As our team anticipated, slowing housing starts and slowed home sales resulted in a decreased demand for OPE products in 2023, especially among new buyers, but market size forecasts show a brighter outlook. Here's what we're seeing:
The cabinetry market has remained strong for the past few years and is expected to grow about 3.7%-5.7% CAGR from 2022 to 2027. Forecasts suggest the global cabinet market may reach $12.1 billion by 2024. Here are the top 5 trends influencing the growth of the cabinet market.
Here are a handful of current trends in the hardware market, as well as future forecasts, to factor into your company’s decision-making process for 2024 and 2025:
To improve your product’s market penetration rate, you have to be intentional about positioning yourself more competitively in a market you occupy. This starts by genuinely understanding your customer. Then you can identify and implement strategies to increase saturation by solving for the customer and presenting value that competitors are missing.Here are a few ideas for strengthening your market penetration strategy:
Because of inflation, the rapid pace of growth in DIY home improvement spending slowed down in 2023 for many product categories. This makes it imperative for building materials companies to be intentional and strategic when looking for ways to expand their market share. In other words, you’ll have to compete again. Here's how to get the upper hand:
As you strategize for the future, here are ten of the potential disruptors, constraints and trends impacting the MEP industry.
Download informative reports to keep a pulse on how your target DIYer, Contractor, Builder, and Architectural customers' purchase behaviors are changing.
