Press release
Home Remodeling Market Size, Demand, Growth, Analysis, Share And Forecast 2033
Home Remodeling Market
The home remodeling market size is expected to see steady growth in the next few years. It will grow to $1164.16 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to emergence of fiber lasers, expansion of renewable energy sector, demand for lightweight materials, medical device miniaturization, rapid prototyping and small-batch manufacturing. Major trends in the forecast period include advancements in laser technology, integration of automation and robotics, hybrid laser welding systems, customization and flexibility in welding processes, integration of artificial intelligence.
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Home remodeling is the process of upgrading or renovating an existing residential structure that may be in disrepair, outdated, or no longer meets the homeowner's needs.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.
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Construction Sector Surge Propels Growth In The Home Remodeling Market
The rise in the construction sector is expected to propel the growth of the home remodeling market going forward. The construction sector is a critical industry that encompasses a wide range of activities related to building and infrastructure development. It includes the construction of residential and commercial buildings, as well as infrastructure such as highways, bridges, airports, and public transportation systems. As the construction sector grows, it can stimulate demand for housing and create a more competitive housing market. In turn, homeowners may choose to renovate their existing homes instead of buying new ones. Furthermore, as the construction sector incorporates new technology and materials, homeowners may become interested in upgrading their homes with these advancements. . For instance, in August 2023, according to the U.S. Census Bureau, a US-based government agency, privately owned residential housing completions reached 1,406,000 housing units, a 3.7% increase from 1,355,000 in August 2022. Therefore, the rise in the construction sector is driving the growth of the home remodeling market.
Competitive Landscape -
Major companies operating in the home remodeling market report are 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, Danaher Corporation, Delta Faucet Company, D.R. Horton Inc., Johns Manville Corporation, Ferguson Enterprises LLC, GAF Materials Corporation, Georgia-Pacific LLC, Home Depot Inc., James Hardie Industries plc, Lennar Corporation, Lowe's Companies Inc., Owens Corning, Ply Gem Holdings Inc., Pool Corporation, Power Home Remodeling Group
Lennox Introduces Cutting-Edge Smart Thermostat
Technological advancements are a key trend gaining popularity in the home remodeling market. Companies operating in the home remodeling market are adopting new technologies to sustain their position in the market. For instance, in January 2023, Lennox International Inc., a US-based climate control solutions provider, launched Lennox S40 Smart Thermostat along with Lennox Smart Air Quality Monitor and the Lennox Smart Room Sensor as part of smart home innovation. The Lennox S40 Smart Thermostat controls a one-of-a-kind, fully communicating system that seamlessly and intelligently works together to stay tuned and deliver consistently perfect, healthy air. Schedule IQ Technology, Smart Away geo-fencing capabilities and one-touch Away Mode ensure the S40 Smart Thermostat and connected equipment run as efficiently as possible by maintaining comfort when the home is occupied and saving energy when it is not. The S40 Smart Thermostat monitors sensors throughout the house while ensuring a seamless user experience, which is bolstered by a variety of automation features.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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