According to a research report, the global remodeling market is likely to surpass a valuation of $4.76 trillion by the end of 2026.
Increasing expenditure on house repairs and home improvements on owner-occupied properties would positively influence remodeling market growth. In fact, according to the Harvard University LIRA (Leading Indicator of Remodeling Activity), the U.S. will observe a 1.5% rise in home remodeling expenditures percent in 2020. The market is witnessing this growth despite the global pandemic, which has caused many industries to go into an economic slump. In fact, in spite of the slowdown, homeowner repair as well as improvement expenditures are still expected to grow in 2020 to over $330 billion.
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The Europe remodeling market is also projected to observe significant growth in coming years. In fact, in 2019, the region accounted for a significant chunk of industry share due to the momentous economic growth of regional economies like UK, France, and Germany. The economic growth of the aforementioned nations is linked to various pivotal determinants such as historical, geographical, and social settings. Additionally, online and offline shares of purchase channels, consumer touchpoints, Do-it-yourself v/s DIFM, and orientation behavior are some of the major trends fueling the regional market growth.
The global remodeling market is projected to foresee a period of respectable growth over the coming years owing to the mounting investments towards infrastructural development across a number of global economies. Additionally, changing consumer demographics are also slated to make major contributions towards the market outlook. The emerging trend of upgrading existing home HVAC, electrical systems, and other major appliances to work with smart automation to cut down energy consumption would further fuel industry revenues through remodeling activities.
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The Latin America remodeling market is projected to observe a CAGR of 4.3% over the analysis period. Increasing changes in the outlook for commodity rates, stronger exports, rising business confidence, and elevated consumption across several areas of the region are some of the prominent factors that are outlining regional market size. In addition, steady growth trend in the tourism industry along with rapid expansion of regional population and increasing economic stability should further stimulate the LATAM market expansion.
The commercial sector is projected to register a healthy CAGR of 3.8% through the forecast timeframe. Commercial infrastructure is a crucial for attaining high economic growth for any country. Which is why government bodies frequently promote innovation within the commercial sector, which results in numerous mega projects across the globe. Office space renovation leads to modernization, enhanced safety and health, better company image, as well as an improved infrastructural layout. Moreover, renovation also helps decrease the technical and operational barriers faced by employees, which would positively influence the overall remodeling market expansion.
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Remodeling market players are increasingly using various growth strategies such as acquisitions, partnerships, and attractive discount offers to customers to bring in more business. Likewise, over the past years it was also observed that industry players were focusing on expanding their regional footprints by opening new facilities. Taking April 2019 for instance, ABC Supply, the largest wholesale distributor of siding, roofing, and other exterior building products in the U.S., reportedly opened a new branch in Lai Mirada, California. The new branch brings the wholesaler’s total number of stores in California to 44.
The competitive landscape of the remodeling market is inclusive of players such as State-wide remodeling, ROCKWOOL International, Power Home Remodeling Group, Pella Corporation, Owens Construction, Neil Kelly Company, Henkel Construction, Harvey Building Products, Dreamstyle Remodeling, Case Design/Remodeling, The Sherwin -Williams Company, Lutron Electronics, Kohler, The Home Depot JELD-WEN, Masco Corporation, Dow Building Solutions, and Andersen Corporation among others.
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