Remodeling Market Size By End-Use (Residential [Interior addition & alterations, Exterior addition and alterations, System & equipment, Disaster repair, Property improvement], Commercial) & Global Forecast, 2023 - 2032

Remodeling Market Size

Remodeling Market size surpassed USD 4,070 billion in 2022 and is anticipated to grow at 3.5% CAGR from 2023 to 2032. Increasing investments to upgrade and upkeep of aging infrastructure, improving living standards and the evolution of modern tastes have driven a change in consumer preferences and buying habits, thereby bolstering the industry demand.
 

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The subsequently, investments toward DIY home decor and renovations have increased, and are shaping the market growth. According to Harvard’s Joint Center for Housing Studies report, investments towards home renovations grew over 3% to hit approximately USD 420 billion, as consumers modified their living spaces for school, leisure, and work in response to COVID-19.
 

Labor shortage may constrain industry development

Despite the rising consumer appetite for remodeling, a lack of skilled labor may adversely impact the remodeling market expansion. The growing scarcity of skilled labor has made acquiring their expertise at reasonable costs a challenge for customers, which is leading to dwindling remodeling projects. As per National Electrical Contractors Association, about 7,000 electricians enter the field annually, but 10,000 retire in exchange. Meanwhile, skyrocketing raw material procurement costs are presenting further challenges in the sector. 
 

Remodeling Market Analysis

The commercial segment of remodeling market is poised to attain 4% gains through 2032, fueled by increasing refurbishment initiatives across commercial properties. The growth can also be credited to surging construction initiatives worldwide. Rising yearly corporate gains for numerous global enterprises are driving office space renovations and improvements, outlining industry outlook. Meanwhile, increasing number of corporate spaces in emerging economies such as India, UAE, and Saudi Arabia are also spurring the business expansion. 
 

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The Asia Pacific remodeling industry is projected to record around 4.5% growth rate during 2023-2032. Increasing property rates in the region have led to the rise of compact living spaces, fostering the demand for cost-effective, multi-functional renovations. Moreover, ongoing development of the region’s tourism sector has influenced the construction of tourist accommodations, positively shaping renovation market statistics. The increasing penetration of foreign brands and demand for imported services are also stimulating regional growth.
 

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Remodeling Market Share

Leading contenders in the remodeling market include

• JELD-WEN
• Andersen Corporation
• Pella Corporation
• Lutron Electronics
• Kohler
• Masco Corporation

The players are increasingly turning to mergers and acquisitions to build their presence in high-growth areas. The deal helped Pella make a strategic entry into the high-growth region of Florida and the coastal Southeast, while also building scale. On the other hand, CWS greatly benefited from the latter’s expertise in driving innovation and operating improvements. 

Impact of COVID-19 Pandemic

The global remodeling sector underwent a paradigm shift during the COVID-19 pandemic, wherein a majority of its growth started to come from the residential sector as opposed to the commercial sector. Residential customers were also forced to upgrade or change their living spaces to better match their new school, and work-from-home requirements. However, now that the world is at the tail-end of the pandemic, the inflow of industry growth is again undergoing a major shift, with the commercial sector leading the charge and the residential taking the back seat, as tourism and work from office trends pick up steam.
 

This market research report on remodeling includes in-depth coverage of the industry with estimates & forecast in terms of USD Billion from 2018 to 2032 for the following segments:

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Market Outlook, 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