Remodeling Market to Exhibit Impressive Growth of CAGR by End of 2032
Remodeling market size is anticipated to reach USD 6 trillion by 2032, according to latest research report, by GMI Inc. The increasing residential renovation projects driven by rising per capita income has positively impacted industry growth.
Remodeling market size is anticipated to reach USD 6 trillion by 2032, according to latest research report, by GMI Inc. The increasing residential renovation projects driven by rising per capita income has positively impacted industry growth. Many homeowners are focusing on custom home remodelling projects to improve the existing layout and design of their homes at a low cost. This has resulted in an increase in do-it-yourself home remodelling projects, which is further shaping the global market outlook. The COVID-19 pandemic increased the demand for home flexibility and customization, as it gave homeowners the time they needed to complete more extensive remodelling projects.
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Increasing disposable income to bolster residential sector expansion
The remodeling market from residential application registered more than USD 3,000 billion revenue in 2022, owing to steadily increasing gains in home prices and the growing implementation of renovation projects by homeowners. In addition, an increase in the per capita consumer income across developing economies, coupled with low-interest rates on housing loans by banks, is likely to foster the segment growth. According to Harvard University’s Joint Center for Housing Studies, residential property owners in the US alone annually spend over $400 billion on residential renovations.
Growing demand from rented accommodations in North America
The North American remodelling industry is expected to grow at a CAGR of more than 3.5% between 2023 and 2032. The growing number of rented accommodations in the region, as well as changing customer demographics, are expected to spur industry development. This has increased the demand for affordable, long-lasting, high-quality, and compact renovation materials that can be easily accommodated in smaller rental properties. Meanwhile, rising demand for renovation services from existing residential properties will boost business statistics.
Acquisitions and mergers to shape the competitive landscape
Some contenders in the remodeling market include JELD-WEN, Lutron Electronics, Pella Corporation, Masco Corporation, Kohler, The Sherwin-Williams Company, and others. Emboldened by the industry boom during the pandemic, many have turned to mergers and acquisitions to foray into new end markets. For instance, in November 2020, Masco Corporation, a leading home improvement products manufacturer, acquired a majority stake in Dutch firm, Easy Sanitary Solutions (ESS) to diversify its consumer base in end markets. The deal also allowed Masco to expand its product portfolio through Easy’s extensive range of bathroom and shower-oriented products.
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