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Several factors including increasing preference for luxury lifestyle as a result of the influence of western culture and growing interior designing market are expected to boost the market growth in the near future. As a result of growing urbanization, consumers are expected to build their homes according to the standard of their society and therefore are willing to choose creative and innovative home decor products.
Home Decor Market Growth & Trends
The global home decor market size is expected to reach USD 1.0 trillion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.6% over the forecast period. Several factors including increasing preference for luxury lifestyle as a result of the influence of western culture and growing interior designing market are expected to boost the market growth in the near future.
Growing urbanization has resulted in increased urban dwellers. According to United Nations, 55% of the population is living in urban areas in 2018. As a result of growing urbanization, consumers are expected to build their homes according to the standard of their society and therefore are willing to choose creative and innovative home decor products.
In addition, growing working population, particularly women, has induced the consumers to invest in these products owing to increasing purchasing power. Therefore, growing urban population will pose a positive effect on the demand for home décor products in the forecast period. Moreover, globalization has resulted in presence of a wider market for consumers, which facilitate easy product availability with a variety of products across various distribution channels.
In 2018, furniture was the largest product segment in the home decor market on account of being an integral part of every house subject to seating, relaxing, and storing. Influence of the western culture plays an important role in increasing the adoption of modular kitchen and wardrobes. This shifting trend has built up a market for non-wooden furniture on account of rising popularity of eco-friendly products.
Therefore, new furniture are manufactured in the market with different raw materials such as leather, metal, glass, and other alternatives such as pine wood in combination with wood. Furthermore, increasing popularity of multifunctional furniture owing to less storage space and greater convenience is boosting the growth of furniture in the market.
Indoor was the largest application segment in 2018 owing to its increasing application in different locations of the house such as bedroom, bathroom, kitchen, living room, and other covered areas inside the home. Shifting trend towards creative and innovative furnishing as well as furniture has influenced the consumers to invest in these products.
For instance, products such as foldable bed cum sofa, and foldable dining table and shelves have been increasingly gaining traction in the market. Moreover, increasing adoption of western culture lifestyle has largely influenced consumers to buy luxury products, particularly for bathroom and bedroom. In addition, increasing usage of upholstery in various applications pose a great potential in the indoor home décor market.
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Home Decor Market Report Highlights
By product, textile is projected to ascend at a CAGR of 7.2% over the forecast period
The indoor application segment dominated the global market with a revenue share of 92.6% in 2018
North America dominated the global home decor market in 2018, accounting for 37.7% share of the overall revenue
The industry is highly competitive in nature with the main players including Inter IKEA Systems B.V.; Kimball International Inc.; Herman Miller, Inc.; home24; Hanssem Corporation; Koninklijke Philips N.V.; and Conair Corporation.
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Home Decor Market Segmentation
Grand View Research has segmented the global home decor market on the basis of product, application, and region:
Home Décor Product Outlook (Revenue, USD Billion, 2015 – 2025)
Home Décor Application Outlook (Revenue, USD Billion, 2015 – 2025)
Home Décor Regional Outlook (Revenue, USD Billion, 2015 – 2025)
Middle East & Africa
Central & South America
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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