Home decor market size to grow by USD 289.49 billion from 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics

NEW YORK, Jan. 31, 2023 /PRNewswire/ — The global home decor market size is estimated to increase by USD 289.49 billion between 2022 and 2027. The market’s growth momentum will accelerate at a CAGR of 7.27{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827}. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. Discover more insights on the market – Request a sample report

Global home decor market – Vendor analysis
Vendor offerings –

• Armstrong World Industries Inc. – The company offers home decor solutions such as raised panel, EASY ELEGANCE deep coffer white, and WOODHAVEN beadboard.

• Ashley home stores Ltd. – The company offers home decor solutions such as wall mirrors, floor mirrors, and faux plants.

• Bed Bath and Beyond Inc. – The company offers home decor solutions such as candles, diffusers, faux florals, and greenery.

• Costco Wholesale Corp. – The company offers home decor solutions such as wall art, picture frames, and indoor plants.

• For details on vendors and their offerings – Buy the report!

Vendor landscape –

The global home decor market is fragmented, with the presence of several established vendors. A few prominent vendors that offer home decor in the market are Armstrong World Industries Inc., Ashley home stores Ltd., Bed Bath and Beyond Inc., Costco Wholesale Corp., Duresta Upholstery Ltd., Forbo Management SA, Global Home Interiors, HANSSEM Co. Ltd., Home24 SE, Inter IKEA Holding BV, Kimball International Inc., Mannington Mills Inc., MillerKnoll Inc., Mohawk Industries Inc., Otto Home Goods, Penney IP LLC, Shaw Industries Group Inc., Springs Window Fashions LLC, Suofeiya Home Collection Co. Ltd., and Wayfair Inc. and others.

Market players compete on various factors, including price, quality, brand, and variety. Companies undertake various marketing strategies to increase their market shares. The acquisition of new brands will enable the leading competitors to maintain their dominance in the global home decor market during the forecast period. In addition, market players should to focus on the customization of furniture through consumer interactions. Major competitors are trying to mass-customize their products by interacting with consumers through AR-based applications. Such technological advances are expected to drive the growth of the global home decor market during the forecast period.

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Global home decor market – Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –

Global home decor market – Segmentation assessment

Segment overview
Technavio has segmented the market based on product (furniture, floor coverings, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The furniture segment will account for a significant share of the market’s growth during the forecast period. This growth is attributed to factors such as the rising popularity of wooden furniture among middle- and high-income customers. In addition, the adoption of eco-friendly products has increased. Pinewood, metal, plastic, glass, and leather are some of the eco-friendly raw materials used for making furniture. These factors will drive the growth of the furniture segment in the market during the forecast period.

Geography overview
Based on geography, the global home decor market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global home decor market.

• APAC is estimated to account for 50{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} of the growth of the global market during the forecast period. The growth of the market is attributed to factors such as rising disposable income, the recovery of the real estate industry, rapid urbanization, and increasing awareness. The high performance of the online retail sector is also driving market growth in the region. Home decor products are easily available, affordable, and convenient to buy from online retail platforms.

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Global home decor market – Market dynamics

Leading drivers – The growing importance of innovative, customized furniture is driving market growth. The preference for smart and customized furniture has increased. For instance, IKEA and Ethan Allen offer innovative furniture and customized fabric. On December 6, 2022, IKEA announced its plan to develop multifunctional furniture. Thus, growing innovation in furniture by vendors will fuel the growth of the market during the forecast period.

Key trends – Enhancement of consumer experience through technology is a key trend in the market. AR and VR apps allow users to input the dimensions of rooms and then select items from the catalog accordingly. Consumers can virtually see different colors and textures by pointing their smartphones at a particular item of furniture. They can also find similar products and select the desired home decor items. These factors will support the growth of the market.

Major challenges – High volatility in raw material prices and transportation costs is challenging market growth. The prices of raw materials have increased due to their shortage. Raw materials, such as polyurethane foam, faced a shortage in late 2020, which increased their price. The prices of other raw materials, such as springs, fabrics, board materials, mechanisms, feathers, fiber, and packaging goods, have also increased. Moreover, the capacity of transportation is restricted, and tariffs have increased. These factors increase the final cost of the product. This, in turn, will hinder the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this home decor market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the home decor market between 2023 and 2027

• Precise estimation of the size of the home decor market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the home decor market across APAC, North America, Europe, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of home decor market vendors

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Related Reports:

The home furniture market is estimated to grow at a CAGR of 5.34{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} between 2022 and 2027. The size of the market is forecasted to increase by USD 105.01 billion. This report extensively covers market segmentation by distribution channel (offline and online), product (living room furniture, bedroom furniture, storage furniture, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The size of the home furniture and bedding market in US is projected to grow by USD 10.86 billion with a CAGR of 2.96{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} during the forecast period 2021 to 2026. This report extensively covers segmentation by distribution channel (offline and online) and product (living room furniture, bedroom furniture, storage furniture, and others).

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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