Press release
Home Remodeling Market Growth Trends Analysis 2021-2030 | At a CAGR of 4.3%
The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.The global home remodeling market was estimated at $852.10 billion in 2020 and is expected to hit $1,317.50 billion by 2030, registering a CAGR of 4.3% from 2021 to 2030.
Commonly observed types of home remodeling projects are DIY (Do It Yourself) and Contractor. Among these, the project type, the professional segment accounted for the highest market share in 2020, owing to requirement of skilled labor. The market is analyzed with respect to different applications of home remodeling such as windows & doors, kitchen & bathroom, floor & roof, walls and others. The market is mainly driven by rise in remodeling activities of the old buildings. However, fluctuating prices of raw materials used for manufacturing of home remodeling products is a restraining factor that hinders the growth of the market.
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Driving Demands:
In 2020, North America dominated the global home remodeling market, in terms of revenue, followed by Europe and Asia-Pacific. Moreover, the market in Asia-Pacific has grown with high CAGR, owing to increase in disposable income of homeowner, which eventually led to increased spending on home remodeling activities by them.
The advancements in the computer-based technologies such as visualization apps, 3D rendering software, and other such technologies have positively influenced the growth in the home remodeling market. Such advancements have enabled the homeowners to easily visualize the intentions of the architects related to remodeling.
Moreover, home remodeling is done for many purposes, such as; to add new space or level in the house, making cosmetic changes inside & outside the buildings, adding new features to the buildings, and other changes meant for improving quality of life of the residents of buildings. This is possible due to availability of different types of products and options in the home remodeling market.
The global home remodeling market is analyzed across project type, distribution channel, application, and region.
Based on project type, the professional segment accounted for around three-fourths of the total market share in 2020, and is expected to rule the roost by 2030. The DIY segment, on the other hand, would garner the fastest CAGR of 4.7% throughout the forecast period.
Based on distribution channel, the offline segment contributed to nearly four-fifths of the total market revenue each in 2020, and are projected to lead the trail by 2030. The online segment, however, would exhibit the fastest CAGR of 4.8% during the forecast period.
Based on region, the market across North America held the major share in 2020, garnering more than two-fifths of the global market. The Asia-Pacific region, simultaneously, would manifest the fastest CAGR of 5.3% throughout the forecast period.
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Leading Players:
The key market players analyzed in the global home remodeling market report include Dow Inc., IndustrieCottoPossagno S.p.A, JELD-WEN, Seven Group Holdings Limited (Boral Limited), Andersen Corporation, Kajaria Ceramics Ltd., Kohler Co., Lutron Electronics Co., Inc, Mohawk Industries, Inc., and Pella Corporation.
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Home Automation Market - https://www.globenewswire.com/news-release/2022/01/25/2372380/0/en/Global-Home-Automation-Market-Is-Expected-to-Reach-239-89-Billion-by-2030-Says-AMR.html
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