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 (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, China, India, Japan, South Korea, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa, Turkey), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024

Published Date: July 2018 | 250 Pages | Report ID: GMI237 Report Format: PDF

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Industry Trends

Global Remodeling Market size was worth over USD 3 trillion in 2017 and will witness gains at over 4% from 2018 to 2024.
 

North America Remodeling Market, By End-Use, 2013-2024, (USD Billion)
North America Remodeling Market, By End-Use, 2013-2024, (USD Billion)

Surging renovation & repairing demand for kitchen and bathroom will promulgate the remodeling market size. Constant rise in the home prices and leveraging of house renovation projects through loans by various house owners will escalate the business growth. Growing online home services will proliferate the industry landscape in the forecast period. For instance, Amazon home services, Zillow and Pro.com provides remodeling services through online platform. Key purpose for the home remodeling includes repairing, home additions, safety, interior designing for additional beautification, and comfort upgrades.
 

Shifting consumer trends pertaining to the home improvement methods will enhance the remodeling market expansion. Multi-family apartment development has led the house repairing and renovations for decades. Single family residential construction is exhibiting scope for potential and accelerated improvisation in the remodeling domain. Current market status is supporting strong base for small businesses sustainability owing to the significant investment in the existing housing domain resulting in an economic boost. Key drivers in the home improvement sector including current statistics in home sales will be an impetus for the remodeling market size.
 

Rapid changes in the industry trends such as remodeling for accessibility, style mashing-up, communication systems, customization, colour options, and open kitchens will augment the business growth. As per the homepolish magazine report in 2018, latest kitchen improvisation trends include all white colour, granite alternatives, different colour hues, all matte finishing, and easy accessibility. Surging demands among the consumers pertaining to the latest home & kitchen décor options in the market will foster opportunities for the product portfolio.
 

Expenditures in renovation and maintenance for the current infrastructure is greater than the costings in new projects. For instance, UK government under the National Infrastructure Delivery Plan will invest over USD 130 Billion in the period 2020 to 2021 for improving social & economic infrastructure. However, surging significant advancements and investments in the innovative concepts resulting in long sustaining infrastructures may restrain the industry growth.
 

Remodeling Market, By End-Use

Residential remodeling market accounted for over USD 2 trillion in 2017. As per the Leading Indicator of Remodeling Activity (LIRA) report in floor trends magazine, 2018 will witness substantial growth for the residential repairs and renovations with the accelerating pace. Steady gains in the home prices & sales and in the broader economy will proliferate the demand for the residential improvements. Key factors including rising home values and strong gains in the employment field will augment the business segment expansion. Rising undertaking of the replacement type projects by the contactors owing to the tax rates reduction in the housing and construction sector will fuel the significant market growth.
 

Interior additions and alterations remodeling market segment will surpass USD 1 trillion in the forecast period 2018 to 2024. Upward trends in the building materials retail sales and the growing remodeling permits are resulting the undertaking of larger improvement projects by the homeowners. As per the LIRA reports from the American Housing Survey escalating spending on home improvement activities such as renovation, major alterations, additions, and renovations will promulgate the market size. Surging tax benefits for the small/large scale businesses and workers on the economy supply side will result in the significant inflation for home building and housing sector. Hence, improvisation in the economic status with the boost in the labour employment will be an impetus for the single-family homes and apartments demand.
 

Commercial remodeling market segment accounted over USD 1.5 trillion in 2017. Industry is witnessing several benefits for the operators owing to the office rental vacancy decreasing rate.  Rising corporate profit levels in various companies is driving the renovation and improvisations in commercial properties. Surging numbers of industry clients will fuel the growth for services in the business segment. Key factors including green building solutions and better utilization of the space will foster new opportunities for remodeling market expansion. Green solutions adoption in the buildings will reduce the overall expenditures and will sustain for longer time.
 

Restaurant renovation and remodeling segment is anticipated to witness a CAGR over 4.5% by revenue in the forecast period 2018 to 2024. Key factors including colour combinations, furnishing variants, various flooring types, different lighting options, and bathroom renovations will propel the restaurant remodeling market segment. For instance, in May 2018, Wendy’s adopted Smart 2.0 including wide range of sitting capacity, recycled materials, LED lightings, and high efficiency HVAC systems. Hence, after adopting new plan, Wendy’s recorded company’s average of USD 1.8 million compared to USD 1.6 million before the plan adoption.
 

Remodeling Market, By Region

Asia Pacific remodeling market size is anticipated to witness a CAGR over 5% by revenue in the forecast period 2018 to 2024. Growing demand for home repair & renovations and commercial property renovations including offices, retail spaces, and restaurants will proliferate the industry landscape. Escalating residential and commercial spaces owing to an upsurge in the population growth rate will enhance the market size.
 

North America remodeling market accounted over USD 800 billion in 2017. Higher existing house sales in the region is among the key factor driving the industry growth. Higher future mortgage rates, appreciation in housing prices, and surge in the new houses sales will fuel the regional widening of the industry. Factors including cost control, innovation in various products, logistics, and supply chain will further propel the remodeling market growth.
 

Competitive Market Share

The remodeling market is fragmented into residential and commercial end-use. Major players in the global market include ABC Supply, Anderson Corporation, Ferguson Enterprises, Builders FirstSource, Dow Building Solutions, Hanley Wood, LLC, and Fortune Brands Home & Security. Other prominent industry players include GAF Materials Corporation, Kohler Co., The Home Depot, JELD-WEN, Lutron Electronics, Masco Corporation, Pella Corporation, Owens Coming, Ply Gem Industries, Inc., USG Corporation, and ProBuild Inc.
 

Large scale companies across the globe are actively investing in various innovations for building different residential and commercial new designs. Business strategies such as strategic alliances, mergers, and acquisitions coupled with different joint ventures will further strengthen the global presence. For instance, in March 2018, Andersen Corporation acquired Heritage Windows and Doors, a manufacturer of custom aluminium windows and doors. The company specializes in luxury commercial and residential segments.
 

Remodeling Industry Background

Remodeling Market Segmentation

Remodeling includes repair and renovation that modifies the exteriors such as lawn, garden, garage, and patio and improving various home & commercial layouts. Several government bodies are encouraging for energy efficiency resulting in rental property and home owners to invest in latest building renovation trends. For instance, guidelines under Energy Performance of Building Directive (EPBD) states the establishment of stronger long-term renovation strategies in the EU countries. This will result in decarbonising the national building stocks by 2050. Key factors including rising consumer spending, revolutionising housing patterns & designs, emergence in new modular furnishing concepts and rapid urbanizing trends in developing countries are supporting the significant remodeling market growth.
 


What Information does this report contain?

Historical data coverage: 2013 to 2017; Growth Projections: 2018 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.


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