North America Bath Remodeling Market Size

North America Bath Remodeling Market Size

North America Bath Remodeling Market size exceeded USD 59 billion in 2020 and is expected to showcase a growth rate of around 4% from 2021 to 2027. Considerable surge in remodeling projects by rental property owners is likely to boost the regional industry growth. The rising demand for rental houses owing to the housing crisis prompted owners to heavily invest in their properties to enhance the value of owned property. Moreover, the key forces behind bath remodeling in the region include the desire for better functionality and the livability to upgrade worn-out surfaces, finishes, and materials along with the changing time of the bath accessories.

The proliferating home improvement and remodeling activities in the region due to a large number of old houses will drive the market demand. According to the Joint Center For Housing Studies Of Harvard University, in 2020, the U.S. homeowners invested about USD 423 billion in home remodeling projects. Additionally, spending on routine maintenances and capital improvements in the U.S. grew from USD 225 billion in 2010 to USD 327 billion in 2019.
 

Rapid changes in the remodeling business trends, such as remodeling for accessibility, style mashing-up, customizations, color options, and technological integrations, will augment the business expansion. Surging demands among consumers pertaining to the latest bath décor options in the market will foster opportunities for the product portfolio.
 

Growing requirements to offer value for money and aesthetically appealing bath remodeling solutions are pressurizing several home improvement firms to heavily invest in a wide range of R&D activities to develop new technologically advanced solutions. The positive outlook of the residential sector with approved building permits and housing starts is prominently contributing to the bath remodeling market expansion. Several home improvement firms in the region are continuously updating their respective online portals to showcase new upgraded sample shots of multiple home improvement ventures. This is further supporting service providers to attract new customers. However, the growing involvement of younger households in the business will pose as a potential area for growth.
 

The COVID-19 outbreak disrupted business processes of several industries globally. The stringent lockdown measures imposed in numerous countries to restrain the COVID-19 spread took a severe toll on the bath remodeling market statistics. In addition to the interruptions in production processes, the downfall of the sector can also be attributed to the hindered product demand from the related end-user industries.
 

The exponential rise in COVID-19 cases across the North American region resulted in the shutdown of production facilities for a brief time, hindering the industry performance in the first half of FY2021. The residential bath remodeling sector depicted positive growth impelled by people spending more than average time in their homes in FY2020 than any other previous year and engaging in several renovation activities throughout the year.