Home Remodeling Market Size
| Study Period | 2020-2029 |
| Market Size (2024) | USD 100.20 Trillion |
| Market Size (2029) | USD 123.75 Trillion |
| CAGR (2024 - 2028) | > 4.31 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Home Remodeling Market Analysis
The Home Remodeling Market size is estimated at USD 100.20 trillion in 2024, and is expected to reach USD 123.75 trillion by 2029, growing at a CAGR of greater than 4.31% during the forecast period (2024-2029).
- The home remodeling market is a thriving industry with a lot of growth potential. It involves renovating or improving existing homes to enhance their functionality, aesthetics, and value. From kitchen and bathroom renovations to whole-house makeovers, there are endless possibilities for homeowners to transform their spaces.
- Home remodeling has become increasingly popular in recent years as more people are investing in their homes rather than moving. It allows homeowners to customize their living spaces to suit their needs and preferences. Plus, it can significantly increase the resale value of a property.
- The market is filled with various professionals who specialize in different aspects of home remodeling, such as architects, interior designers, contractors, and tradespeople. These experts work together to bring homeowners' visions to life and ensure that the remodeling process is smooth and successful.
- The disposable income of homeowners has significantly increased in recent decades, particularly in developing countries like India, China, and others. As a result, there is an increased demand for home remodeling in order to improve the standard of living among the residents.
- Home remodeling is one of the largest market segments due to the wide variety of solutions and options available in the market.
- Home remodeling includes everything from lighting systems to new flooring and walls, doors and windows, and more. These factors are driving the growth of the home remodeling market. In addition, the advances in computer technology, such as visualization applications and 3D renderings software, have helped homeowners to accurately visualize the changes they want to implement.
- In terms of trends, sustainable and eco-friendly remodeling practices are gaining traction. Many homeowners are opting for energy-efficient appliances, eco-friendly materials, and smart home technologies to reduce their environmental impact and save on utility bills.
Home Remodeling Market Trends
Booming DIY segment bolstering the market
- The do-it-yourself (DIY) segment of the home remodeling market is a fascinating and empowering aspect of the industry. It involves homeowners taking on renovation and improvement projects themselves rather than hiring professionals. DIY projects can range from small, simple tasks like painting a room to more complex undertakings like installing new flooring or building furniture.
- The appeal of the DIY segment lies in the sense of accomplishment and personalization it provides. Many homeowners enjoy the satisfaction of completing a project with their own hands and seeing the transformation of their living space. DIY projects also offer the opportunity to save money by avoiding labor costs.
- One of the key advantages of the DIY approach is the flexibility it offers. Homeowners have the freedom to work at their own pace, choose their own materials, and experiment with different design ideas. This level of control allows for a truly personalized result that reflects the homeowner's unique style and preferences.
- The availability of online resources and tutorials has greatly contributed to the growth of the DIY segment. Platforms like YouTube and DIY-focused websites provide step-by-step instructions, tips, and inspiration for a wide range of projects. These resources empower homeowners with the knowledge and confidence to tackle new challenges.
- In terms of market size, the DIY segment has experienced significant growth in recent years. Many homeowners are eager to take on projects themselves, whether it's due to budget constraints, a desire for creative expression, or simply the enjoyment of hands-on work. This has led to an increase in the availability of DIY-focused products, tools, and materials in the market.
North America dominates the market
- The North American home remodeling market has seen steady growth over the years, driven by factors such as rising property values, changing lifestyles, and the desire for personalized living spaces. With an increasing number of homeowners opting to remodel rather than relocate, the market has become highly competitive, with numerous companies and professionals offering their services.
- One of the key drivers of the market is the growing focus on energy efficiency and sustainability. Homeowners are increasingly prioritizing eco-friendly materials and energy-efficient systems, such as solar panels and smart home technology. This shift towards green remodeling not only benefits the environment but also helps homeowners save on energy costs in the long run.
- Another notable trend in the North American home remodeling market is the emphasis on open-concept living spaces. Many homeowners are knocking down walls to create open floor plans that promote a sense of spaciousness and facilitate better flow between rooms. This trend is particularly popular in kitchen and living area renovations.
- Additionally, there is a growing demand for aging-in-place modifications as the population ages. Homeowners are seeking to make their homes more accessible and adaptable to accommodate their changing needs. This includes features like grab bars, wider doorways, and zero-step entryways, which allow individuals to comfortably age in their own homes.
- The rise of technology has also had a significant impact on the home remodeling market. Virtual reality (VR) and augmented reality (AR) tools are increasingly being used to help homeowners visualize their projects before construction begins. This technology allows for better communication between homeowners and contractors, resulting in more accurate project outcomes.
- In terms of regional variations, the North American home remodeling market varies across different states and provinces. Factors such as local building codes, climate considerations, and cultural preferences influence the types of remodeling projects that are popular in each region.
