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Report Outlook
| Market Size | CAGR | Dominating Region |
|---|---|---|
| USD 5.46 Billion | 4.1% | Europe |
| By End Use | By Regions |
|---|---|
|
|
SCOPE OF THE REPORT
Remodeling Market Overview
The global Remodeling Market is projected to reach USD 5.46 Billion by 2029 from USD 3.80 Billion in 2020, at a CAGR of 4.1% from 2020 to 2029.
The recent surge in demand for visually appealing housing interiors and exteriors is attributed to shifting homeowner preferences and increased disposable income, leading to evolving trends in materials and products utilized in residential construction and interior design. Advancements in home automation technology and ongoing innovation in appliance design have spurred a rise in household remodeling efforts aimed at integrating superior systems, particularly among consumers increasingly reliant on smart appliances. However, despite the growing interest in remodeling, the scarcity of skilled labor poses a significant challenge to market expansion. The diminishing availability of skilled workers has made acquiring their expertise at reasonable rates challenging, resulting in a decline in remodeling projects.
According to the National Electrical Contractors Association, although approximately 7,000 electricians enter the workforce annually, 10,000 retire in turn. Moreover, escalating costs of raw material procurement further compound challenges within the sector.
In recent decades, the disposable income of homeowners, particularly in developing nations such as India, China, and others, has witnessed a substantial increase. This has fueled heightened demand in the home remodeling market, aimed at enhancing residents’ quality of life. Moreover, the home remodeling market boasts considerable size due to the wide array of available solutions and options, including lighting systems, flooring, walls, doors, windows, and more, further propelling market growth. Additionally, advancements in computer-based technologies like visualization apps and 3D rendering software have empowered homeowners to accurately envision desired changes, contributing to market expansion.
Remodeling Market Segment Analysis
The remodeling market is divided into one category based on end use: (residential [interior addition and alteration {kitchen, bath, rooms} exterior addition and alteration {porch, garden, garage} commercial [office space renovation, retail space renovation, hotel remodeling, restaurant renovation and remodeling, snow removal]) are the segment and sub-segment of remodeling market. The residential market is expected to grow at the fastest rate. Also exterior additions and alterations are expected to grow at the fastest rate. The fast-growing remodeling applications in porches, gardens, and garages are attributed to this growth, as these renovations are dependent on several factors such as high-performance, all-weather resistant materials, type of architecture, stoop for landing, and so on. Over the forecast period, the overall residential segment is expected to grow.
Commercial segment is also expected to grow at fastest rate in coming years. Commercial infrastructure is critical to a country’s ability to achieve higher economic growth. Governments are encouraging commercial innovation, which has resulted in a number of megaprojects around the world. Modernization, improved health and safety, improved company image, and infrastructural layout are all benefits of office space renovation. Employees’ operational and technical difficulties are reduced, and the remodeling industry grows as a result of renovation.
Remodeling Market Players
The major players operating in the global remodeling industry include Dow Building Solutions, The Home Depot, Andersen Corporation, JELD-WEN, Lutron Electronics, Pella Corporation, Masco Corporation, Neil Kelly Company, The Sherwin-Williams Company, Kohler, Case Design/Remodeling, ROCKWOOL International, Harvey Building Products, Henkel Construction, and Builders FirstSource. To provide high-end results to their customers, companies are heavily investing in several R&D activities as well as new technological advancements and innovations. Aside from market technological advancements, several industry players are investing in highly profitable remodeling projects.
Who Should Buy? Or Key Stakeholders
- Interior designing companies
- Construction companies
- Supplier of remodeling material
- Others
Key Takeaways:
- The global Remodeling Market is projected to grow at a CAGR of 4.1%
- The residential market is expected to grow at the fastest rate based on end user
- Europe is expected to hold the largest share of the global remodeling market.
- Sustainable remodeling practices are on the rise, with a focus on eco-friendly materials and energy-efficient solutions.
- The integration of smart home technology into remodeling projects is becoming increasingly popular, offering convenience, security, and energy management options to homeowners.
Remodeling Market Regional Analysis
Geographically, the remodeling market is segmented into North America, South America, Europe, APAC and MEA.
