Report Predicts Remodeling Market Revenue to Exceed $6 Trillion By 2032
Research conducted by Global Market Insights Inc. shows that over the next 10 years the remodeling market is predicted to grow from $4.1 trillion in 2022 to over $6 trillion in 2032 with a compound annual growth rate (CAGR) of 3.5%. This is due in part to smart city initiatives, changes in living styles due to COVID-19, more efficient factories, demand for sustainable homes, and remodeling in the hospitality sector as the tourism market continues to grow at the tail-end of the pandemic.
Several nations have recently initiated smart city projects to refurbish and renovate aging public infrastructure, to improve living conditions, and to provide a boost to their economies. Growth is also seen at the residential level as property owners have had to remodel their homes to accommodate for school and work-from-home requirements. Additionally, increasing property values, especially in the Asia-Pacific region, have been driving the remodeling market, as demand has risen for smaller, more efficient living spaces.