Home Remodeling Global Market Report 2024

The home remodeling market has grown steadily in recent years. It will grow from $925 billion in 2023 to $970.07 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The expansion observed during the historical period can be attributed to the growth of electronics manufacturing, increased applications in aerospace, a rise in medical device manufacturing, increased adoption of micro welding practices, and a focus on energy efficiency and precision.

The home remodeling market 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 anticipated growth in the forecast period can be ascribed to the emergence of fiber lasers, the expansion of the renewable energy sector, a growing demand for lightweight materials, the miniaturization of medical devices, and the increasing adoption of rapid prototyping and small-batch manufacturing. Key trends expected in the forecast period include advancements in laser technology, the integration of automation and robotics, the development of hybrid laser welding systems, customization and flexibility in welding processes, and the integration of artificial intelligence.

The anticipated growth in the construction sector is set to drive the expansion of the home remodeling market in the future. As a pivotal industry encompassing various activities related to building and infrastructure development, the construction sector spans residential and commercial building projects, as well as the creation of infrastructure such as highways, bridges, airports, and public transportation systems. With the growth of the construction sector, there is an increased demand for housing, fostering a more competitive housing market. Consequently, homeowners may opt to renovate their existing homes instead of pursuing new acquisitions. Additionally, advancements in technology and materials within the construction sector may pique homeowners' interest in upgrading their homes. For example, in August 2023, the U.S. Census Bureau reported a 3.7% increase in privately owned residential housing completions, reaching 1,406,000 housing units compared to 1,355,000 in August 2022. Thus, the upswing in the construction sector is a catalyst for the home remodeling market's growth.

The rising pace of urbanization is anticipated to propel the home remodeling market forward. Urbanization, marked by an increasing proportion of the population residing in urban areas, triggers the expansion of urban spaces due to migration from rural to urban regions. This trend fuels the demand for home remodeling as the influx of people into urban centers necessitates efficient, modernized living spaces to accommodate evolving lifestyles and preferences within densely populated environments. In 2021, the United Nations Conference on Trade and Development (UNCTAD) reported a projected increase in the urban population share to 56.5%. Africa, during the same period, experienced a 4.6 percentage point rise. Therefore, the escalating rate of urbanization is a driving force behind the growth of the home remodeling market.

Technological advancements emerge as a prominent trend gaining traction in the home remodeling market. Companies within this sector are adopting new technologies to maintain their competitive edge. For instance, in January 2023, Lennox International Inc., a U.S.-based climate control solutions provider, introduced the Lennox S40 Smart Thermostat, Lennox Smart Air Quality Monitor, and Lennox Smart Room Sensor as part of smart home innovation. The Lennox S40 Smart Thermostat, equipped with Schedule IQ Technology and Smart Away geo-fencing capabilities, ensures efficient operation and energy conservation. The system monitors sensors throughout the house, providing a seamless user experience enhanced by various automation features.

Major players in the home remodeling market are focusing on technological advancements such as technology-enabled home remodeling services to offer a swift, easy, and convenient home remodeling experience. Technology-enabled home remodeling services leverage advanced technologies to enhance various aspects of the remodeling process. For example, in October 2023, West Shore Home, a U.S.-based construction company, introduced cutting-edge technology for rapid 3-D scans of remodeling projects in under a minute, aiming to elevate the home remodeling experience.

In July 2021, Owens Corning, a U.S.-based composite material company, acquired vliepa GmbH for an undisclosed amount. This acquisition expands Owens Corning's global nonwovens portfolio, strengthening its ability to serve European customers and accelerating growth in building and construction market applications in the region. vliepa GmbH, a Germany-based wholesale building materials company, specializes in the production of insulation materials for the construction industry.

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.

North America was the largest region in the home remodeling market in 2023. The regions covered in the home remodeling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the home remodeling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of home remodeling encompass do-it-yourself (DIY) and do-it-for-me (DIFM). DIFM remodeling, an abbreviation for "Do-It-For-Me" remodeling, denotes home improvement projects executed by professional contractors or service providers rather than the homeowners themselves. These products are distributed through both online and offline channels and find applications in various areas, including windows and doors, kitchen and bathroom, floor and roof, walls, and other sectors within end-use industries such as residential and commercial.

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The home remodeling market includes revenues earned by entities by providing services such as constructing, renovating, painting, plumbing and electrifying changes to an existing home's structure, design, or function. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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