PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1784085
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1784085
Global Residential Remodeling Market to Reach US$3.4 Trillion by 2030
The global market for Residential Remodeling estimated at US$2.7 Trillion in the year 2024, is expected to reach US$3.4 Trillion by 2030, growing at a CAGR of 3.7% over the analysis period 2024-2030. Full-remodeling Service Providers, one of the segments analyzed in the report, is expected to record a 4.4% CAGR and reach US$2.5 Trillion by the end of the analysis period. Growth in the Specialized Service Providers segment is estimated at 2.0% CAGR over the analysis period.
The U.S. Market is Estimated at US$746.5 Billion While China is Forecast to Grow at 7.0% CAGR
The Residential Remodeling market in the U.S. is estimated at US$746.5 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$690.3 Billion by the year 2030 trailing a CAGR of 7.0% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.4% and 2.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.1% CAGR.
The residential remodeling market has witnessed significant growth as homeowners increasingly invest in upgrading their living spaces to enhance comfort, functionality, and property value. Rising disposable incomes, changing lifestyle preferences, and the growing trend of multi-generational living have fueled demand for home renovations. The COVID-19 pandemic further accelerated the need for home improvement projects, with remote work and home entertainment driving upgrades in home offices, kitchens, and outdoor living spaces. Additionally, rising real estate prices have led many homeowners to renovate existing properties rather than purchase new homes. As a result, the remodeling industry continues to thrive, with increasing interest in modernized interiors, sustainable materials, and smart home integrations.
The adoption of digital design tools, 3D visualization software, and AI-powered home renovation platforms has transformed the way homeowners and contractors plan remodeling projects. Augmented reality (AR) and virtual reality (VR) solutions allow homeowners to preview renovations before construction begins, reducing project uncertainties and enhancing decision-making. Smart home technology, including automated lighting, security systems, and energy-efficient appliances, has become a key focus in modern remodeling efforts. Additionally, advancements in sustainable building materials, such as recycled wood, low-VOC paints, and solar-integrated roofing, are driving eco-conscious renovations. These technological innovations are streamlining remodeling processes, improving efficiency, and enhancing customer satisfaction.
The growing preference for open-concept floor plans, multifunctional spaces, and minimalist designs has reshaped the residential remodeling landscape. Kitchen and bathroom renovations remain the most popular remodeling projects, with homeowners seeking high-end finishes, smart appliances, and energy-efficient fixtures. The rising popularity of outdoor living spaces, including patios, decks, and garden enhancements, has further expanded remodeling opportunities. Additionally, the demand for aging-in-place modifications, such as wheelchair-accessible bathrooms and smart assistive devices, is increasing as the global aging population continues to grow. As homeowners prioritize personalized and functional living spaces, remodeling trends continue to evolve, shaping the future of residential renovations.
The growth in the global residential remodeling market is driven by increasing disposable incomes, rising property values, and advancements in home renovation technologies. The expansion of e-commerce platforms has also made high-quality remodeling materials and furnishings more accessible to homeowners. Additionally, government incentives promoting energy-efficient home improvements have encouraged the adoption of green remodeling solutions. The increasing influence of digital marketing, home improvement influencers, and DIY culture has further propelled market growth. As homeowners continue to seek innovative and sustainable remodeling options, the residential remodeling industry is expected to experience sustained expansion, offering enhanced living solutions tailored to evolving consumer preferences.
SCOPE OF STUDY:
The report analyzes the Residential Remodeling market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Service Type (Full-remodeling Service Providers, Specialized Service Providers); Application (Flooring, Walls, Ceilings, Porch, Garden & Garage, System & Equipment, Disaster Repair, Other Applications)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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