Remodeling Market Size By End-use (Residential [Interior Addition & Alterations {Kitchen, Bath, Other Room}, Exterior Addition & Alterations {Porch, Garden, Garage}, Others {System & Equipment, Disaster Repair, Property Improvement}], Commercial [Office Space Renovation, Retail Space Renovation, Hotel Remodeling, Restaurant Renovation & Remodeling, Snow Removal]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trend, Competitive Landscape & Forecast, 2021 - 2027

Published Date: Sep 2021  |  Report ID: GMI237  |  Authors: Kiran Pulidindi, Saurabh Bhalerao

Report Format: PDF   |   Pages: 255   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Remodeling Market size surpassed USD 3.8 trillion in 2020 and is anticipated to grow at a CAGR of around 4.1% from 2021 to 2027. Rapid urbanization, growing demand for home improvement projects over reconstruction, and changing homeowner preferences toward modern technologies will foster the industry growth.
 

Changing lifestyles pertaining to advanced home techs, safety, and security upgrades followed by convenient components, such as climate control & smart lighting, will further spur the market expansion across the globe. Modern living standards facilitate opportunities for the building & construction industry and meet the changing priorities of consumers. An increasing number of individual housings coupled with rising demand for aesthetic appearance & modern architecture designs will proliferate the industry statistics. Moreover, to extend the lifespan of buildings, homeowners are investing in remodeling and renovation works at a certain interval of time. The surging per capita income across developing economies along with low-interest rates from banks on housing loans will propel expansion in the remodeling market.
 

Remodeling Market

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The rapid adoption of smart home technologies enables home automation, providing security, comfort, and convenience to homeowners by controlling their home or apartment remotely. However, increasing population and supportive government policies will sustain the demand for remodeling projects. According to the Energy Efficiency Directive (2012/27/EU), buildings require potential energy to perform, and subsequent renovation can improve the energy performance by reducing energy consumption. Over the past few years, residential & commercial rental rates and land prices have considerably increased globally, which further cater to the demand for renovation activities.
 

Increasing inflation and an upsurge in raw material prices is expected to hinder market growth. In addition, the COVID-19 pandemic has negatively impacted the industry owing to frequent project cancellations, labor shortages, and supply chain disruptions. Due to the economic downturn, the construction industry has experienced a severe financial crisis, delaying many commercial construction projects. Although, the situation recovered quickly since the last quarter of 2020 led by the surging demand for installation of flexi workplaces and indoor recreational activities.
 

Consumers prefer Do-It-Yourself projects over DIFM and online sales channels rather than visiting retail stores to maintain social distancing norms. Technological advancements enable online customer support in purchasing decisions, real-time tracking, and extensive product information, resulting in the massive potential for online sales that will stimulate the remodeling market share.

The residential sector will dominate the overall market size

Remodeling Market, By End-use

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Residential remodeling valued at over USD 2,105 billion in 2020 and is likely to witness significant growth through 2027. A steady gain in home prices and rapid incorporation of tech-based renovation projects including integrated home systems, remote access automation, and sustainable home energy management systems will drive the segment demand. Increasing trends of seeking renovation and restructuring for existing buildings will prosper the need for remodeling activities.

 

Interior additions & alterations are estimated to lead the residential segment and will account for significant growth rate of above 4.2% through 2027. Kitchen improvements & additions are poised to observe the fastest growth impelled by shifting consumer preferences toward upgraded designs & functionality. Technological advancements for kitchen systems will improve functionality followed by energy-efficiency & cost-effective models. Additionally, the maintenance process will improve the sustainability, update the appearances & looks, and improve the comfort level. Furthermore, appropriate improvement in the overall home value and the enhancement of security measures will augment the market revenue.

 

Europe is likely to lead the industry statistics

Remodeling Market, By Region  

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The European remodeling market size is predicted to cross USD 1,760 billion by 2027. Countries including Germany, the UK, France, and Italy are continuously investing to protect their old establishments and properties by renovating & restructuring them through sustainable materials. Laws & regulations by the European Commission have improved the conditions of houses. The loan offered by the government for the remodeling of houses has provided additional support to financially weak families to raise their standards, thus providing an extra boost to the market growth. The Energy Performance of Buildings Directive has recommended several criteria to provide all new buildings in the EU as Nearly Zero-Energy Building (nZEB) by the end of 2020.
 

Product improvisation and partnerships will create market opportunities

Companies are investing heavily in several R&D activities along with new technological advancements & innovations to deliver high-end results to their customers. Apart from the technological enhancements in the market, several industry participants are investing in highly profitable remodeling projects. Key participants in the remodeling market include 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.
 

This market research report on remodeling includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD trillion from 2017 to 2027 for the following segment:

Market, By End-use

  • Residential
    • Interior additions & alterations
      • Kitchen
      • Bath
      • Other room
    • Exterior additions & alterations
      • Porch, garden, and garage
    • Others
      • System & equipment
      • Disaster repair
      • Property improvement
  • Commercial
    • Office place renovation
    • Retail space renovation
    • Home remodeling
    • Restaurant renovation & remodeling
    • Snow removal

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Poland
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
       

Frequently Asked Questions (FAQ) :

The remodeling market crossed USD 3.8 trillion in 2020 and will expand at a CAGR of 4.1% from 2021 to 2027, says this GMI report.
Key remodeling industry players include Lutron Electronics, Neil Kelly Company, JELD-WEN, Case Design/Remodeling, Harvey Building Products, The Home Depot and Pella Corporation among others.
The residential remodeling industry share accounted for USD 2,105 billion in 2020 and will grow due to a steady gain in home prices and the rapid incorporation of tech-based renovation projects.
The Europe remodeling industry share will surpass USD 1,760 billion through 2027 owing to continuous investments in countries comprising the UK, Italy, France, and Germany.
The COVID-19 pandemic has negatively impacted the industry growth due to labor shortages, frequent project cancellations, and supply chain disruptions.

Premium Report Details

  • Published Date: Sep 2021
  • Pages: 255
  • Tables: 123
  • Charts / Figures: 41
  • Companies covered: 30
  • Countries covered: 21

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