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]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Oct 2020  |  Report ID: GMI237  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 285   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Remodeling Market size was USD 4.31 trillion in 2019 and is expected to grow at a CAGR of 3.9% from 2020 to 2026. Rapid urbanization, changing consumer demographics, and increasing disposable incomes will augment market expansion. Shifting consumer preferences toward improving functionality & aesthetics, streamlining energy use, and upgrading outdated heating and cooling systems have propelled the remodeling industry in recent years. Moreover, the regional expansion of renowned brands, providing services at lower costs is enhancing the product demand in residential applications.

The remodeling industry has a pivotal role in the development of the future modern residential sector. The global construction outlook, as per Oxford Economics, is projected to grow to USD 15.5 trillion by 2030. Digital technology is altering the entire industry by providing several innovations and new & improved techniques for remodeling activities. These are providing significant aid to top-notch architects across the globe to visualize & implement their vibrant and out of the box ideas for the execution of numerous projects.

Remodeling Market

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The state and federal stimulus programs are encouraging homeowners and rental property owners for gradual investment in the prominent energy-efficient upgrades.

Globally, the preference toward smaller homes and apartments owing to increasing land prices & rents will boost the remodeling market growth. Millennials and senior citizens are among the key demographic segments for the utilization of remodeling service. The demand for rented homes is higher among millennials. The penetration of online service providers owing to higher discounts and reduced time for service provision will surge the market demand.

The South Africa parliament established Construction Industry Development Board (CIDB) that is a schedule 3A public entity to promote a regulatory and development framework. The board enhances the delivery capability of the country’s construction industry along with economic growth and provides competitive advantage by delivering global standards. CIDB plays a vital role in promoting sustainability and competitive edge to the South Africa market. This regulatory body also provides a physical infrastructure that is the backbone of the economic market. The main function of CIDB is to facilitate improved contribution of the industry to the South African society.

Work efficiency & total output is among the key factors on which the remodeling service providers focus. The lack of efficiency in production processes and service operations across the entire supply chain might challenge market statistics. However, the disruption caused by COVID-19 pandemic has plummeted economic output of top G7 countries. As per the recent World Bank report, approximately 150 million people across the globe will be pushed to extreme poverty by the end of 2021 due to the pandemic.

Remodeling Market Report Coverage
Report Coverage Details
Base Year:2019
Market Size in 2019:USD 4.31 Trillion
Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:3.9%
2026 Value Projection:USD 4.76 Trillion
Historical Data for:2016 to 2019
No. of Pages:285
Tables, Charts & Figures:264
Segments covered:End-Use, Region
Growth Drivers:
  • Change in consumer buying behavior owing to revolution in living styles
  • Rising replacement of aging infrastructure
  • Elevating prices of new homes and increasing transfer of ownership
  • Supportive energy efficiency programs and financing options
Pitfalls & Challenges:
  • Limited availability of skilled labor to meet fluctuating consumer demand
  • Increasing cost and need to enhance supply chain visibility and efficiency

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Residential end-user will accommodate substantial remodeling market share

Residential improvement will constitute nearly 55% of the global consumption in 2026 propelled by the steady gains in home prices and rising renovation projects by homeowners. Furthermore, the incorporation of multiple innovations in different home renovation projects including integrated home systems, remote access automation, and sustainable home energy management systems will proliferate the business expansion.

Interior additions & alterations will dominate the residential segment and will account for a revenue of around USD 1.14 trillion by 2026 due to the rising popularity of prefabricated and multiple interior designs and structures.

Continuous developments of building materials and increasing government permits resulting in the undertaking of larger renovation projects. Growing consumer preferences for high-quality & luxurious building materials coupled with increasing preferences toward larger and more gourmet kitchens and big bathtubs have led to increase in remodeling activities in the residential segment. Additionally, favorable government regulations and increasing adoption of emerging solutions offering superior performance and enduring building regulations will drive the remodeling market penetration.

Europe is anticipated to be among the leading regional markets

Remodeling Market Regional Insights

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The Europe remodeling market is likely to reach more than USD 1.7 trillion revenue by 2026. Government initiatives and policies introducing green energy and energy-efficient program and funding to households are strengthening the regional market penetration. Countries, such as the UK, Finland, Sweden, Germany, and Poland, will witness modest growth rate due to high product demand.

EU has announced the 2020 energy efficient refurbishment program, which covers 30% cost of renovation of energy-efficient buildings. It aims to provide incentives to reduce the energy consumption of households and encourage efficient renovation activities. Moreover, the growing FDI investments, particularly in hospitality, education, hospitals, and other commercial sectors, are strongly supporting the commercial remodeling segment.

Orientation behavior, Do-it-yourself v/s DIFM, customer touchpoints, and online & offline shares of purchase channels are among the foremost industry trends across the region. Continuous incorporation of digitalization in renovation projects across the residential and commercial buildings sector will boost the industry landscape. In addition, growing consumer preferences toward energy conservation solutions and green building techniques, providing sustainable infrastructure will fuel the market development across Europe.

Geographical expansion and new & improved product development are key strategies

The remodeling market encompasses diverse niches and business segments; therefore, there is no one-size-fits-all method to achieve scale. Remodeling companies adopt numerous strategies that involve partnerships with investors, franchisors, or retail and manufacturing brands to achieve competitive edge. Specialty firms have pursued scale by concentrating extensively on lead generation, marketing, and sales by integrating with manufacturers of their core product lines.

Specialization and vertical integration give companies significant competitive advantages and provide noteworthy value, thereby strengthening their position for organic investments, mergers, or acquisitions.

In April 2019, ABC supply Co. Inc. opened its branch in Rosenberg, Texas. This will help to serve the customers in the area and increase the revenue of the company. In February 2019, Ferguson Enterprises acquired Kitchen Art. This acquisition will provide an opportunity for Ferguson to expand its cabinet business with plumbing, lightning, and appliance products.

Other notable players operating in the remodeling market include Andersen Corporation, Dow Building Solutions, The Home Depot JELD-WEN, Kohler, Lutron Electronics, Masco Corporation, Pella Corporation, The Sherwin -Williams Company, Case Design/Remodeling, Dreamstyle Remodeling, Harvey Building Products, Henkel Construction, Neil Kelly Company, Owens Construction, Power Home Remodeling Group, ROCKWOOL International, State-wide Remodeling, Steves and Sons, American Exteriors, Robert Bowden, 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 billion from 2016 to 2026, for the following segments:

Market By End-Use

  • Residential
    • Interior addition & alterations
      • Kitchen
      • Bath
      • Other room
    • Exterior addition and alterations
      • Porch, garden, and garage
    • Others
      • System & equipment
      • Disaster repair
      • Property improvement
  • Commercial
    • Office space renovation
    • Retail space renovation
    • Hotel 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) :

In 2019, the global remodeling industry revenue was USD 4.31 trillion and is anticipated to grow at 3.9% CAGR through 2026.
Changing consumer demographics, rapid urbanization, and increasing disposable incomes are expected to fuel the market growth.
The constant gains in home prices and increasing renovation projects by homeowners will propel the residential renovation market size. The segment may constitute 55% of the global consumption in 2026.
The European industry size is expected to value over USD 1.7 trillion by 2026 owing to the government initiatives and policies focusing on green energy and energy-efficient program.

Premium Report Details

  • Published Date: Oct 2020
  • Pages: 285
  • Tables: 241
  • Charts / Figures: 23
  • Companies covered: 20
  • Countries covered: 21

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