- North America: includes the US, Canada, Mexico
- Europe: includes UK, Germany, France, Italy, Spain, Russia, and Rest of Europe
- Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and Rest of APAC
- South America: includes Brazil, Argentina and Rest of South America
- Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and Rest of MEA
Europe is expected to hold the largest share of the global remodeling market. Countries such as Germany, the United Kingdom, France, and Italy are constantly investing to renovate and restructure their old establishments and properties using sustainable materials. The European Commission’s laws and regulations have improved housing conditions. The government’s loan program for home remodeling has provided additional assistance to financially disadvantaged families in raising their standards, thereby boosting market growth. The Energy Performance of Buildings Directive recommends a set of criteria for all new buildings in the EU to meet in order to be classified as Nearly Zero-Energy Buildings (nZEB). North America is expected to grow at fastest rate in coming years. Increased industry size will be boosted by rising improvisations in commodity price outlooks, increased business confidence, stronger exports, and increased consumption in several parts of the region. A steady upward trend in the tourism sector, as well as a growing population and increasing economic stability, will help the market grow even faster.
Key Market Segments: Remodeling Market
Remodeling Market by End Use, 2020-2029, (USD Billion)
- Residential
- Interior Addition and Alteration
- Kitchen
- Bath
- Rooms
- Exterior Addition and Alteration
- Porch
- Garden
- Garage
- Commercial
- Office Space Renovation
- Retail Space Renovation
- Hotel Remodeling
- Restaurant Renovation and Remodeling
- Snow Removal
Remodeling Market by Regions, 2020-2029, (USD Billion)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Important Countries in All Regions Are Covered
Key Question Answered
- What is the current scenario of the global remodeling market?
- What are the emerging technologies for the development of remodeling devices?
- What are the historical size and the present size of the market segments and their future potential?
- What are the major catalysts for the market and their impact during the short, medium, and long terms?
- What are the evolving opportunities for the players in the market?
- Which are the key regions from the investment perspective?
- What are the key strategies being adopted by the major players to up their market shares?
Table of Content
- Introduction
- Market Definition
- Market Segmentation
- Research Timelines
- Assumptions and Limitations
- Research Methodology
- Data Mining
- Secondary Research
- Primary Research
- Subject-Matter Experts’ Advice
- Quality Checks
- Final Review
- Data Triangulation
- Bottom-Up Approach
- Top-Down Approach
- Research Flow
- Data Sources
- Data Mining
- Executive Summary
- Market Overview
- Global Remodeling Market Outlook
- Market Drivers
- Market Restraints
- Market Opportunities
- Impact of Covid-19 On Global Remodeling Market
- Global Remodeling Market Outlook
- Global Remodeling Market by End Use, (USD Million)
- Residential
- Interior Addition and Alteration
- Kitchen
- Bathrooms
- Rooms
- Exterior Addition and Alteration
- Porch
- Garden
- Garage
- Commercial
- Office Space Renovation
- Retail Space Renovation
- Hotel Remodeling
- Restaurant Renovation and Remodeling
- Snow Removal
- Residential
- Global Remodeling Market by End User, (USD Million)
- Electronics & Electrical
- Automotive
- Industrial
- Global Remodeling Market by Region, (USD Million)
- Introduction
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- South-East Asia
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Rest of Europe
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Company Profiles* (Business Overview, Company Snapshot, Products Offered, Recent Developments)
- Dow Building Solutions
- The Home Depot
- Andersen Corporation
- JELD-WEN
