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The Global Home Decor Market size is forecast to increase by USD 326.66 million, at a CAGR (Compound Annual Growth Rate) of 7.34% between 2023 and 2028. Several factors play a crucial role in the market's growth, such as rising disposable income among global consumers, the ongoing evolution of consumer lifestyles, and the rising popularity of blogs related to interior designing.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising popularity of blogs related to interior design is notably driving market growth. Globally, consumers spend more on designer and unique products, including curtains, cushion covers, tables, cupboards, beds, and floor coverings. The growing income of consumers and the increasing penetration of social media have increased the inclination of consumers toward interior designing and unique designer home-improvement products. Online sale platforms play a major role in generating consumer interest in interior design. Independent bloggers, design partners with popular e-retailers, and standard-quality websites intimate customers about the latest trends and products.
For instance, Apartment Therapy LLC is a lifestyle blog publishing company focused on home design and decor. Major players also offer dedicated services to help consumers plan their interior design. For example, vendors offer the services of their interior designers who help homeowners with customized and efficient home designs with great functionality and aesthetics. The rising popularity of interior design blogs will fuel the demand for trendy home furnishings, thereby supporting the growth of the market during the forecast period.
Enhancement of consumer experience through technologies is an emerging trend shaping market growth. The evolution and development of technology have extended to the home decor segment. The integration of various technologies, such as augmented reality (AR) and virtual reality (VR), by vendors has helped customers to choose the best products. The AR and VR application allows users to input the dimensions of rooms in their homes into the app and then select items from the catalog offered by the company. Consumers can virtually see all the different colors and textures of the product by pointing their smartphone at a particular item of furniture.
Additionally, once the customers have created the room virtually, they can order the items online directly with the apps help. For instance, in July 2022, Nextech AR Solutions Corp., a global provider of AR, announced that it is now a three-dimensional model supplier for the largest prime e-commerce marketplaces, such as Amazon and other companies. Such technological innovations will fuel the growth of the market during the forecast period.
The long product replacement cycle of home decor products resulting in infrequent purchases is a significant challenge hindering market development. The latest design trends play an important role in determining customer's purchase decisions for residential indoor furnishing. However, furniture is not meant for frequent changes as it lasts long. Most furniture products are expensive and considered one-time investments. Therefore, after the first purchase, customers do not feel the need for frequent replacements. Branded home decor items are durable and reliable, mainly offered in superior quality.
Moreover, consumers need to incur only maintenance and cleaning costs over the years to improve their lifespan and retain their usability for such products. This results in infrequent purchases, and it hinders the market growth and trends of the market. Therefore, long replacement cycles of products affect sales volume, which is a major challenge for the growth of the market during the market forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Armstrong World Industries Inc. - The company offers home decor products such as raised panels, EASY ELEGANCE deep coffer white, and WOODHAVEN ceilings.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative market trends and analysis of companies have been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The furniture segment is estimated to witness significant growth during the forecast period. Consumers seek furniture not only for its practical use but also as a means of expressing personal style and enhancing the visual appeal of their homes. This category includes items such as sofas, chairs, tables, beds, and storage solutions, with designs ranging from classic to contemporary. The growth is linked to the rising popularity of wooden furniture among middle- and high-income communities, who value it for its higher quality and aesthetic appeal.
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The furniture segment was the largest and was valued at USD 341.06 million in 2018. Additionally, changing trends toward the adoption of eco-friendly products have led to an increase in the usage of eco-friendly products in various sections of the home, including the bedroom, bathroom, outdoor space, and indoor space. In addition to pinewood as an alternative, various raw materials such as metal, plastic, glass, and leather have made strides in the market. Ashley Global Retail LLC (Ashley) is a prominent American manufacturer and retailer known for its comprehensive range of home furnishings. The company offers products like the Signature Design by Ashley sofa collections, the Bolanburg dining room set, and the Porter bedroom series, catering to various tastes and lifestyles. Thus, the growing need for furniture products will drive the growth of the furniture segment in the market during the forecast period.
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APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. This is attributed to the rising disposable income, the recovery of the real estate industry, increasing urbanization rates, and rising awareness levels. Rising urbanization has increased the number of new households being set up. Currently, nearly half of the APAC population lives in urban areas, and this is expected to increase further in the coming years. Thus, this will create a positive impact on the demand for products. Additionally, the recovery of the regional real estate industry is expected to drive homeownership rates, creating a positive impact on this market.
In addition, another major factor driving this market is the strong performance of the online retail sector. The advent of online retail has made products easily available, affordable, and convenient to buy. Thus, the aforementioned factors are expected to drive the growth of the regional market during the forecast period.
The home decor market exhibits a diverse landscape influenced by various factors such as textiles, end-use, and production methods. While machine-based processes dominate in developed regions, handcrafting remains prevalent in emerging countries like China, Brazil, and India. International players compete with regional ones to cater to consumer demands, especially in small-size houses where extra storage solutions and aesthetical appearances are crucial.
Eco-friendly products gain traction due to rising environmental concerns and increasing living standards. However, challenges like the proliferation of low-cost and counterfeit products persist, particularly in regions like Vietnam. Skilled labor shortages and ineffective transportation hinder market growth, but the demand for trendy, customized, and fashionable designs persists, particularly among high-income consumers. Segments like home textiles, floor coverings, and lighting witness significant demand, reflecting the diverse preferences and lifestyles of consumers worldwide.
The market report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2018 to 2028.
Home Decor Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Market forecasting period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.34% |
Market Growth 2024-2028 |
USD 326.66 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.92 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Armstrong World Industries Inc., Ashley Global Retail LLC, Bansal Handicrafts, Berkshire Hathaway Inc., Crate and Barrel, Duresta Upholstery Ltd., Home Decor International, Home24 SE, Inter IKEA Holding BV, Mannington Mills Inc., MillerKnoll Inc., Mohawk Industries Inc., Overstock Inc., Rhysley Group., Springs Window Fashions LLC, The Home Depot Inc., Tianjin U LIKE Intl Co. Ltd, Vetaas Nature., Wayfair Inc., and KRAPHY |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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