Selbyville, Delaware, Sept. 22, 2021 (GLOBE NEWSWIRE) —
The U.S. home remodeling market revenue is anticipated to record a valuation of USD 450 billion by 2027, according to the most recent study by Global Market Insights Inc. Changing consumer preference for modern lifestyles along with a rising growth of the residential construction sector is expected to be the key growth drivers.
The U.S. home remodeling market will showcase significant growth from 2021 to 2027. The rapidly growing usage of eco-friendly solutions to limit environmental impacts will proliferate the market share. U.S. homeowners are significantly investing in sustainable restructuring and renovating works to reduce CO2 emissions. For instance, Low-E windows are considerably lowering energy consumption by blocking heat without limiting the light through it. Moreover, green buildings are specifically designed to reduce wastes, further supporting regulations and policies across the States.
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The U.S. is currently dealing with a shortage of affordable houses due to the rapidly growing population in the developed regions. Furthermore, existing home sales are likely to increase in recent years as the supply of newly constructed buildings has moderately improved. According the National Association of Realtors, in July 2021, the median existing home price surged up by 17.8 % from the previous year. Due to this factor, homeowners are deeply motivated to renovate their houses to increase their value. The recent COVID-19 pandemic and fluctuating costs of raw materials have negatively impacted the U.S. home remodeling market share and limit revenue generation.
DIY projects hold a significant market share in the U.S. home remodeling industry as they can enhance the interior & exterior appearance of the residential spaces. DIYers keep engaging themselves by modifying and designing complex projects without seeking any professional help. The DIY project segment will eventually rise in the coming years and is likely to be valued at around USD 170 billion by 2027.
Owing to the emerging e-commerce business, the presence of wholesalers in the digital platform has significantly increased in recent years. Moreover, increasing trends of residential trade will foster the U.S. home remodeling market share in recent years as it covers the sales of all kinds of remodeling materials such as appliances, doors & windows, exhausts, flooring materials, countertop flair, backsplash, etc.
Flooring is among the major renovation components that held around 7.5% market share in 2020 and will increase at a considerable pace owning to rising demand for attractive appearances in house interiors. The rising consumer awareness to keep up with the new & improved design trends in the market equivalent to other home maintenance activities has promulgated the industry size.
Key market players operating in the U.S. home remodeling market including Andersen Corporation, APCO Industries, Ferguson Enterprises, ABC Supply, The Sherwin-Williams Co., JELD-WEN, Masco Corp., Kohler Co., and Pella Corporation. Wholesalers play an important role in the distribution channel at competitive prices. For instance, ABC Supply, a major wholesale distributor of roofing, siding, and other exterior improvement products in the U.S., established a new location in Utah to strengthen its presence in the area and support the customer base.
Some of the major findings in the U.S. home remodeling market report include:
- The rapidly growing demand for energy-efficient buildings along with luxurious living spaces will propel the industry size.
- Shifting consumer preferences for highly functional, attractive, and tech-equipped systems will augment new market opportunities.
- Rising investments of homeowners due to the need for smart kitchens and baths will fuel the market growth.
- The increasing cost of new houses and low lending rates will proliferate the demand for home improvement activities.
- Newly launched programs and financial policies will support the U.S. home remodeling industry growth by providing financial aids.
- Market leaders are focusing on continuous research & innovations, Merger & Acquisition (M&A), and product improvisation to gain competitive advantages.
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Chapter 3 U.S. Home Improvement Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017 – 2027
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Supply chain
3.3.2 Raw material
22.214.171.124 COVID-19 impact on raw material supply
3.3.3 Distribution channel analysis
126.96.36.199 Online sales channel
188.8.131.52 DIY retailers
184.108.40.206 DIFM retailers
3.3.4 Profit margin trends
3.3.5 Value chain disruption analysis (COVID-19 impact)
3.3.6 Vendor matrix
3.4 U.S. residential construction market overview
3.4.1 New housing construction in the U.S.
3.4.2 Spending on housing remodeling in the U.S.
3.5 Regulatory landscape
3.6 Industry best practices & key buying criteria
3.7 Industry impact forces
3.7.1 Growth drivers
220.127.116.11 Elevating prices of new homes and increasing transfer of ownership
18.104.22.168 Supportive energy efficiency programs and financing options
3.7.2 Industry pitfalls & challenges
22.214.171.124 Increasing labor cost and need to enhance supply chain visibility and efficiency
3.8 Innovation & sustainability
3.8.2 Advanced structural insulation panels
3.8.3 Smart windows
3.9 Growth potential analysis, 2020
3.10 Porter’s analysis
3.11 Competitive landscape, 2020
3.11.1 U.S. market share analysis, 2020
3.11.2 Strategy dashboard
3.12 PESTEL analysis
3.13 New house construction in the U.S.
3.14 Top wholesalers information
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.