The Home Decor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Home Decor Global Market Report 2024, The home decor market size has grown marginally in recent years. It will grow from $639.64 billion in 2023 to $648.54 billion in 2024 at a compound annual growth rate (CAGR) of 1.4%. The growth in the historic period can be attributed to influence of social media, sustainable and eco-friendly products, globalization of design, real estate market stability, home improvement shows.
The home decor market size is expected to see steady growth in the next few years. It will grow to $735.05 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to smart home integration, wellness and biophilic design, sustainability and circular design, influence of influencers, global cultural fusion. Major trends in the forecast period include digital transformation and online retail, personalization and customization, subscription services and rental models, multi-functional furniture, augmented reality (AR) shopping.
The increasing penetration of smartphones and e-commerce is expected to propel the growth of the home decor market going forward. A Smartphone refers to a handheld electronic gadget that furnishes a connection to a cellular network and the internet. Smartphones are helpful for buying home decor products such as wall decor, cushions, curtains, and figurines from various online e-commerce websites. For instance, in October 2021, according to The Economic Times, an Indian business newspaper, India had the highest mobile data consumption rate in the world at 12 gigabytes per user a month, and the country is adding 25 million new smartphone users every quarter. Also, according to Bankmycell, a US-based price comparison site for mobile phones, in 2021, there are 6.37 billion (80.76% of the world population) smartphone users. Therefore, the increasing penetration of smart devices contributes to the growth of the home decor market.
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The home decor market covered in this report is segmented –
1) By Product Type: Furniture, Textile, Flooring, Other Products
2) By Price: Premium, Mass
3) By Application: Indoor, Outdoor
4) By Distribution Channel: Supermarkets and Hypermarkets, Specialty Stores, E-Commerce, Other Distribution Channels
Major companies operating in the home decor market are launching new products such as wall panels to increase their profitability in the market. Wall panels in home decor refer to prefabricated, often modular, components that are designed to cover and enhance the appearance of walls within a living space. For instance, in November 2022, Euro Pratik, an India-based lifestyle industry launched exclusive wall panels named Cassa 4, a revolutionary product featuring 56 distinct layouts. The product is tailored to both shield and enhance walls aesthetically, it comes in 8 and 9.5-ft sizes, catering to diverse preferences across India. The distribution extends to 150 urban areas in India, Nepal, Sri Lanka, and Bangladesh, Euro Pratik strives to redefine the Indian interiors market by meeting evolving trends with unparalleled, innovative solutions.
The home decor market report table of contents includes:
1. Executive Summary
2.Home Decor Market Characteristics
3. Home Decor Market Trends And Strategies
4.Home Decor Market analysis
5.Home Decor Market Size And Growth
6.Home Decor Segmentation
7.Home Decor Regional And Country Analysis
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27.Home Decor Competitive Landscape And Company Profiles
28.Home Decor Key Mergers And Acquisitions
29. Home Decor Future Outlook and Potential Analysis
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