titled, “Home Remodeling Market," The home remodeling market size was valued at $852.10 billion in 2020, and is estimated to reach $1,317.50 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
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Commonly observed types of home remodeling projects are DIY (Do It Yourself) and Contractor. Among these, the project type, the professional segment accounted for the highest market share in 2020, owing to requirement of skilled labor. The market is analyzed with respect to different applications of home remodeling such as windows & doors, kitchen & bathroom, floor & roof, walls and others. The market is mainly driven by rise in remodeling activities of the old buildings. However, fluctuating prices of raw materials used for manufacturing of home remodeling products is a restraining factor that hinders the growth of the market.
In 2020, North America dominated the global home remodeling market, in terms of revenue, followed by Europe and Asia-Pacific. Moreover, the market in Asia-Pacific has grown with high CAGR, owing to increase in disposable income of homeowner, which eventually led to increased spending on home remodeling activities by them.
The advancements in the computer-based technologies such as visualization apps, 3D rendering software, and other such technologies have positively influenced the growth in the home remodeling market. Such advancements have enabled the homeowners to easily visualize the intentions of the architects related to remodeling. Moreover, home remodeling is done for many purposes, such as; to add new space or level in the house, making cosmetic changes inside & outside the buildings, adding new features to the buildings, and other changes meant for improving quality of life of the residents of buildings. This is possible due to availability of different types of products and options in the home remodeling market.
Furthermore, on the basis of application type, the demand for others segment is anticipated to grow rapidly, during the forecast period due to awareness regarding security and fire safety.
For instance, in January 2022, Pella Corporation, a leading manufacturer of windows and doors, unveiled its latest innovation the ‘Hidden Screen’. This innovative design makes the screen appear when the window is opened and folds away when the window is closed. Pella is the first company to incorporate this feature in its vinyl windows.
However, during the pandemic lockdown, various manufacturers in the home construction market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of home renovation product manufacturing companies. In addition, lack of manpower and raw materials constricted supply of home remodeling components; and has negatively influenced the home remodeling market growth. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of home remodeling product manufacturing companies.
Key companies profiled in the home remodeling market report include Andersen Corporation, Dow Inc., Industrie Cotto Possagno S.p.A, JELD-WEN, Kajaria Ceramics Ltd., Kohler Co., Lutron Electronics Co., Inc, Mohawk Industries, Inc., Pella Corporation and Seven Group Holdings Limited (Boral Limited).
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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