Malaysia Leads ASEAN with Dominant Home Improvement Retail Space Per Capita: A Key Driver of the Market
Wednesday, September 20, 2023
DUBLIN, Sept. 12, 2023 /PRNewswire/ -- The "ASEAN Home Improvement Market (Indonesia, Singapore, Philippines, Thailand & Malaysia): Insights & Forecast with Potential Impact of COVID-19 (2023-2027)" report has been added to ResearchAndMarkets.com's offering.
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The ASEAN home improvement market is on a growth trajectory, with a forecasted value of $13.00 billion by 2027, experiencing a robust CAGR of 9.33% during the period from 2023 to 2027.
Key Growth Factors:
-- Population Growth: The increasing population in ASEAN countries is
driving the demand for home improvement products. As more families
expand and urbanize, the need for enhancing living spaces becomes a top
priority.
-- Urbanization: Rapid urbanization is a key factor contributing to the
market's expansion. As more people move to urban areas, they seek to
improve their living conditions, resulting in a surge in demand for home
improvement products.
-- E-commerce Penetration: Rising e-commerce penetration is positively
impacting the market. Consumers now have easier access to a wide range
of home improvement products online, which has fueled market growth.
-- Work from Home Trend: The increase in work-from-home and freelancing
jobs is contributing to the market's growth. With more individuals
working remotely, there is a growing emphasis on creating comfortable
and efficient home office spaces.
Challenges:
-- Labor Shortage: A shortage of labor in some ASEAN countries could pose
challenges to the market. The construction and home improvement
industries heavily rely on skilled labor, and shortages can lead to
project delays and increased costs.
-- Economic Slowdown: Economic slowdowns may impact consumer spending on
home improvement. During periods of economic uncertainty, individuals
and households may delay or scale down renovation projects.
Market Segmentation:
The ASEAN home improvement market includes key regions such as Indonesia, Thailand, Malaysia, Philippines, and Singapore. Within these regions, the market is segmented into various categories:
-- Bathroom and Sanitaryware
-- Home Paint
-- Hardware
-- Kitchen Sinks
-- Power Tools
-- Wall Coverings
-- Hand Tools
Retail Space Per Capita:
Malaysia holds the dominant share of home improvement retail space per capita in 2022, followed by Thailand. Factors such as unaffordable home loans and rising disposable income have contributed to this growth. The availability of retail space enables consumers to explore a wide range of products and make informed choices.
Key Players:
Leading players in the ASEAN home improvement market include Ace Hardware Indonesia, Dairy Farm International Holding Limited, Siam Global House Public Company Limited, Home Product Center Public Company Limited, Mr D.I.Y. Group, and AllHome Corp. These companies play a pivotal role in shaping the market's competitive landscape.
For more information about this report visit https://www.researchandmarkets.com/r/zgqsjz
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