Shifting Demographic Demand to Cause an Upsurge in Home Remodeling and Refurbishing Activities
The Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University recently released a report that focuses on the dynamic changes in the home renovation trends market. The report predicts that consumers may spend US$ 330 billion extra on home upgrades and refurbishment activities in 2018 as compared to that in 2016. The amount of money spent on home remodeling has increased from around 6.3% in 2016 to around 7.7% in 2018. Rising house prices along with increased disposable income are boosting the trend of remodeling outdated homes among consumers. It is generating numerous growth opportunities for business owners in several niche markets in the home refurbishment industry. Growing home renovation trends in metropolitan cities are creating lucrative opportunities for manufacturers in the door canopy market.
As the U.S. economy is witnessing healthy growth, the average spending of American consumers on home remodeling and refurbishment has increased drastically. According to the 2015 American Housing Survey, the average spending on home remodeling in 25 metro areas in the U.S. such as Boston, New York, San Francisco, and Washington was recorded around US$ 4,900 per homeowner. Changing lifestyle preferences of younger households in the U.S. is expected to complement the growth of the door canopy market in the U.S. in the foreseeable future. Not just in the U.S., but the home renovations industry in Australia, Europe, and Japan has achieved remarkable growth in the past few years. The Housing Industry Association (HIA) that the Australian home renovations industry reached over US$ S32 billion in 2017. Increased popularity of home remodeling solutions is expected to support the growth of the door canopy market in the near future.
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Increased Discretionary Income to Boost Demand for Aesthetically Appealing Glass Door Canopy
As the home refurbishment industry is witnessing excellent growth, consumers are implementing innovative ideas for renovating their houses. Owing to the changing lifestyle preferences of young homeowners, demand for various types of door canopies is surging. In order to meet the increasing demand and consumer needs, manufacturers are making available numerous options to consumers for door canopy materials such as glass, polycarbonate, metal, and aluminum. Although polycarbonate door canopies are cost-effective and can offer UV protection, glass door canopies are more popular among consumers.
Transparent glass door canopies improve the visual appeal of the front door and give it a classy appeal. Glass door canopies do not only add an aesthetic value to the property, but they are functional too. Colored glass door canopies keep the ambiance cooler and, unlike traditional door canopies, they are easy to maintain. Increased disposable income of consumers as well as higher preference to a giving house a modern outlook is triggering consumers to choose glass canopies over traditional or polycarbonate door canopies. Consumers are also choosing glass door canopies to make their home energy efficient, as glass can protect the front entrance from heating in summers.
Owing to high demand for glass door canopies, leading manufacturers in the door canopy market can collaborate with builders and construction companies to provide innovative designs of glass door canopies. Market players are investing in R&D to offer cost-effective as well as more durable designs of glass door canopies. Although, low awareness in underdeveloped countries may impede the growth of the door canopy market. Manufacturing companies in the door canopies market will have to adopt creative marketing strategies to capture untapped opportunities in developing and underdeveloped markets across the globe.