U.S. Home Remodeling Market 2020 Trends by Leading Players: Pella Corporation, JELD-WEN, Masco Corporation, Sherwin-Williams, Kohler

The U.S. Home Remodeling Market is set to grow from its current market value of more than USD 374.66 billion to over USD 507.5 billion, as reported in the latest study. The U.S. Home Remodeling Market is projected to register a CAGR of 4.5% during the period 2019-2026.

Increase in sales of existing homes owing to steady growth in value of home equity will drive the U.S. home renovation activities. Spending on home improvements is increasing due to rising cost of material and labor coupled with enhanced expenditure of existing homeowners will foster the industry expansion. According to the Joint Center for Housing Studies of Harvard University, nuclear family homes accounted for 39% of overall U.S. rental homes. Rising housing rentals will boost U.S. home improvements initiatives.

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Rising consumer spending along with thriving real estate sector be a key impetus for business growth over the forecast timeframe. Increasing consumer awareness pertaining to energy conservation and environment protection by using green materials will propel the renovation of home systems over the forecast period. Rapid technological advancements & upgrades each year along with the emergence of several innovations will propel the roofing segment over the projected timeframe.

Homeowners belonging to major states such as California, Texas and Florida possess lucrative spending capacities on home renovation projects. For instance, according to national association of home builders (NAHB), in 2018, the spending per improvement in California increased to over USD 9,565 with an increase of over 20% increase as compared with 2017.

U.S. Home Remodeling Market Analysis by application: -
o Windows & doors
o Kitchen additions & improvements
o Bathroom additions & improvements
o Landscaping
o Flooring
o Roofing
o HVAC
o Pools/hot tubs
o Electrical construction
o Other Room Additions & Alterations

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U.S. Home Remodeling market Growth Drivers:
o Elevating prices of new homes and increasing transfer of ownership
o Supportive energy efficiency programs and financing options

Major players operating in the U.S. Home Remodeling market are Kohler Co., Andersen Corporation, Pella Corporation, The Sherwin-Williams Company, Ferguson Enterprises, ABC Supply, Beacon roofing supply, HD supply, US LBM, Watsco Inc.

Shifting consumer preferences toward streamlined designs, textures, and materials owing to the popularity of mid-century & farmhouse designs will propel Kitchen improvement & additions in the U.S. home remodeling market. The growing popularity of ceramic tiles along with a steady demand for hardwood flooring will supplement the business. In addition, surging popularity of several bathroom fittings such as floating vanities, wall mounted toilets, console sink vanities and rounded rectangle vanity mirrors will stimulate professional remodeling industry.

Industry players are highly fragmented in U.S. remodeling industry due to densely populated areas in different regions. Wholesalers play a vital role in distribution of home improvement products at cost-effective prices. For instance, ABC Supply, one of the major wholesale distributors of home improvement products in the U.S. introduced a new location in Massachusetts to provide solutions and products for the customers and cater their needs. The company has a diversified product portfolio including roofing, windows, doors, siding, decking and railing products. They also assist and provides value added services for contractors through various programs and platforms.

Some major findings of the U.S. Home Remodeling Market report include: -
o Shifting preference of homeowners for energy efficient and luxurious living spaces is prominently contributing towards industry expansion.
o Increasing spending capacity of U.S. homeowners along with adoption of several home renovation techniques for green buildings will foster home remodeling industry.
o Introduction of new programs and policies are offering easy access to improved financing options for home remodeling projects.
o Rapid sales of existing homes in the U.S. are among the foremost drivers propelling the home remodeling industry.
o Rising cost of land and low lending rates will boost the demand for home improvement market.

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