Strong growth forecast for home remodeling market

The global home remodeling market was valued at US$1.12 trillion in 2022 and is projected to reach $1.80 trillion by 2030, growing at a compound annual growth rate (CAGR) of 6.09 percent from 2023 to 2030, says a report by Kings Research. The prevalent trend of homeowners investing in remodeling projects to enhance the value and functionality of their properties is a significant driving factor for market growth. The growing emphasis on aesthetics and personalized living spaces has led homeowners to seek professional remodeling services. 

Based on end user, the residential segment is anticipated to accrue the highest CAGR throughout the forecast period. This expansion is backed by the growing trend of remote work, which is prompting homeowners to invest in aesthetic enhancements, particularly in creating dedicated office spaces. The emphasis on wellness and sustainability aligns with homeowners' aspirations for comfortable, efficient, and eco-friendly living spaces, further fostering the growth of the residential segment. 

In terms of application, the kitchen remodeling segment dominated the global home remodeling market in 2022. The increased demand for smart appliances, energy-efficient solutions, and personalized designs served as key drivers for this segment's growth.