U.S. Home Remodeling Market Study by Emerging Trends and Key Growth Drivers till 2026
Category: #business  By Rahul Varpe  Date: 2020-02-05
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U.S. Home Remodeling Market Study by Emerging Trends and Key Growth Drivers till 2026

Increase in sales of existing homes owing to steady growth in value of home equity will drive the U.S. home renovation activities. Spending on home improvements is increasing due to rising cost of material and labor coupled with enhanced expenditure of existing homeowners will foster the U.S. home remodeling market expansion. According to the Joint Center for Housing Studies of Harvard University, nuclear family homes accounted for 39% of overall U.S. rental homes. Rising housing rentals will boost U.S. home improvements initiatives.

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U.S. Home Remodeling Market is likely to reach over USD 500 billion by 2026. Rising consumer spending along with thriving real estate sector be a key impetus for business growth over the forecast timeframe.

Increasing consumer awareness pertaining to energy conservation and environment protection by using green materials will propel the renovation of home systems over the forecast period. Rapid technological advancements & upgrades each year along with the emergence of several innovations will propel the roofing segment over the projected timeframe.

Homeowners belonging to major states such as California, Texas and Florida possess lucrative spending capacities on home renovation projects. For instance, according to national association of home builders (NAHB), in 2018, the spending per improvement in California increased to over USD 9,565 with an increase of over 20% increase as compared with 2017.

U.S. Home Remodeling Market Analysis by application: -

  • Windows & doors
  • Kitchen additions & improvements
  • Bathroom additions & improvements
  • Landscaping
  • Flooring
  • Roofing
  • HVAC
  • Pools/hot tubs
  • Electrical construction
  • Other Room Additions & Alterations

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U.S. Home Remodeling Market by Project: -

  • DIY
  • DIFM

Shifting consumer preferences toward streamlined designs, textures, and materials owing to the popularity of mid-century & farmhouse designs will propel Kitchen improvement & additions in the U.S. home remodeling market. The growing popularity of ceramic tiles along with a steady demand for hardwood flooring will supplement the business. In addition, surging popularity of several bathroom fittings such as floating vanities, wall mounted toilets, console sink vanities and rounded rectangle vanity mirrors will stimulate professional remodeling industry.

Some major findings of the U.S. Home Remodeling market report include:

  1. Shifting preference of homeowners for energy efficient and luxurious living spaces is prominently contributing towards U.S. Home Remodeling market expansion.
  2. Increasing spending capacity of U.S. homeowners along with adoption of several home renovation techniques for green buildings will foster home remodeling industry.
  3. Introduction of new programs and policies are offering easy access to improved financing options for home remodeling projects
  4. Rapid sales of existing homes in the U.S. are among the foremost drivers propelling the home remodeling industry.
  5. Rising cost of land and low lending rates will boost the demand for home improvement market.
  6. Strategic collaborations between government bodies and utilities have successfully implemented programs including appliance recycling, residential retrofit, residential weatherization and direct install programs.

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Major players operating in the U.S. home remodeling market are Kohler Co., Andersen Corporation, Pella Corporation, The Sherwin-Williams Company, Ferguson Enterprises, ABC Supply, Beacon roofing supply, HD supply, US LBM, Watsco Inc.

Industry players are highly fragmented in U.S. home remodeling market due to densely populated areas in different regions. Wholesalers play a vital role in distribution of home improvement products at cost-effective prices. For instance, ABC Supply, one of the major wholesale distributors of home improvement products in the U.S. introduced a new location in Massachusetts to provide solutions and products for the customers and cater their needs. The company has a diversified product portfolio including roofing, windows, doors, siding, decking and railing products. They also assist and provides value added services for contractors through various programs and platforms.

Related News: https://www.marketwatch.com/press-release/stationary-air-compressor-market-is-set-to-record-3-cagr-during-forecast-time-2020-02-04

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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