United States Home Remodeling Market size worth $500bn by 2026
Published Date: December 5, 2019 Authors: Kiran Pulidindi, Hemant Pandey
U.S. Home Remodeling Market size is set to exceed USD 500 billion by 2026; according to a new research report by Global Market Insights, Inc.
Rising trend among older baby boomers to upgrade their homes with exterior/interior replacements and equipment upgrades will support industry over the forecast timeframe. Aging housing stock is prominently influencing the demand for new construction, home building, and remodeling activities. Acceptance of improved, and niche materials among the interior designers, architects, DIYers, and home builders for several renovation & remodeling projects will propagate remodeling industry size in entire U.S. For instance, according to the National Association of Home Builders (NAHB), in 2016, the median age of owner-occupied homes rose to 37 years with an increase of over 19.3% as compared with 2005. Further, aging population and decline in household mobility is providing opportunities for homeowners to spend more on home remodeling projects.
Rising popularity for DIY home renovation projects among younger generation
DIY (Do-it-yourself) projects in the U.S. will witness substantial growth rate in the home remodeling market owing to the incurrence of lower project costs, availability of multiple design & color options, and high flexibility in carrying out numerous home improvement projects. DIY retailers provide a one-stop shopping solution for private consumers & contractors in need of components for home improvements. These retailers sell an extensive range of building materials from bricks, cement, wood panels, plywood, wallpaper, paint, appliances, fixtures, etc. Higher satisfaction, balanced spending level, flexibility, and lower costs will proliferate the segment growth. Additionally, the key advantages such as development of key problem-solving skills, sufficient physical activity, and more time with the family will augment the segment share during forecast period.
DIFM project in the United States home remodeling market is anticipated to showcase prominent growth prospects over the projected time period owing to the rising consumer demand for quality workmanship, guaranteed results, and high convenience. The increasing execution capacity and freeing up of resources for more strategic efforts are among the major factors propelling the DIFM growth in the market.
Browse key industry insights spread across 722 pages with 196 market data tables & 40 figures & charts from the report, “U.S. Home Remodeling Market Size By Project (DIY, DIFM), By Distribution Channel (Direct Selling Through Online, Direct Selling To Consumer, Wholesale To Retailer, Wholesale To Consumer, Wholesalers Selling Online), By Wholesale (Residential Trade, Residential Showroom, B2C), By Application (Windows & Doors, Kitchen Additions & Improvements, Bathroom Additions & Improvements, Landscaping, Flooring, Roofing, HVAC, Pools/Hot Tubs, Electrical Construction, Other Room Additions & Alterations), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Shifting preference of homeowners towards luxurious living spaces
Bathroom additions & improvements segment will witness notable growth in the U.S. especially in Alabama, Alaska, Tennessee, California and New Hampshire states. Installation of advanced bathroom and plumbing fixtures not only offers key advantages including better water pressure, economical expenditures, lowered chances of emergency repair, but also increases the home value. In addition, the maintenance process further improves the sustainability, updates the appearances & looks, and enhances the comfort level. Increasing spending capacity of numerous homeowners on the discretionary renovation projects due to economy strengthening and recovery of housing prices will enhance the U.S. home remodeling market expansion.
B2C segment shall have considerable growth rate
Growing prominence of e-commerce platforms offering attractive discounts and shorter delivery times will propel the B2C segment over the study timeframe. Instant communication facilities are prominently contributing towards reduction in marketing time for new products. Besides, homeowners are hassle-free in handling & logistics of fragile home improvement items. They have the advantage of professional handling. E-commerce platforms allow access to wide consumer base and provide enhanced ability to offer products and services in real time. It offers online shoppers a number of options, including buy online, pickup in store and buy online, deliver from store. Favorable policies and regulations specified by state regulatory bodies are providing a positive outlook for the industry size.
Prominence of large number of industry players
U.S. Home Remodeling market share is highly fragmented with the presence of major manufacturers and wholesalers including Kohler Co., Andersen Corporation, Pella Corporation, The Sherwin - Williams Company, Ferguson Enterprises, ABC Supply, Beacon roofing supply, HD supply, US LBM, Watsco Inc., and others. Planned investments and new product penetrations are some of the key strategies adopted by the company to enhance their revenue generation capabilities. For instance, in August 2019, Ferguson Enterprises introduced new kitchen and bathroom remodeling products including Brizo Atavis Bath Collection, to strengthen their foothold in the market.
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