U.S. home remodeling market 2020
U.S. home remodeling market has emerged as one of the most lucrative avenues of investment in recent years. The industry is now set to observe a remunerative growth trend in the coming years. This development can be accounted for growing customer expenditure on homes. In addition, a rapidly growing real estate sector would likely further outline the market expansion through 2026.
Apart from the growing real estate, surging inclination of homeowners towards luxurious and energy-efficient living spaces would majorly contribute to the development of overall market outlook. In fact, people with homes in major states of the U.S. like Florida, Texas and California spend heavily on home renovation.
Citing an instance, as per the NAHB (national association of home builders), in 2018, the expenditure per improvement within California was more than $9,565, which is almost 20% more when compared to that in 2017.
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In addition, growing customer awareness regarding environmental protection and energy conservation through the use of green materials would majorly drive the market share in the coming years.
According to a research report by Global Market Insights, Inc., U.S. home remodeling market is estimated to surpass $500 billion through 2026.
Speaking of the end-use segment, kitchen additions and improvements is set to observe substantial growth trend in the coming years. Growing customer preference towards streamlined designs, materials, and textures due to the mounting popularity of farmhouse and mid-century designs would majorly propel the segment growth.
Apart from kitchen improvements, steadily growing need for hardwood flooring would augment the segment growth and thereby drive the market size. In addition, mounting popularity of ceramic tiles would also outline the segment expansion in the coming years.
Meanwhile, growing prevalence of various bathroom fittings like wall-mounted toilets, floating vanities, rounded rectangle vanity mirrors, and console sink vanities would proliferate the market share through 2026.
Additionally, the roofing sector is also set to observe substantial growth outlook owing to rapid technological upgrades and advancements happening every year. Growing emergence of various innovations is also likely to add up to the industry share through 2026.
Apart from the end-use segment, increased growth in the sales of existing homes in the region would majorly drive the market share. Expenditure on home improvements is growing due to rising cost of material and labor, further adding up to the market expansion. Additionally, increased spending of homeowners will also possibly drive the growth of U.S. home remodeling market.
Moreover, growing house rentals is likely to accelerate U.S. home improvements. In fact, as per the Joint Center for Housing Studies of Harvard University, nuclear family homes attributed to 39% of the whole U.S. rental homes.
All in all, rising homeowners’ expenditure, mounting house rentals, the growing prominence of kitchen improvements are likely to facilitate a massive range of opportunities for U.S. home remodeling market players.
The industry is inclusive of players such as Watsco Inc., US LBM, HD supply, Beacon roofing supply, ABC Supply, Ferguson Enterprises, The Sherwin-Williams Company, Pella Corporation, Andersen Corporation, and Kohler Co. among others.
Author Name : Bhushan Tambe