The term "home remodeling" refers to improvement, updating, painting, or adding to residential or non-commercial property, as well as building additions to it. This includes, but is not limited to, building, installing, replacing, improving, or repairing driveways, sidewalks, swimming pools, terraces, patios, landscaping, fences, porches, garages, basements, and waterproofing the basements; fire safety devices; heating and air conditioning units; wall-to-wall carpeting or attached or inlaid floor coverings; and other modifications, repairs, or improvements made in or on, attached to or forming a part of the residential or non-commercial property.
United States Home Remodeling Market Driving Factors and Challenges
Driving Factors: The shifting demographics are a major factor driving market expansion; as Millennial and Gen Z populations approach peak homeownership, demand for house improvements and renovations rises. This change is accompanied by a greater emphasis on homeownership as opposed to renting, which encourages people to make larger investments in their homes. The market dynamics are also being influenced by the aging baby boomer demographic, who are choosing to age in place and require house improvements for increased comfort and accessibility. The trends in home improvement are being greatly impacted by changes in lifestyle. Homeowners are being pushed toward upgrades that facilitate outdoor living due to the surge in home entertainment, remote work, and sustainability concerns.
Challenges: The rising frequency of extreme weather disasters, such wildfires and floods, puts a pressure on homeowners' budgets and restricts their capacity to pay for more upgrades. These occurrences also require expensive repairs and preventative measures. Certain homeowners may find some relief through government aid programs and adaptation measures, allowing them to make resilient home improvements. Consumer confidence can be damaged by inflation and economic downturns, which can result in less money being spent on luxuries like home renovations. Market turbulence and sluggish growth may follow from this. In order to maintain homeowner investment during difficult economic times, it may be helpful to foster trust through upfront pricing and emphasize the importance of necessary upgrades.
Impact of COVID-19 on United States Home Remodeling Market
The need to improve living spaces and raise property values is driving up homeowner expenditures on home renovation projects, which is indicative of the market's dynamism. Furthermore, as more people spend more time at home due to the COVID-19 epidemic, their living spaces are being reevaluated, which has expedited this tendency. Alongside professional services, the DIY market has grown significantly, reflecting a wide client base with a range of demands and tastes.
United States Home Remodeling Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Andersen, Bauhaus Custom Homes LLC, Dow, Hornbach Holding AG & Co.KGAA, Ikea systems B.V., Kohler Co., Livspace, Mohawk Industries Inc., Owens Corning, Pella Corporation, others.
United States Home Remodeling Market Segmentation:
By Service Type: Based on the service Type, United States Home Remodeling Market is segmented as; Full Remodeling Service Providers, Specialized service Providers
By Project: Based on the Product, United States Home Remodeling Market is segmented as; DIY, DIFM
By Application: Based on the Application, United States Home Remodeling Market is segmented as; Flooring, Walls.
By End-Use: Based on the End-Use, United States Home Remodeling Market is segmented as; Kitchen Improvements and Additions, Disaster Repairs, Exterior and Interior Replacement.
By Region: This research also includes data for Eastern Region, Western Region, Northern Region, Southern Region
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.