Home Remodeling Market to Exhibit Significant Growth at 6.09% CAGR, Reaching USD 1.80 Trillion by 2030, with North America Leading the Market as Emphasis on Sustainable and Energy-efficient Solutions Rises, States Kings Research

DUBAI, UAE, Nov. 30, 2023 /PRNewswire/ -- According to a recent report by Kings Research, the global Home Remodeling Market was valued at USD 1.12 trillion in 2022 and is projected to reach USD 1.80 trillion by 2030, growing at a CAGR of 6.09% from 2023 to 2030. The prevalent trend of homeowners investing in remodeling projects to enhance the value and functionality of their properties is a significant driving factor for market growth. The growing emphasis on aesthetics and personalized living spaces has led homeowners to seek professional remodeling services to transform their houses into dream homes. Additionally, the surge in disposable incomes and urbanization has further bolstered the demand for home remodeling services, especially in emerging economies.

Home remodeling involves making changes, improvements, or renovations to houses to make them more functional, attractive, and valuable. The surge in the global home remodeling market can be attributed to an upswing in disposable incomes, the evolution of lifestyle preferences, and an increasing emphasis on sustainable and energy-efficient solutions. Consequently, there is a burgeoning demand for kitchen, bathroom, basement, and comprehensive whole-house remodeling among consumers.

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Trending Now: John Burns Research and Home Innovation Research Labs Launched Building Products Demand Meter

In August 2023, John Burns Research and Consulting, in collaboration with Home Innovation Research Labs, introduced an innovative tool known as the Building Products Demand Meter. This tool is designed to monitor the current and past volumes of installed residential building products in the United States, covering major categories.

The Building Products Demand Meter is a valuable resource for home remodeling contractors, suppliers, and manufacturers. It aids in the identification of demand trends, facilitates data-driven decisions regarding inventory management and pricing, and supports the creation of precise and effective marketing strategies.

Competitive Landscape

Key players in the home remodeling market employ various strategies to gain a competitive advantage. For instance, in July 2022, Ingka Group, the prominent retailer behind IKEA, unveiled IKEA Kreativ, a groundbreaking digital design tool powered by artificial intelligence (AI). This user-friendly platform enables customers to effortlessly design and visualize their living spaces on their computers or smartphones. Combining the extensive knowledge accumulated through IKEA's long-standing "life at home" initiatives with cutting-edge technologies such as spatial computing, machine learning, and 3D mixed reality, IKEA Kreativ provides an immersive and highly realistic design experience.

Major participants profiled in the home remodeling market include:

• IKEA Systems B.V.
• Kohler Co.
• Andersen
• Owens Corning
• HORNBACH HOLDING AG & CO. KGAA
• Bauhaus Custom Homes, LLC
• Livspace
• Pella Corporation
• Dow
• MOHAWK INDUSTRIES, INC.

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The global Home Remodeling Market is segmented as:

By End User

• Residential
• Commercial

Rising Inclination towards Personalized Living Spaces in Residential Areas to Support Market Development

Based on end user, the residential segment is anticipated to accrue the highest CAGR throughout the forecast period. This expansion is backed by the growing trend of remote work, which is prompting homeowners to invest in aesthetic enhancements, particularly in creating dedicated office spaces. Moreover, the requirement for personalized living spaces, combined with increased disposable income, is driving consumer interest in residential remodeling. The emphasis on wellness and sustainability aligns with homeowners' aspirations for comfortable, efficient, and eco-friendly living spaces, further fostering the growth of the residential segment.

By Application

• Kitchen
• Bathroom
• Exterior
• Basement
• Whole House

Increased Demand for Smart Appliances to Fuel Home Remodeling Market Expansion

In terms of application, the kitchen remodeling segment dominated the global home remodeling market in 2022. The segmental growth is attributed to the key role the kitchen plays in daily life and evolving consumer preferences for sophisticated spaces. The perception of kitchens as social hubs drove homeowners to prioritize modernization, functionality, and aesthetic enhancements. The increased demand for smart appliances, energy-efficient solutions, and personalized designs served as key drivers for this segment's growth. Furthermore, a rising inclination toward DIY projects and a focus on enhancing home value are aiding the expansion of the kitchen remodeling segment.

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Growing Awareness of Environmental Issues to Spur Home Remodeling Market Development

The rising demand for eco-friendly home remodeling solutions is a major factor driving market progress. With a growing awareness of environmental issues, homeowners are increasingly looking for materials, appliances, and construction methods that are sustainable and energy-efficient. This trend isn't just about reducing carbon footprints; it's also driven by the potential cost savings associated with energy-efficient homes. Governments and industry players are encouraging green initiatives through tax incentives and rebates, which further boost the adoption of sustainable remodeling practices. As consumers prioritize long-term environmental impact and energy efficiency, the market is set to experience continuous growth as more homeowners opt for greener remodeling options, leading to significant changes in the industry.

North America Leads the Global Home Remodeling Market Due to Presence of Well-established Construction Industry

North America is leading the global home remodeling market due to numerous factors such as a strong economy, a high number of homeowners, and a widespread cultural tendency for ongoing property improvement. The region's well-established construction industry and wealthy consumer market consistently drive remodeling needs. The growth of new design trends, sustainable practices, and the integration of smart home technology further boost regional growth. Homeowners in the area are increasingly seeking modernization, energy efficiency, and ways to boost their property values. The regional market is foreseen to retain its position as North America continues to be a center of innovation and evolving remodeling preferences.

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Key Points from TOC:

Chapter 1 Introduction of the Global Home Remodeling Market 
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach

Chapter 4 Global Home Remodeling Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War

Chapter 6 Global Home Remodeling Market, By Type
Chapter 7 Global Home Remodeling Market, By Application
Chapter 8 Global Home Remodeling Market, By End User
Chapter 9 North America 
Chapter 10 Europe 
Chapter 11 Asia Pacific 
Chapter 12 Middle East & Africa 
Chapter 13 Latin America 
Chapter 14 Global Home Remodeling Market Competitive Landscape

Chapter 15 Company Profiles
15.1 IKEA Systems B.V.
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Material Type Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis

15.2 Kohler Co.
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Material Type Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis

15.3 Andersen
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Material Type Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis

15.4 Owens Corning
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Material Type Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis

15.5 HORNBACH HOLDING AG & CO. KGAA
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Material Type Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis

Continued……….

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