Remodeling Market Size, Industry Analysis Report, Price Trend, Competitive Market Share & Forecast by 2023: Global Market Insights, Inc.
Remodeling Market size is expected to grow at a CAGR of over 10% from 2016 to 2023 and can be valued over USD 410 billion by 2023. It includes building work that changes the home layout or modifies exteriors such as garden, lawn, patio or garage. Increasing employment along with escalating per capita disposable income is anticipated to drive the industry growth over the forecast period.
Escalating repairing and renovation demand for bathroom and kitchen might positively impact the industry growth. As home prices are continuously rising, the demand for industry service is also expected to rise. House owners are likely to leverage their house remodelling projects through loans. Introduction of online home services are expected to boost the industry over the next few years.
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Global remodeling market data encapsulates various professionals for getting work done successfully. It includes the general contractor, the designer, the architect and the design or build contractor. General contractors are the ideal choice for the remodelling or home improvement projects that do not require any professional design. These kinds of projects are best handled by the remodelling contractors.
The substitute of an architect for obtaining the drawings is a certified or a licensed designer. They usually own expertise in particular areas such as interiors, kitchens, space design and baths among others. These factors are likely to establish a superior alternative for specific remodelling projects.
Remodeling furnishes with numerous advantages such as improvising home storage, decrease clutter and generating an energy efficient home. Bigger homes are likely to add extra cabinets and storage spaces to avoid clutter in the living area. For instance, customers are utilizing bathroom in order to place dryers and washers which results in reducing the usage space.
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North America remodeling market size is anticipated to witness substantial growth owing to proliferating renovation and repairing activities in the region. Large number of design professionals and general contractors are now being hired for renovation work by house owners. U.S. remodeling market size was valued around USD 144 billion in 2014 and it is projected to exhibit considerable growth from 2016 to 2023.
Major industry players in the global remodeling market share include Andersen Corporation, ABC Supply, Builders FirstSource, Ferguson Enterprises, Dow Building Solutions,Fortune Brands Home & Security, Hanley Wood, LLC, GAF Materials Corporation,The Home Depot, Kohler Co., Lutron Electronics among others.