- Lutron Electronics
- Pella Corporation
- Masco Corporation
- Neil Kelly Company
- The Sherwin-Williams Company
- Kohler                                         *The Company List Is Indicative
LIST OF TABLES
TABLE 1 Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 2 Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL REMODELING MARKETS BY REGION (USD MILLIONS) 2020-2029
TABLE 3 Â Â Â Â Â Â Â Â Â Â Â Â Â Â US REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 4Â Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 5 Â Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 6 Â Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 7 Â Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 8 Â Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 9 Â Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 10Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 11Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 12Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 13Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 14Â Â Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 15Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH-EAST ASIA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 16Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 17Â Â Â Â Â Â Â Â Â Â Â Â Â GERMANY REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 18Â Â Â Â Â Â Â Â Â Â Â Â Â UK REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 19Â Â Â Â Â Â Â Â Â Â Â Â Â FRANCE REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 20Â Â Â Â Â Â Â Â Â Â Â Â Â ITALY REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 21Â Â Â Â Â Â Â Â Â Â Â Â Â SPAIN REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 22Â Â Â Â Â Â Â Â Â Â Â Â Â RUSSIA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 23Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 24Â Â Â Â Â Â Â Â Â Â Â Â Â UAE REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 25Â Â Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 26Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
TABLE 27Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA REMODELING MARKET BY END USER (USD MILLIONS) 2020-2029
LIST OF FIGURES
      Â
FIGURE 1Â Â Â Â Â Â Â Â Â Â Â Â Â MARKET DYNAMICS
FIGURE 2Â Â Â Â Â Â Â Â Â Â Â Â Â MARKET SEGMENTATION
FIGURE 3Â Â Â Â Â Â Â Â Â Â Â Â Â REPORT TIMELINES: YEARS CONSIDERED
FIGURE 4Â Â Â Â Â Â Â Â Â Â Â Â Â DATA TRIANGULATION
FIGURE 5Â Â Â Â Â Â Â Â Â Â Â Â Â BOTTOM-UP APPROACH
FIGURE 6Â Â Â Â Â Â Â Â Â Â Â Â Â TOP-DOWN APPROACH
FIGURE 7Â Â Â Â Â Â Â Â Â Â Â Â Â RESEARCH FLOW
FIGURE 8Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL REMODELING MARKETS BY COMPONENT, USD MILLION, 2019-2028
FIGURE 9Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL REMODELING MARKETS BY END USER, USD MILLION, 2019-2028
FIGURE 10Â Â Â Â Â Â Â Â Â Â GLOBAL REMODELING MARKETS BY REGION, USD MILLION, 2019-2028
FIGURE 11          PORTER’S FIVE FORCES MODEL
FIGURE 12Â Â Â Â Â Â Â Â Â Â GLOBAL REMODELING MARKETS BY COMPONENT, USD MILLION, 2019-2028
FIGURE 13Â Â Â Â Â Â Â Â Â Â GLOBAL REMODELING MARKETS BY END USER, USD MILLION, 2019-2028
FIGURE 14Â Â Â Â Â Â Â Â Â Â GLOBAL REMODELING MARKETS BY REGION, USD MILLION, 2019-2028
FIGURE 15Â Â Â Â Â Â Â Â Â Â REMODELING MARKETS BY REGION 2020
FIGURE 16Â Â Â Â Â Â Â Â Â Â MARKET SHARE ANALYSIS
FIGURE 17Â Â Â Â Â Â Â Â Â Â CBAK ENERGY TECHNOLOGY, INC.: COMPANY SNAPSHOT
FIGURE 18Â Â Â Â Â Â Â Â Â Â GS YUASA INTERNATIONAL LTD.: COMPANY SNAPSHOT
FIGURE 19Â Â Â Â Â Â Â Â Â Â HITACHI, LTD.: COMPANY SNAPSHOT
FIGURE 20Â Â Â Â Â Â Â Â Â Â LG CHEM: COMPANY SNAPSHOT
FIGURE 21Â Â Â Â Â Â Â Â Â Â LITHIUM WERKS BV: COMPANY SNAPSHOT
FIGURE 22Â Â Â Â Â Â Â Â Â Â PANASONIC CORPORATION: COMPANY SNAPSHOT
FIGURE 23Â Â Â Â Â Â Â Â Â Â RENAULT GROUP: COMPANY SNAPSHOT
FIGURE 24Â Â Â Â Â Â Â Â Â Â SAMSUNG SDI CO., LTD.: COMPANY SNAPSHOT
FIGURE 25Â Â Â Â Â Â Â Â Â Â TOSHIBA CORPORATION: COMPANY SNAPSHOT
FIGURE 26Â Â Â Â Â Â Â Â Â Â WANXIANG GROUP CORPORATION: COMPANY SNAPSHOT
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