New York, US, May 24, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Home Decor Market Information by Product Type, Distribution Channel and Region- Forecast till 2032”, the global home decor market was estimated to be worth USD 926.1 billion in 2022. The home decor market is expected to increase from USD 964.9 billion in 2023 to USD 1341.1 billion by 2032, at a compound annual growth rate (CAGR) of 18.20% between 2023 and 2032. Rising building, remodelling, and remodelling activities in residential and commercial regions are one of the primary industry drivers currently supporting the market.
Home Decor Market Overview:
Smartphones are useful for acquiring home décor products such as wall art, cushions, curtains, and figurines from various online e-commerce websites. According to The Economic Times, an Indian business journal, by October 2021, India will have the highest mobile data consumption rate in the world, with each user consuming 12 gigabytes per month, and the country is adding 25 million new smartphone users every three months. Furthermore, according to Bankmycell, a mobile phone pricing comparison website based in the United States, 6.37 billion people (80.76% of the world’s population) will be using smartphones in 2021. As a result, as smart gadgets grow more popular, the market CAGR for home decor is increasing.
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|2032 Market Size||USD 1341.1 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, Distribution Channel and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Increase in online expenditure and use of smartphones|
|Increasing demand for green home décor products|
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Strategic partnerships and collaborations have emerged as a key trend in the home decor business. To maintain their market position, key players in the home decor business are focusing on strategic alliances and partnerships. For example, in April 2022, Dabito, a designer, photographer, artist, and the proprietor of Old Brand New, partnered with Mitzi, a home decor firm situated in the United States. This collaboration resulted in the production of 12 new Mitzi pieces that are equally sleek, modern, and appealing, ranging from wall sconces to chandeliers. In addition, in April 2022, Ruggable, a pioneering washable rug maker based in the United States, will join with Keith Haring Studio to create a collection of 15 chenille rugs and 9 doormats adorned with the late American artist’s distinctive line drawings.
Ruggable rugs are constructed of a machine-washable top layer that is easily separated from a cushioned base. As a result, the home decor market revenue is increasing.
Key Companies in the home decor market include
- Ashley Furniture Industries Inc.
- Duresta Upholstery Ltd.
- Forbo Holding AG
- Herman Miller Inc.,
- Inter IKEA Systems B.V.
- Kimball International Inc.
- Koninklijke Philips N.V.
- Mannington Mills Inc.
- Mohawk Industries Inc.
- Hanssem Co., Ltd.
- Siemens AG
- Springs Window Fashions, LLC
- Suofeiya Home Collection Co., Ltd.
- Samson Holding Ltd
- Shaw Industries Group Inc. (Berkshire Hathaway Inc.)
- Sophia Home
The worldwide home décor market is classified by product type, distribution channel, and geography.
The home décor market is divided into four product categories: home furniture, home textiles, flooring, wall décor, lighting, and others. The market was dominated by the home furniture category.
The home décor market is divided into four distribution channels: Home Décor Stores, Supermarkets and Hypermarkets, Online Stores, Gift Shops, and Others. The most money was made in the home décor stores category.
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The home décor market is divided into four regions: North America, Europe, Asia-Pacific, and the Rest of the World.
Because of the population shift to urban areas, the Asia Pacific home decor industry will dominate this market. The area’s real estate industry is fast increasing, indicating that new homes and structures are being constructed. As a result of new construction, the market is flooded with innovative and creative décor products. Furthermore, the growing tendency of using waste materials to provide a contemporary appeal has boosted the trend of waste material utilisation. As a result, the level of innovation in home décor products has increased.
From 2023 to 2032, Europe’s home decor market is predicted to develop at the quickest CAGR. The bulk of uses for home decor are in the residential industry, followed by the European business market.
As a result of a growth in the usage of design goods for residential applications, Spain currently maintains the top revenue rank in the global market for home décor. Government laws also require that hospital furniture be specially designed and manufactured. Furthermore, the German home décor market had the highest market share, while the UK home decor industry was the fastest expanding in the European region.
The home decor market in North America is the second largest in the world. The market’s growth can be due to increased product availability as well as increased online and offline home décor channel penetration. The use of various décor products, such as furniture, lighting, decorative flooring, and textiles, is most common in the region, which has a sizable market participant base. Furthermore, the United States had the biggest market share, while Canada had the fastest expanding market in the Asia-Pacific region.
Leading market players are extensively spending in R&D to extend their product lines, which will help the home decor market grow even more. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations. To grow and thrive in a more competitive and increasing market climate, the home decor sector must provide low-cost items.
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