Forecast on Remodeling Market Share, Growth Potential & Trends

The remodeling market is anticipated to witness robust growth by 2027 owing to soaring demand in key regions across the globe. Additionally, rising focus on home ownership is also expected to fuel market growth over the forecast timeline.
Remodeling refers to the process of altering the design and functionality of an area. It allows people to make their existing spaces more comfortable and suitable, customizing the area as per their requirements. Following the COVID-19 outbreak, government-imposed lockdowns forced people to stay indoors, pushing them to rethink their homes to create efficient spaces for remote work and other activities, which has rocketed the demand for residential remodeling during the pandemic.
Notably, the COVID-19 pandemic disrupted the global supply chain immensely, creating a shortage of materials and supplies for construction projects needed to meet the surging consumer demand for remodeling. However, successful immunization drives worldwide are helping the construction sector regain its pre-COVID momentum, which has been favorable for industry expansion.
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Moreover, stringent safety regulations have made companies reimagine their approach to support virtual consultations in order to reduce the risk of transmission posed by in-person meetings. Subsequently, technological advancements in the sector to accommodate consumer needs have also positively influenced overall business growth in recent years.
For comprehensive analysis, the remodeling market has been segmented in terms of end-use and region. Based on end-use, the remodeling market has further been categorized into residential and commercial.
The residential end-use segment has been segregated into exterior addition & alterations, interior addition & alterations, and others. The others segment held a revenue share of around 20.07% in 2020 and is projected to expand at a substantial pace over 2021-2027. Increasing demand for system and equipment, property improvement, and so on, is set to accelerate the growth of other residential end-uses in the coming years.
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The commercial end-use segment has been divided into hotel remodeling, office space renovation, snow removal, retail space renovation, and restaurant renovation & remodeling. The restaurant renovation & remodeling segment is estimated to progress at a CAGR of over 4.6% through the review period to reach a sizable revenue by the end of 2027. The snow removal segment accounted for a nominal revenue share of about 0.34% in 2020 and is slated to observe steady growth through the assessment timeframe.
From the regional perspective, the Latin America remodeling market is speculated to grow at a CAGR of approximately 4.5% over the study timeframe to attain a valuation of nearly USD 140 billion by 2027. Growing number of construction activities in leading countries across LATAM, such as Brazil and Argentina, among others, are foreseen to stimulate regional market development in the forthcoming years. Meanwhile, the Middle East & Africa remodeling market accounted for more than 6.51% of the overall industry revenue in 2020 and is likely to register significant growth over the forecast period.