Asia Pacific Home Improvement Market size valued at USD 68.95 billion in 2020 and is poised to register a CAGR of 4.5% between 2021 and 2027.

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Home improvement refers to the process of renovating or adding to one's home. Interior (plumbing & electrical) and exterior (masonry, concrete, roofing, and siding) modifications as well as other property improvements may be included in home renovation projects (such as garden work or garage maintenance). Repair work, personal preference & comfort, expanding a home by adding rooms, saving energy, or increasing safety are all causes that have contributed to the rise in home renovation projects.

Integrated home control systems are one of the most popular technologies among homeowners. This technology improves convenience, safety, and accessibility by allowing customers to control their entire homes from a single-touch screen panel. Cameras, lighting interconnections, HVAC, audio, video, and door access from conveniently situated panels inside the premises have all been possible due to IoT integration. Furthermore, a property can be monitored from any remote place using smartphone & tablet apps and security system connectivity.

Aging infrastructure and the growing need to rebuild or remodel buildings are driving the APAC renovation sector growth. The burgeoning construction industry owing to rising spending & investments in new building projects is also having a favorable impact on the Asia Pacific home improvement market revenue. Other key elements contributing to the popularity of renovations include a wide selection of customizable designs for commercial structures as well as a strong demand from property owners for attractive interiors. Residential buildings in the region are showing signs of improvement, fueled in part by the customer demand for aesthetic value.

To meet the growing demand for home improvement, the sector is seeing an increase in design and product developments, with many colors and finishing options. New product innovations, internet retailing, and efficient advertising can give rise to a variety of growth opportunities for the worldwide home improvement business.

Asia Pacific Market, By Project

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The DIFM segment from home improvement market in Asia Pacific will generate over USD 60 billion revenue by 2027. The market will develop with rising disposable incomes and the growing demand for lavish interior & exterior décor for aesthetic purposes. The adults in the region are working for longer hours; this means they have less time to spend with their families or engage in recreational activities.

Furthermore, the unemployment rate has been declining as countries are recovering from the COVID-19 pandemic. The emergence of the so-called Do-It-For-Me trend can be attributed to greater employment combined with an increase in work hours. In addition, the vast range of options & desires for complicated designs and professional finishing in pricey home remodeling projects will contribute to market growth.

Asia Pacific Home Improvement Market, By End-use

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The kitchen improvements & additions segment will witness around 5% growth rate during the forecast timeframe. The expanding home improvement industry has been aided by the advent of high-end & smart technologies, particularly in kitchens, over the recent years. The increasing need for simple add-ons, such as self-regulating dispensers, one-touch chillers, and motion-sensing water faucets, has fueled the adoption of smart kitchens in home renovation & remodeling. Moreover, due to market growth, developed regions that comprise a high percentage of people living in cities have been the key buyers of kitchen furniture & fittings.

Competitive Industry Landscape

Prominent participants operating across the Asia Pacific home improvement market include Ikea, Bed Bath & Beyond Inc., Herman Miller, Williams-Sonoma, Inc., Walmart Inc., HOMENIQUE Decors Pvt Ltd., Carpet Removal Sydney, SwitchBot, The Recommend Group, and DKI Ventures LLC.

Companies are pursuing strategic initiatives such as mergers & acquisitions, new product launches, and facility expansion. Such important strategic measures will strengthen the market positions of existing players and are likely to boost their business profitability.