Vietnam Home Improvement Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.10 Billion |
| Market Size (2029) | USD 4.20 Billion |
| CAGR (2024 - 2029) | 3.40 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vietnam Home Improvement Market Analysis
The Vietnam Home Improvement Market size is estimated at USD 3.10 billion in 2024, and is expected to reach USD 4.20 billion by 2029, growing at a CAGR of 3.40% during the forecast period (2024-2029).
In Vietnam, home improvements encompass a range of activities, from comfort and maintenance to energy efficiency and safety. This sector is experiencing robust growth, fueled by rising disposable incomes, a rebound in real estate, escalating urbanization, and heightened awareness. The uptick in urbanization is leading to a surge in new household formations. Moreover, as consumers increasingly opt for modern household products with appealing finishes, heightened spending on home improvement projects bolsters business growth.
Post-COVID-19, the Vietnam home improvement market has seen a notable uptick in demand. This surge is attributed to an increased emphasis on home comfort, a surge in renovation projects, and a growing desire for cozy living spaces, presenting ample opportunities for industry players to innovate and prosper.
Vietnam Home Improvement Market Trends
Growing Urbanization is Driving the Market
Rapid urbanization, bolstered by rising disposable incomes, drives the country's home improvement market. As housing prices surge in densely populated cities, a direct consequence of this urbanization, the home improvement market is set for a notable upswing in the forecast period. Furthermore, heightened investments in construction, particularly in residential and commercial segments, alongside the confluence of a burgeoning population and ongoing urbanization, are poised to amplify the home improvement market's growth trajectory. The swift uptick in urbanization, paired with the expanding reach of e-commerce platforms offering substantial discounts, is set to be a pivotal driver of market expansion. With urbanization on the rise, there's a notable uptick in forming new households. Given the projected further uptick in urban population levels, the demand for home improvement products is primed for a positive trajectory.
DIY Segment in Home Improvement Market is Dominating the Market
The DIY segment reigns supreme in the home improvement market. The proliferation of DIY stores and easy access to equipment and tools online is set to bolster the segment's growth, driving up product demand. Major industry players ramp up R&D efforts to expand product ranges, foster innovation, and enhance product value. A crucial driver of this market surge is the growing proficiency of consumers in home improvement tasks. Manufacturers are rolling out smart home improvement kits to empower DIY enthusiasts further. Moreover, the market's landscape, dotted with prominent manufacturers and retailers, catalyzes a surge in DIY projects nationwide.
Vietnam Home Improvement Industry Overview
Vietnam's home improvement market is fragmented, with many players. The report covers major international players operating in the Vietnamese home improvement market. In terms of market share, some of the major players currently dominate the market, including Andersen Corporation, DuPont Building Innovations, Kohler, 3M Vietnam Co. Ltd, and Rockwool. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
Vietnam Home Improvement Market Leaders
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Andersen Corporation
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DuPont Building Innovations
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Kohler
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3M Vietnam Co. Ltd
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Rockwool
*Disclaimer: Major Players sorted in no particular order
Vietnam Home Improvement Market News
- September 2023: the Malaysian home improvement giant Mr. DIY bolstered its presence in Vietnam, launching five new stores across three strategic locations in a month.
- June 2023: the International Contractors Association of the Republic of Korea (ICAK) and the Vietnam Association of Construction Contractors (VACC) had significantly strengthened their collaboration in the construction sector.
Vietnam Home Improvement Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Homeownership Rates
4.2.2 Rising Disposable Income is Driving the Market
4.3 Market Restraints
4.3.1 High Material and Labor Costs is Restraining the Market
4.4 Market Opportunities
4.4.1 Growing Demand for Eco-friendly Home Improvement Solutions
4.4.2 Rise of Online Platforms and E-commerce
4.5 Value Chain / Supply Chain Analysis
4.6 Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on Key Trends and Technological Innovations in the Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Project
5.1.1 DIY
5.1.2 DIFM
5.2 Type
5.2.1 Kitchen Improvement & Additions
5.2.2 Bath Improvement & Additions
5.2.3 System Upgrades
5.2.4 Exterior Replacements
5.2.5 Interior Replacements
5.2.6 Property Improvements
5.2.7 Disaster Repairs
5.2.8 Other Room Additions & Alterations
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Andersen Corporation
6.2.2 DuPont Building Innovations
6.2.3 Kohler
6.2.4 3M Vietnam Co. Ltd
6.2.5 Rockwool
6.2.6 Innoci Viet Nam Co., Ltd
6.2.7 Caeser
6.2.8 Ambassador Signage & Lighting
6.2.9 Truong Thanh
6.2.10 Luca Interior Design Company Limited
6.2.11 Kaze Interior Design Studio
6.2.12 Ttdecor*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Vietnam Home Improvement Industry Segmentation
Home improvement involves enhancing the appearance of an existing home through decoration or the construction of small structures. This encompasses enhancements to outdoor spaces like lawns, gardens, and structures such as gazebos and garages.
A complete background analysis of the Vietnam home improvement market, which includes an assessment of the National accounts, economy, and emerging market trends by segments, significant changes in the market dynamics, and the market overview, is covered in the report. Vietnam Home Improvement Market is segmented by Project (DIY and DIFM) and Type (Kitchen Improvement & Additions, Bath Improvement & Additions, System Upgrades, Exterior Replacements, Interior Replacements, Property Improvements, and Disaster Repairs).
The report offers market size and forecasts for the Vietnam Home Improvement Market in terms of revenue (USD) for all the above segments.
| Project | |
| DIY | |
| DIFM |
| Type | |
| Kitchen Improvement & Additions | |
| Bath Improvement & Additions | |
| System Upgrades | |
| Exterior Replacements | |
| Interior Replacements | |
| Property Improvements | |
| Disaster Repairs | |
| Other Room Additions & Alterations |
Vietnam Home Improvement Market Research Faqs
How big is the Vietnam Home Improvement Market?
The Vietnam Home Improvement Market size is expected to reach USD 3.10 billion in 2024 and grow at a CAGR of 3.40% to reach USD 4.20 billion by 2029.
What is the current Vietnam Home Improvement Market size?
In 2024, the Vietnam Home Improvement Market size is expected to reach USD 3.10 billion.
Who are the key players in Vietnam Home Improvement Market?
Andersen Corporation, DuPont Building Innovations, Kohler, 3M Vietnam Co. Ltd and Rockwool are the major companies operating in the Vietnam Home Improvement Market.
What years does this Vietnam Home Improvement Market cover, and what was the market size in 2023?
In 2023, the Vietnam Home Improvement Market size was estimated at USD 2.99 billion. The report covers the Vietnam Home Improvement Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Home Improvement Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Home Improvement Industry Report
Statistics for the 2023 Vietnam Home Improvement market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Home Improvement analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
