Vietnam Home Improvement Market

Market Overview:

Vietnam home improvement market is projected to exhibit a growth rate (CAGR) of 2.62% during 2024-2032. The rising availability of skilled labor and contractors specializing in various home improvement services, favorable government initiatives, favorable government initiatives promoting housing and property development and escalating demand for renovation and enhancement represent some of the key factors driving the market.

Home improvement refers to the process of making enhancements, renovations, or modifications to a residential property to enhance its functionality, aesthetics, comfort, or value. It encompasses a wide range of projects and activities undertaken by homeowners to upgrade, repair, or transform their homes. Home improvement projects can be as simple as painting a room or as complex as a full-scale kitchen remodeling. These projects may involve interior or exterior modifications and can be undertaken for various reasons, including improving living conditions, increasing property value, addressing wear and tear, enhancing energy efficiency, or accommodating changing lifestyle needs. Common home improvement projects include remodeling kitchens and bathrooms, renovating basements, adding extra rooms or living spaces, installing new flooring, upgrading electrical and plumbing systems, replacing roofing and siding, and landscaping improvements. The scope of a home improvement project can vary from minor cosmetic changes to major structural alterations, depending on the homeowner's goals and budget. It allows homeowners to personalize their homes, adapt to changing needs, and create a space that aligns with their lifestyle and preferences. Currently, home improvement is gaining immense traction in Vietnam as it enhances the comfort and functionality of a living space and adds aesthetic appeal and can contribute to significant energy savings and higher property resale value.

Vietnam Home improvement Market Trends:

The Vietnam home improvement market is primarily driven by the rapidly urbanizing population and increasing disposable incomes that has escalated the desire among homeowners to invest in upgrading and renovating their residential properties, whether for enhanced comfort or improved aesthetics. Moreover, the rapid expansion in the real estate sector, including housing and commercial developments has augmented the demand for construction materials and home improvement products, thereby supporting market growth. Apart from this, the rising awareness of environmental sustainability that encourages homeowners to undertake energy-efficient upgrades and eco-friendly home improvement projects is propelling market growth. Additionally, the availability of a wide range of home improvement products and materials and competitive pricing that enables consumers with choices is another major growth-inducing factor. Along with this, the shifting trend toward multifunctional and space-efficient living has amplified the demand for innovative home improvement solutions that optimize available space, fueling market growth. Besides this, the heightened desire for increased property value which motivates homeowners to undertake renovations and improvements in Vietnam has catalyzed market growth. Furthermore, the rising convenience of e-commerce platforms and digital marketing that expands consumer access to home improvement products and services is contributing to market growth. Other factors, including the increasing infrastructural development projects, favorable government initiatives promoting housing and property development, and escalating need for functional, modern living spaces, are also anticipated to create a positive market outlook in the coming years.

Vietnam Home Improvement Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on project and type.

Project Insights:

• DIY
• DIFM
   

The report has provided a detailed breakup and analysis of the market based on the project. This includes DIY and DIFM.

Type Insights:

• Kitchen Improvement and Additions
• Bath Improvement and Additions
• System Upgrades
• Exterior Replacements
• Interior Replacements
• Property Improvements
• Disaster Repairs
• Others
   

A detailed breakup and analysis of the market based on the type have also been provided in the report. This includes kitchen improvement and additions, bath improvement and additions, system upgrades, exterior replacements, interior replacements, property improvements, disaster repairs, and others.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Vietnam Home Improvement Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam home improvement market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Vietnam home improvement market?
• What is the breakup of the Vietnam home improvement market on the basis of project?
• What is the breakup of the Vietnam home improvement market on the basis of type?
• What are the various stages in the value chain of the Vietnam home improvement market? 
• What are the key driving factors and challenges in the Vietnam home improvement?
• What is the structure of the Vietnam home improvement market and who are the key players?
• What is the degree of competition in the Vietnam home improvement market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam home improvement market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam home improvement market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam home improvement industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.