New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Home Remodeling Global Market Report 2023" - https://www.reportlinker.com/p06479836/?utm_source=GNW
, Masco Corporations, Industry Cotto Possagno S.p.A, Seven Group Holdings Limited (Boral Limited), Harvey Building Products, Seven Group Holdings Limited, Neil Kelly Company, and Case Design.
The global home remodeling market 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 home remodeling market is expected to reach $1,105.48 billion in 2027 at a CAGR of 4.6%.
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.
Home remodeling is the process of upgrading or renovating an existing residential structure that may be in disrepair, outdated, or no longer meets the homeowner’s needs.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.
North America was the largest region in the home remodeling market in 2022. The regions covered in the home remodeling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of home remodeling include do-it-yourself and do-it-for-me (DIFM).DIFM remodeling stands for "Do-It-For-Me" remodeling, which refers to home improvement projects that are completed by professional contractors or service providers instead of the homeowners themselves.
These products are distributed through online and offline channels for applications including windows and doors, kitchen and bathroom, floor and roof, walls and other applications in end-use industries such as residential and commercial.
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 2021, according to the U.S. Census Bureau, the federal government’s largest statistical agency, an estimated 1,595,100 housing units were started in 2021, or a 15.6% increase from the 2020 figure of 1,379,600. Therefore, the rise in the construction sector is driving the growth of the home remodeling market.
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.
In July 2021, Owens Corning, a US-based composite material company acquired vliepa GmbH, for an undisclosed amount. The acquisition enables Owens Corning to expand its existing global nonwovens portfolio, enhancing its ability to cater to customers in Europe while also speeding up the growth of building and construction market applications in the region. vliepa GmbH is a Germany-based wholesale building materials company that specializes in the production of insulation materials for the construction industry.
The countries covered in the home remodeling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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 resale along the supply chain, either further along the supply chain or as part of other products.
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