Global Home Remodeling Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers
20 Jul, 2023
The global home remodeling market size is expected to grow from $881.15 billion in 2022 to $925.00 billion in 2023 at a compound annual growth rate (CAGR) of 5.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global home remodeling market size is expected to reach $1,105.48 billion in 2027 at a CAGR of 4.6%.
Global Home Remodeling Market Key Driver
The expansion of the construction sector is likely to drive the growth of the house remodelling market in the future. The construction sector is a vital industry that involves a wide range of building and infrastructure development activities. Construction of residential and commercial structures, as well as infrastructure such as highways, bridges, airports, and public transportation systems, is included. As the building industry expands, it has the potential to increase housing demand and make the housing market more competitive. As a result, instead of purchasing new homes, homeowners may choose to repair their old ones. Furthermore, as new technology and materials are introduced into the construction industry, homeowners may get interested in renovating their homes to take advantage of these improvements.
Get a sample of the global home remodeling market reportGlobal Home Remodeling Market Segments
The global home remodeling market 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
5) By Geography: The regions covered in the home remodeling market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global home remodeling market.
Major Home Remodeling Industry Players
Andersen Corporation, JELD-WEN Holdings Inc., Kohler Co., Pella Corporation, The Home Depot, Dow Inc., Kajaria Ceramics Limited, Lurton Electronics, Mohawk Industries Inc., Masco Corporations, Industry Cotto Possagno S.p.A, Seven Group Holdings Limited (Boral Limited), Harvey Building Products, Seven Group Holdings Limited, Neil Kelly Company, Case Design
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Home Remodeling Market Overview
Home remodeling is the process of upgrading or renovating an existing residential structure that may be in disrepair, outdated, or no longer meets the homeowner's needs. It involves creating something new.
Home Remodeling Global Market Report 2023 provides data on the global home remodeling market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The home remodeling market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.