Global Construction Renovation and Remodeling Market Size, Share, and COVID-19 Impact Analysis, By Project Type (Residential Renovation & Remodeling, Commercial Renovation & Remodeling, Industrial Renovation & Remodeling, and Others), By End-User (Homeowners, Real Estate Developers, Government & Public Infrastructure, Commercial & Corporate Entities, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Construction Renovation and Remodeling Market Insights Forecasts to 2033

• The Global Construction Renovation and Remodeling Market Size is Growing at a 5.37% CAGR from 2023 to 2033.
• The Worldwide Construction Renovation and Remodeling Market Size is Expected to Reach a Significant Share by 2033.
• Asia Pacific is Expected to Grow the fastest during the Forecast period.

The Global Construction Renovation and Remodeling Market Size is Expected to Reach a Significant Share by 2033, Growing at a 5.37% CAGR from 2023 to 2033.

Market Overview

The global construction renovation and remodeling industry is the business of upgrading, repairing, and altering existing residential, commercial, and industrial buildings to enhance functionality, beauty, energy efficiency, and value. The industry includes a broad spectrum of activities such as interior and exterior renovations, structural changes, energy-efficient improvements, and smart home features. Industry growth is powered by such things as growing urbanization, improved disposable incomes, ageing infrastructure, and the growing requirement for green and energy-efficient structures. Furthermore, the growing popularity of home improvement projects due to work-from-home trends, property value appreciation, and lifestyle upgrades is driving market growth. Businesses are investing in office space modernization, retail upgrades, and hospitality renovations to improve customer experience and operational efficiency, creating opportunities in the commercial sector as well.

Report Coverage

This research report categorizes the construction renovation and remodeling market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the construction renovation and remodeling market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the construction renovation and remodeling market.

Driving Factors

The worldwide construction renovation and remodeling industry is fueled by a number of major drivers, such as the aging infrastructure in developed economies, which requires constant upgrades and repairs to ensure safety and efficiency. The growing focus on energy efficiency and sustainability is also a major driver, with governments across the globe introducing green building regulations and providing incentives for environmentally friendly renovations. Increased urbanization and population growth, particularly in the emerging economies, have fueled greater demand for residential and commercial renovation projects. Furthermore, technology advancements in smart home solutions, modular building, and digital platforms like AI, IoT, and BIM (Building Information Modeling) are driving project optimization and tailoring. The effect of shifting consumer tastes, driven by work-from-home lifestyles and the need for modernized living areas, also propels market growth.

Restraining Factors

The worldwide construction remodeling and renovation market is subject to constraints like the high cost of labor and materials, which may render renovations costly and unaffordable for most consumers. Raw material shortages and supply chain interruptions may cause projects to be delayed and costs escalated, affecting market growth. In addition, rigorous regulatory requirements and permitting procedures in some regions may hinder renovations and complicate compliance.

Market Segmentation

The construction renovation and remodeling market share is classified into project type and end-user.   

• The residential renovation & remodeling segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the project type, the construction renovation and remodeling market is divided into residential renovation & remodeling, commercial renovation & remodeling, industrial renovation & remodeling, and others. Among these, the residential renovation & remodeling segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This dominance is being driven by rising homeowner spending on kitchen and bathroom remodeling, smart home upgrades, energy-efficient improvements, and interior renovations to increase property value and comfort. The rise in remote work trends has increased demand for home office renovations and space optimization.

• The homeowners segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe.

Based on the end-user, the construction renovation and remodeling market is divided into homeowners, real estate developers, government & public infrastructure, commercial & corporate entities, and others. Among these, the homeowners segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe. This dominance is being driven by rising consumer spending on home improvements, energy-efficient upgrades, and aesthetic enhancements that increase property value and comfort. The growing popularity of remote work and lifestyle upgrades has resulted in increased investment in home office renovations, kitchen and bathroom remodeling, and smart home installations.

Regional Segment Analysis of the Construction Renovation and Remodeling Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the construction renovation and remodeling market over the predicted timeframe.

North America is anticipated to hold the largest share of the construction renovation and remodeling market over the predicted timeframe. It is fueled by increased consumer expenditure on home renovation, aging infrastructure, and rising need for energy-efficient and smart home renovations. Renovation culture in the United States and Canada is well developed, with homeowners constantly spending on kitchen and bathroom remakes, smart home renovation, and green building materials. Incentives provided by governments on green building activities and energy-efficient retrofits are also supportive of market growth.

Asia-Pacific is expected to grow at the fastest CAGR growth of the construction renovation and remodeling market during the forecast period. The growth is fueled by accelerated urbanization, growing disposable incomes, and higher investments in infrastructure development. Nations such as China, India, and Southeast Asian countries are witnessing a boost in home remodels and commercial renovations as a result of expanding middle-class groups and rising housing demand. Also, government schemes focusing on smart cities, energy-efficient buildings, and green building techniques are propelling market expansion. Growing acceptance of new interior designs, intelligent home systems, and green materials further boosts renovation activities in domestic and commercial industries.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the construction renovation and remodeling market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Masco Corporation
• Lutron Electronics Co., Inc.
• Pella Corporation
• Kohler Co.
• Andersen Corporation
• Rinnai Corporation
• Ferguson Enterprises, LLC
• Houzz Inc.
• The Home Depot, Inc.
• Lowe’s Companies, Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the construction renovation and remodeling market based on the below-mentioned segments: 

Global Construction Renovation and Remodeling Market, By Project Type

• Residential Renovation & Remodeling
• Commercial Renovation & Remodeling
• Industrial Renovation & Remodeling
• Others

Global Construction Renovation and Remodeling Market, By End-User

• Homeowners
• Real Estate Developers
• Government & Public Infrastructure
• Commercial & Corporate Entities
• Others

Global Construction Renovation and Remodeling Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa