U.S. Home Remodeling Market 2020| Application and Future Forecast by 2026
U.S. home remodeling market is likely to be driven by growing consumer knowledge regarding green buildings and shifting trends towards smart homes. Remodeling of houses generally refers to upgradation of the existing exteriors, interiors, or other improvements to the property such as incorporation of energy saving technology, safety checks and maintenance & repair.
Rising per capita incomes, increasing preference for energy efficient and luxurious living spaces, thriving real estate sector and easy availability of remodeling businesses are factors impacting the regional growth. Moreover, rising cost of land and low lending rates will further fuel the demand for refurbishment across the country. It has been anticipated that the U.S. home remodeling market size will record annual revenues of over USD 500 billion by 2026.
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Different programs implemented by the regional governments including residential weatherization, residential retrofit, appliance recycling and direct install programs are encouraging masses to remodel their houses. Growing popularity of mid-century & farmhouse designs has resulted in major changes in American kitchens. Kitchen improvement & additions segment is likely to grow at a significant rate on account of shifting consumer preferences toward streamlined textures, materials and designs.
A higher demand for ceramic tiles as well as the growing adoption of hardwood flooring will supplement the industry trends. The popularity of luxurious bathroom fittings including wall mounted toilets, rounded rectangle vanity mirrors, floating vanities, and console sink vanities will also offer lucrative opportunities for professionals in the remodeling industry.
Rapidly evolving technology and constant upgrades in roofing technology has gathered a lot of consumer attention. Masses are increasingly becoming aware of environmental protection and energy conservation in households through utilization of green materials. This is prompting more consumers to indulge in home remodeling activities.
As per the Joint Center for Housing Studies of Harvard University, around 39% of the nuclear family homes accounted for the overall U.S. rental homes. Spending on home improvements across the U.S. is gradually escalating due to the rising cost of building material and labor. This has prompted homeowners to spend mostly on the existing houses. Prevalent house renting trends will substantially foster home improvement initiatives across the region.
In general, a large number of homeowners from states such as Texas, Florida and California possess heavy spending capacities for home renovation projects. According to the NAHB (National Association of Home Builders), the spending per improvement in California had increased to over USD 9,565 in 2018, which was up by 20% when compared to the spending in 2017.
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Competition in the U.S. home remodeling industry is fragmented due to densely populated areas in different regions. A vital role is being played by the wholesalers for distribution of home improvement products at cost-effective prices. For instance, one of the leading wholesale distributors of home improvement products in the U.S., ABC Supply, introduced a new location in Massachusetts to provide products and solutions and cater to the evolving customer needs in the state.
The company has an expanded product portfolio encompassing a range of roofing, doors, windows, siding, railing and decking products. Other prominent providers of home remodeling products and services in the U.S. are Andersen Corporation, Kohler Co., Pella Corporation, Ferguson Enterprises, The Sherwin-Williams Company, ABC Supply, HD supply, US LBM, Beacon roofing supply, and Watsco Inc., among others.
Table of contents for this research report: https://www.gminsights.com/toc/detail/us-home-remodeling-market
Chapter 1 Methodology & Scope
1.1 Research methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.1.4 Definitions & forecast parameters
1.2 Data sources
Chapter 2 Executive Summary
2.1 U.S. Home improvement industry 3600 synopsis, 2015 – 2026
2.1.1 Business trends
2.1.2 Project trends
2.1.3 Distribution channel trends
2.1.4 Wholesale trends
2.1.6 Top 5 player for each wholesaler segments in U.S.
Chapter 3 U.S. Home Improvement Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 – 2026
3.3 Industry ecosystem analysis
3.3.1 Supply chain
3.3.2 Raw material
3.3.3 Distribution channel analysis
18.104.22.168 Online sales channel
22.214.171.124 DIY retailers
126.96.36.199 DIFM retailers
3.3.4 Profit margin trends
3.3.5 Vendor matrix
3.4 U.S. residential construction market overview
3.5 Regulatory landscape
3.6 Industry best practices & key buying criteria
3.7 Industry impact forces
3.7.1 Growth drivers
188.8.131.52 Elevating prices of new homes and increasing transfer of ownership
184.108.40.206 Supportive energy efficiency programs and financing options
3.7.2 Industry pitfalls & challenges
220.127.116.11 Increasing labour cost and need to enhance supply chain visibility and efficiency
3.8 Innovation and sustainability
3.8.2 Advanced structural insulation panels
3.8.3 Smart windows
3.9 Growth potential analysis, 2018
3.10 Porter’s analysis
3.11 Competitive landscape, 2018
3.11.1 U.S. market share analysis, 2018
3.11.2 Strategy dashboard
3.12 PESTLE analysis
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