The ASEAN home improvement market is projected to grow to $14.2 billion by 2028 due to urbanization and rising disposable income, despite challenges such as labor shortages and economic slowdown.
The ASEAN home improvement market is expected to grow to USD 14.2 billion by 2028, at a compound annual growth rate (CAGR) of 9.24% from 2024 to 2028. Growth drivers include population growth, rising housing prices, urbanization, and favorable demographic trends. Challenges include labor shortages and economic downturn.
Key regions of the market include Indonesia, Thailand, Malaysia, Philippines, and Singapore. Indonesia currently holds the largest market share, followed by Thailand. In Singapore, sales are driven by categories such as bathroom and sanitary products, home paints, and hardware.
The comprehensive report details market dynamics, regional insights, and profiles of key players such as Ace Hardware India and Mr. DIY Group. For more information, please visit ResearchAndMarkets.com.
Source: Increasing trend of freelancers, increase in telecommuting, and increasing popularity of DIY
