Remodeling Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development, Price Trend, Competitive Market Share & Forecast, 2016 – 2023
Report ID: GMI237
Remodeling market size is expected to grow at a CAGR of over 10% from 2016 to 2023 and can be valued over USD 410 billion by 2023. It includes building work that changes the home layout or modifies exteriors such as garden, lawn, patio or garage. Increasing employment along with escalating per capita disposable income is anticipated to drive the industry growth over the forecast period.
Escalating repairing and renovation demand for bathroom and kitchen might positively impact the industry growth. As home prices are continuously rising, the demand for industry service is also expected to rise. House owners are likely to leverage their house remodelling projects through loans. Introduction of online home services are expected to boost the industry over the next few years. For instance, the major companies such as Porch, Amazon home services, Zillow and Pro.com offers online remodeling services. Home remodelling is usually done to fulfil various purposes such as comfort upgrades, repair, home additions, safety and Interior design for added beauty.
Global remodeling market data encapsulates various professionals for getting work done successfully. It includes the general contractor, the designer, the architect and the design or build contractor. General contractors are the ideal choice for the remodelling or home improvement projects that do not require any professional design. These kinds of projects are best handled by the remodelling contractors. The companies are expected to offer better quality in designs and in construction work as well. They carry out the project keeping engineering, design and budget in mind. Factors such as volatile business cycles, difficulty attracting capital and low barriers to entry might pose challenges in attaining scale economies in the industry.
Architects are mainly consulted for the major projects that require construction drawings for procuring permits as well as defining the contract. Since remodelling projects are likely to present various challenges, it is preferred to work with an architect. The substitute of an architect for obtaining the drawings is a certified or a licensed designer. They usually own expertise in particular areas such as interiors, kitchens, space design and baths among others. These factors are likely to establish a superior alternative for specific remodelling projects. Design or build contractor are the ultimate choice for the home owners who prefer to hire only one firm for both designing as well as construction work.
Remodeling furnishes with numerous advantages such as improvising home storage, decrease clutter and generating an energy efficient home. Bigger homes are likely to add extra cabinets and storage spaces to avoid clutter in the living area. For instance, customers are utilizing bathroom in order to place dryers and washers which results in reducing the usage space. Ample storage space facilitates in clearing off the counter tops and thus allows better management of the stuff. According to Environmental Protection Agency (EPA), a bathroom equipped with energy efficient fixtures is estimated to save significant benefits on energy conservation. In addition, it also helps in increasing the value of the house.
North America remodeling market size is anticipated to witness substantial growth owing to proliferating renovation and repairing activities in the region. Large number of design professionals and general contractors are now being hired for renovation work by house owners. Population demographics are anticipated to propel the industry demand over the forecast period. The U.S. remodeling market size was valued around USD 144 billion in 2014 and it is projected to exhibit considerable growth from 2016 to 2023. Companies focusing on consumer satisfaction and development are estimated to gain competitive advantages over the forecast period.
Major industry players in the global remodeling market share include Andersen Corporation, ABC Supply, Builders FirstSource, Ferguson Enterprises, Dow Building Solutions,Fortune Brands Home & Security, Hanley Wood, LLC, GAF Materials Corporation,The Home Depot, Kohler Co., Lutron Electronics, JELD-WEN, Masco Corporation, National Gypsum Company, Move, Inc., Oldcastle Building Products, Inc., Pella Corporation, Owens Corning, Ply Gem Industries, Inc., The Sherwin-Williams Company, ProBuild, Inc., and USG Corporation among others.
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