Home Remodeling Industry Overview
The home remodeling market is fragmented in nature, and the major players include Andersen Corporation, ABC Supply Co., Inc., Builders FirstSource Inc., Ferguson Enterprises, and Franklin Building Supply.
Home Remodeling Market Leaders
Andersen Corporation
ABC Supply Co., Inc.
Builders FirstSource Inc.
Ferguson Enterprises
Franklin Building Supply
*Disclaimer: Major Players sorted in no particular order
Home Remodeling Market News
- October 2023: Great Day Improvements, LLC, a prominent DTC home remodeling company, expanded its brand portfolio through the successful acquisition of K-Designers, a California-based remodeling contractor. As one of the top remodeling contractors in the United States, K-Designers specializes in enhancing curb appeal through services such as Siding, Windows, Patios, Doors, and Bathroom remodeling. This strategic move allows Great Day Improvements to make a significant entry into the California remodeling market, fortify its presence in the western U.S., and continue its trajectory of growth.
- April 2023: M&M HVAC Services finalized the acquisition of Sunset Ridge Ecoline Exteriors Corporation, a Wisconsin-based company situated in the McFarland area. This acquisition underscores M&M's unwavering commitment to executing its strategic plan and actively seeking opportunities for construction, expansion, and nationwide growth across the United States.
Home Remodeling Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables and Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Current Market Scenario
4.2 Market Dynamics
4.2.1 Drivers
4.2.1.1 Rising property values
4.2.1.2 Changing lifestyles
4.2.2 Restraints
4.2.2.1 Economic uncertainity
4.2.2.2 fluctuations in interest rates or housing market conditions
4.2.3 Opportunities
4.2.3.1 Increasing demand for energy efficient and sustainable solutions
4.2.3.2 Surge in the usage of technology
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
4.4 Value Chain/Supply Chain Analysis
4.5 Government Regulations and Initiatives
4.6 Technological Trends
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Project Type
5.1.1 DIY(Do it Yourself)
5.1.2 Professional
5.2 By Distribution Channel
5.2.1 Online
5.2.2 Offline
5.3 By Application
5.3.1 Windows and Doors
5.3.2 Kitchen and Bathroom
5.3.3 Floor and Roof
5.3.4 Walls
5.3.5 Other Applications
5.4 By Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia Pacific
5.4.4 Middle East and Africa
5.4.5 South America
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Andersen Corporation
6.2.2 ABC Supply Co., Inc.
6.2.3 Builders FirstSource Inc.
6.2.4 Ferguson Enterprises
6.2.5 Franklin Building Supply
6.2.6 JELD-WEN
6.2.7 Kohler
6.2.8 Masco Corporation*
- *List Not Exhaustive
6.3 Other Companies
7. FUTURE OF THE MARKET
8. APPENDIX
Home Remodeling Industry Segmentation
Home remodeling, also known as home renovation or improvement, is the process of improving or adding to an existing home. Home Remodeling projects can include improvements to an existing home’s interior, exterior, or other property improvements.
The home remodeling market is segmented by project type, distribution channel, by application. By project type, the market is segmented by DIY (Do it yourself) and professional. By distribution channel, the market is segmented online and offline. By application, the market is segmented by windows and doors, kitchen and bathroom, floor and roof, walls, and other applications. By geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
The report offers market size and forecasts in value (USD) for all the above segments.
| Project Type | |
| DIY(Do it Yourself) | |
| Professional |
| By Distribution Channel | |
| Online | |
| Offline |
| By Application | |
| Windows and Doors | |
| Kitchen and Bathroom | |
| Floor and Roof | |
| Walls | |
| Other Applications |
| By Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Middle East and Africa | |
| South America |
Home Remodeling Market Research FAQs
How big is the Home Remodeling Market?
The Home Remodeling Market size is expected to reach USD 100.20 trillion in 2024 and grow at a CAGR of greater than 4.31% to reach USD 123.75 trillion by 2029.
What is the current Home Remodeling Market size?
In 2024, the Home Remodeling Market size is expected to reach USD 100.20 trillion.
Who are the key players in Home Remodeling Market?
Andersen Corporation, ABC Supply Co., Inc., Builders FirstSource Inc., Ferguson Enterprises and Franklin Building Supply are the major companies operating in the Home Remodeling Market.
Which is the fastest growing region in Home Remodeling Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Home Remodeling Market?
In 2024, the North America accounts for the largest market share in Home Remodeling Market.
What years does this Home Remodeling Market cover, and what was the market size in 2023?
In 2023, the Home Remodeling Market size was estimated at USD 95.88 trillion. The report covers the Home Remodeling Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Home Remodeling Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Home Remodeling Industry Report
Statistics for the 2024 Home Remodeling market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Home Remodeling analysis includes a market forecast outlook to and historical overview. Get a sample of this industry analysis as a free report PDF download.
