The Interior Fit Out market is estimated to be valued at US$ 58.91 billion in 2022 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Interior fit out refers to the process of finishing and furnishing an interior space to make it functional. It includes activities such as installations of ceilings, partitions, flooring, fixtures, furniture, and appliances. Interior fit outs are widely used in commercial spaces such as offices, retail outlets, hotels, restaurants, healthcare facilities, and others.
Market Dynamics:
The interior fit out market is expected to grow at a significant rate owing to increasing construction activity and rapid urbanization across the globe. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Rapid urbanization is also boosting the demand for residential and commercial construction worldwide. This is anticipated to propel the market growth of interior fit outs over the forecast period. Moreover, growing demand for green buildings and sustainable fit outs is also expected to support the market growth. However, volatility in raw material prices and shortage of skilled workforce may hinder the market growth.
Key Takeaways
The global Interior Fit Out market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing investments in commercial real estate sector. Rapid urbanization and growth of businesses are major drivers leading to higher construction of offices, retail showrooms and other commercial spaces requiring interior fit outs.
Regional analysis: North America dominates the global Interior Fit Out market currently due to large presence of major commercial construction projects in countries like United States. Asia Pacific region is expected to witness fastest growth going forward supported by robust economic growth, rising disposable income and expansion of multinational corporates in countries like China and India attracting huge investments in commercial infrastructure development.
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