Home improvement refers to decorating or building small structures that give an enhanced look to an existing home. It includes improvements to lawns, gardens, and outdoor structures, such as gazebos and garages. Home improvements generally include renovations in comfort, maintenance, repair, general servicing tasks, additional space, saving energy, and safety. Home improvement is witnessing a strong growth catalyzed by rising levels of disposable incomes, recovery of the real estate industry, increasing urbanization rates, and rising awareness levels. Rising levels of urbanization have resulted in an increasing number of new households being setup. Increasing spending on home improvement projects owing to inclination towards the installation of modern household products having attractive and appealing finishing is expected to further support the business growth.
Key Market Trends
Growing Urbanization is Driving the Market
Rapid urbanization accompanied by increasing disposable incomes in the country is propelling the home improvement market. Growing housing prices in populated cities due to rapid urbanization will be fuelling the home improvement market in the forecast period. Moreover, a rise in investment in the construction sector, specifically in the residential and commercial sector, growing population, and urbanization, these factors will increase the growth of the home improvement market. The rapid rise in the urbanization rate coupled with an increase in the penetration on e-commerce channels offering huge discounts will contribute significantly towards the market expansion. Rising levels of urbanization have resulted in an increasing number of new households being setup. The growing population level in urban areas is expected to increase further in the coming years, creating a positive impact on the demand for home improvement products.
DIY Segment in Home Improvement Market
The DIY segment dominated the home improvement market. Aspects such as increasing count of DIY stores along with the easy availability of DIY equipment, appliances, and tool over the online platform will contribute towards the growth of the segment, thereby fueling the product demand. It has been speculated that various industry giants are actively investing in R&D activities with an intent to increase the product assortment and innovation levels whilst adding value to the products. The presence of necessary skills in consumers for carrying out the home improvement work is among the key factors propelling the market growth. Also, manufacturers offer smart home improvement kits to assist DIY consumers. Additionally, the presence of large manufacturers and retailers has led to an increase in the number of DIY projects across the country.
Competitive Landscape
The report covers major international players operating in the Vietnam Home Improvement Market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
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