How Has The Home Remodeling Market Size Evolved In Recent Years?
The home remodeling market has seen considerable growth due to a variety of factors.
•In recent times, the home remodeling market has seen consistent growth. The market is projected to expand from $961.83 billion in 2024 to $1004.45 billion in 2025, at a compound annual growth rate (CAGR) of 4.4%.
The growth experienced during this period was facilitated by factors like the expansion in electronics manufacturing, an increase in aerospace applications, a rise in medical device manufacturing, augmented usage of micro welding practices, and an emphasis on energy efficiency and precision.
What Is The Projected Growth Of The Home Remodeling Market?
The home remodeling market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the home remodeling market size to experience significant growth in the coming years. By 2029, it is projected to increase to $1235.92 billion, with a compound annual growth rate (CAGR) of 5.3%.
This expected growth in the forecast period can be credited to the development of fiber lasers, the burgeoning renewable energy sector, the increasing demand for light-weight materials, the reduction in size of medical devices, and the rise of rapid prototyping and small-batch manufacturing. The forecast period is also set to witness certain trends such as advancements in laser technology, the incorporation of automation and robotics, the development of hybrid laser welding systems, the customization and flexibility of welding processes, and the integration of artificial intelligence.
What Key Factors and Trends are Driving the Growth of the Home Remodeling Market?
The expansion of the construction industry is anticipated to fuel the advancement of the home remodeling market in the future. The construction industry, which involves various tasks related to the development of buildings and infrastructure, plays a vital role. This industry involves tasks like building residential and commercial properties, and infrastructures like highways, bridges, airports, and systems for public transportation. As this industry grows, it can catalyze the demand for residential properties and intensify the competitiveness of the housing market. This might motivate homeowners to remodel their current homes instead of purchasing new ones. Moreover, with the introduction of novel technology and materials into the construction industry, homeowners may show interest in modernizing their homes using these developments. For example, in August 2023, the privately owned residential housing completions witnessed a surge of 3.7% from 1,355,000 in August 2022 to 1,406,000 housing units, as per the US Census Bureau, an agency of the US government. Hence, the growth in the construction industry is a significant factor propelling the home remodeling market.
What are the Market Segments in the Home Remodeling Market?
The home remodeling market covered in this report is segmented –
1) By Type: Do-It-Yourself (DIY), Do-It-For-Me (DIFM)
2) By Distribution Channel: Online, Offline
3) By Application: Windows And Doors, Kitchen And Bathroom, Floor And Roof, Walls, Other Applications
4) By End-Use: Residential, Commercial
Subsegments:
1) By Do-It-Yourself (DIY): DIY Home Improvement Projects, DIY Home Repair
2) By Do-It-For-Me (DIFM): Professional Remodeling Services, Home Renovation Contractors
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What Trends are Shaping the Home Remodeling Market?
The increasing prevalence of technological innovation is a major trend in the home remodeling market. To remain competitive, businesses in this space are adopting new technologies. For instance, Lennox International Inc., a climate control solutions firm based in the U.S., unveiled the Lennox S40 Smart Thermostat in January 2023, together with the Lennox Smart Air Quality Monitor and Lennox Smart Room Sensor as an innovation in smart home technology. The Lennox S40 Smart Thermostat is designed to control a unique, fully communicative system that intelligently coordinates to provide consistently perfect, healthy air. Features such as Schedule IQ Technology, Smart Away geo-fencing capabilities, and one-touch Away Mode allow the S40 Smart Thermostat and corresponding equipment to function optimally, maintaining comfort when the house is occupied and conserving energy when it's not. The S40 Smart Thermostat also monitors sensors throughout the home, with a focus on providing a seamless user experience enhanced by various automation features.
Who Are the Key Players in the Home Remodeling Market?
Major companies operating in the home remodeling market include:
• Andersen Corporation
• JELD-WEN Holdings Inc.
• Kohler Co.
• Pella Corporation
• The Home Depot Inc.
• Dow Inc.
• Kajaria Ceramics Limited
• Lutron Electronics Company
• Mohawk Industries Inc.
• Masco Corporation
• Industry Cotto Possagno S.p.A
• Seven Group Holdings Limited (Boral Limited)
• Harvey Industries Inc.
• Neil Kelly Company
• Case Design
• ABC Supply Co.
• Atlas Roofing Corporation
• AZEK Building Products Inc.
• Beacon Roofing Supply Inc.
• Builders FirstSource Inc.
• CertainTeed Corporation
• Cornerstone Building Brands
• CRH plc
• Daltile Corporation
• Delta Faucet Company
• D.R. Horton Inc.
• Johns Manville Corporation
• Ferguson Enterprises LLC
• GAF Materials Corporation
• Georgia-Pacific LLC
• James Hardie Industries plc
• Lennar Corporation
• Lowe's Companies Inc.
• Owens Corning
• Ply Gem Holdings Inc.
• Pool Corporation
• Power Home Remodeling Group
What are the Regional Insights into the Home Remodeling Market?
North America was the largest region in the home remodeling market in 2024. The regions covered in the home remodeling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
