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2021
Home Remodeling Market

Home Remodeling Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

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Dec 2021 | 393 Views
   
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COVID-19

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Home Remodeling Market Outlook - 2027

Home remodeling is the process of improving, making additions, and renovating one’s home. Home remodeling includes all the projects related to customization of the home interior like plumbing, electrical, and furniture, and renovating properties like garages, gardens, and lawns. The major objectives of home remodeling include safety, additional beautification, repairs, comfort upgrades, and home additions. Home improvement commonly refers to the building activities that customize the home structure but it also includes customization of gardens, outdoor structures like garages and gazebos, and lawns. Home remodeling holds major applications for remodeling of kitchen additions, windows and doors, bathroom additions, roofing, HVAC, and more.     

Market scope and structure analysis:

               Report Metric

                                      Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value ($Million)

  Segments covered 

  Project type, distribution channel, application, and region

  Geographies covered

North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa)

  Companies covered

Major players analyzed include ABC Supply, Andersen Corporation, Builders FirstSource, Dow Building Solutions, Ferguson Enterprises, Hanley Wood, LLC, The Home Depot, JELD-WEN, Kohler Co., Lutron Electronics, Masco Corporation

 

COVID-19 Scenario analysis:

  • COVID-19 pandemic has shut-down the production of various products in the home remodeling industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of home remodeling market significantly from last few months, as is likely to continue during 2020.
  • COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year. 
  • The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
  • Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
  • Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

Drivers, restraints, and opportunities

Surging demand for repairing and renovation of bathrooms and kitchens for residential buildings is a key factor that is expected to drive the growth of the home remodeling market in the upcoming years. Besides, escalating home prices and leveraging home improvement projects with loans by residents can propel the growth of the home remodeling market. Moreover, new government incentives for home remodeling can significantly contribute to the growth of the market. However, huge investments required for remodeling activities is a restraining factor that can hinder the market growth. On the contrary, the growing popularity of online home services provided by renowned companies like Amazon, Zillow, and others are anticipated to provide lucrative growth opportunities for the home remodeling market during the forecast period. 

Government incentive programs for home remodeling

Federal, local, and state governments of different countries are introducing home remodeling incentive programs for the public. These incentives aim to enhance the value of the homes that can boost the economy and reinforce communities. For instance, the federal government of the U.S introduced the FHA 203(k) rehab loan in 2019. This renovation loan helps homeowners to finance and renovate their homes with a single mortgage. This program grants convenient loans to homeowners instead of applying for multiple loans. Such new incentives provided by governments for the renovation of houses can boost the demand for home remodeling projects for existing homes which can result in creating a positive impact on the growth of the home remodeling market during the forecast period.

Growing popularity of online home services

The online distribution channel for providing housing services is trending lately in the home remodeling market. Market leaders are launching their own online home services platforms to ease the process of housing services to the customers. For instance, ABC supply, a U.S. based company launched its myABCsupply online platform in 2019. ABCsupply is the largest wholesale distributor of interior and exterior building products and roofing. The myABCsupply platform allows customers to track and know the status of their orders 24/7 along with delivery photos. It not only helps the customers but also helps contractors to manage their work on the go. Such new and effective online solutions that can ease the housing services can create a positive impact on the growth of the home remodeling market in the upcoming years.

Key segments covered:

                   Segments

                          Sub-segments

  Project type

  1. Do-it-yourself (DIY)
  2. Do-it-for-me (DIFM)
  3. Do-it-with-me (DIWM)

  Application

  1. Windows and doors
  2. Kitchen
  3. Bathroom
  4. Floors
  5. Roofs
  6. Others

  Distribution channel

  1. Online
  2. Offline

 

Key benefits of the report:

  • This study represents the analytical representation of the global home remodeling market combined with the ongoing trends and future predictions to determine investment opportunities.
  • The present market is thoroughly analyzed from 2019 to 2027 to enlighten the home remodeling market growth.
  • The report gives information regarding the important drivers, restraints, and opportunities provided with an in-depth analysis of the global home remodeling market.
  • Segmentation details of the global home remodeling market.
  • The report gives a comprehensive global home remodeling market analysis based on competitiveness and how the performance of the competitors will take shape in the coming years. 
 
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