Latest News- Home Renovation Market: Professional renovation is expected to lead the Type segment during 2025-2029

The Home Renovation Market is being driven by Rapid urbanization

The Home Renovation Market is expected to grow at a CAGR of 4.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 83000.1 million. The global home renovation market is witnessing significant growth in the adoption of AI-driven technologies to optimize customer experiences and streamline home improvement projects. A prime illustration of this trend is the launch of Mylow, an AI-powered virtual advisor, on March 5, 2025, by Lowe's. Collaboratively developed with OpenAI and utilizing Lowe's industry expertise, Mylow delivers real-time project guidance, product recommendations, and instructional advice to customers. Mylow's conversational interface offers precise, clear answers to a broad spectrum of home improvement queries, ranging from lawn care to energy-efficient appliance selection. This virtual assistant not only assists clients in identifying suitable products based on their financial means and location but also elevates the overall customer support experience. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Professional renovation
  • Do-It-Yourself (DIY) renovation
• Application
  • Kitchen renovation
  • Bathroom renovation
  • Exterior renovation
  • Bedroom renovation
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rapid urbanization
• Increasing disposable income
• Growing real estate investments

However, the market also witnesses some limitations, which are as follows:

• Shortage of skilled labor
• Rising material costs
• Regulatory compliance

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Market Scope in Home Renovation Market Research Report

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Research Analysis Overview

The residential remodeling market encompasses various aspects, including home remodeling, repairing broken structures, and weather sealing. Innovations like 3D rendering software and structural glazing contribute to a sustainable future. However, economic slowdown and reduced disposable income impact project budgets. New trends in flooring, lighting systems, insulating glass, and energy-efficient windows reflect modern living standards. Old buildings undergo green remodeling using eco-friendly products, reducing carbon footprints and promoting environmental awareness. New home construction and novel coronavirus disruptions affect supply chain and labor costs. Temperature control solutions, solar panels, and smart home renovations are essential for energy efficiency and environmental performance. Government incentives and homeowner budgets influence construction expenditure on sustainable building materials and labor-intensive projects. Electrical & insulation, green buildings, and temperature control are crucial components of the residential remodeling market.

Market Research Overview

The global building products market encompasses businesses producing building components such as windows and doors, flooring, ceiling and wall fixtures, roofing and gutter materials, insulation materials, cabinets, plumbing fixtures, and home improvement products and equipment. According to Technavio, the market size is determined by the combined revenue generated by manufacturers in this sector. Key growth drivers include the expansion of the construction industry in developed and developing economies, necessitated by urbanization and infrastructure development for healthcare facilities. Additionally, factors such as home equity, home renovation projects, and the rise of green building and energy efficiency upgrades are contributing to the market's full-scale capacity. DIY home improvement trends and the involvement of remodeling contractors further fuel demand for building products. Home renovation inspiration sources, like social media and home design shows, also play a role in driving consumer interest and spending on home improvement projects.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/