Vietnam Home Improvement Market Report and Forecast 2024-2032

Vietnam Home Improvement Market Outlook

The Vietnam home improvement market size reached approximately USD 3.07 billion in 2023. The market is further projected to grow at a CAGR of 3.4% between 2024 and 2032, reaching a value of USD 4.17 billion by 2032.

Key Trends in the Market

Home improvement, also known as remodelling and home renovation, refers to the activity of altering and enhancing apartments and homes. Home improvements often aim to enhance functionality, value, and comfort of existing homes with the help of upgrades including exterior enhancements and kitchen renovations, among others. Undertaking of such projects allows homeowners to increase the market value of their properties by enhancing the aesthetic appeal of the housing.

• The increasing requirement for efficient storage solutions due to rising rent in urban cities is boosting the Vietnam home improvement market growth. The popularity of DIY home improvement projects is also rising to make the judicious use of compact spaces.

• The rising adoption of integrated home control systems due to increasing disposable incomes is supporting the market expansion. Various homeowners are adopting these systems as they enhance accessibility, safety, and convenience of users by allowing them access to different systems and facilities in the home through a single touch screen panel.

• The easy availability of home improvement equipment across different distribution channels is providing lucrative growth opportunities to the market. The increasing penetration of e-commerce in Vietnam is further boosting the accessibility of home improvement equipment, supporting the market expansion.

• The rising influence of social media is bolstering the market demand. Several major market players are significantly investing in social media marketing, in order to expand their customer base and reach their target audience in a more effective manner.

• The growing implementation of energy efficient materials and products including sustainable building materials, insulated windows, and efficient appliances due to rising environmental consciousness is further supporting the market growth.

Vietnam Home Improvement Market Analysis

On the basis of area, the market is divided into rural and urban. Based on project, the market is bifurcated into DIY and DIFM. On the basis of application, the Vietnam home improvement market segmentation includes kitchen renovation and additions, bath renovation and additions, exterior replacements, interior replacements, and system upgrades, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Kohler Co. 

• 3M Co. 

• Anderson Corp. 

• DuPont de Nemours, Inc. 

• Truong Thanh Furniture Corporation  

• TTDECOR 

• Kaze Vietnam Co., Ltd,  

• Others

Market Share by Area

Urban locations are anticipated to account for a significant Vietnam home improvement market share. Due to rapid urbanisation in Vietnam, the investments in the construction sector are increasing, bolstering the requirement for home improvement projects. The increasing penetration of e-commerce platforms in urban locations coupled with exponential increase in population are supporting the growth of the segment. The high cost of living in urban locations is further boosting the requirement for home improvement for enhancing small living spaces.

Market Share by Project

DIY projects are anticipated to witness significant growth over the forecast period. This rising popularity of DIY projects can be attributed to the easy availability of DIY products, equipment, and tools across both online distribution channels and physical stores. DIY also allows customers to save time and money and tailor and customise their projects as per their requirements. The growing availability of smart home improvement kits is further supporting the segment expansion and boosting the Vietnam home improvement market demand.

Competitive Landscape

Kohler Co. is one of the leading manufacturers of plumbing products including sinks, toilets, showers, faucets, and bidets, among others. The company was founded in 1873 and is headquartered in Wisconsin, United States.

3M Co., headquartered in Minnesota, United States, is one of the leading industrial machinery manufacturing companies that was founded in 1902. The company specialises in adhesives, paint protection, passive fire protection, and abrasives, among others.

Anderson Corp. is involved in the manufacture, design, and marketing of premium doors and windows. The company provides design solutions for various styles and are known for delivering affordable and high-quality products.

Other Vietnam home improvement market key players include DuPont de Nemours, Inc., Truong Thanh Furniture Corporation, TTDECOR, and Kaze Vietnam Co., Ltd, among others.

Key Highlights of the Report