NEWARK, Del., September 19, 2023 (Globe Newswire) — By 2033, the global wall art market is expected to be worth US$94.8 billion. The CAGR from 2023 to 2033 is expected to be 5.4%. By the end of 2023, the value of the global wall art industry is expected to reach approximately USD 56.2 billion. It is expected to generate a total financial potential worth USD 38.6 billion within the forecast period.
The rapidly growing popularity of minimalism is expected to increase demand for wall art in North America through 2033. Minimalist design concepts aim to improve the beauty of a space by focusing on essential components, clear lines, and simplicity. Modern consumers are expected to prefer minimalist home designs that help provide visual appeal and personal touches without compromising aesthetics.
In countries such as the United States and Canada, there is a rapidly growing trend to encourage and recognize emerging artists. This has led to the minimalist trend gaining popularity in several countries.
Several up-and-coming artists want to offer minimalist wall art pieces that offer a unique concept. The continued fusion of new artists and minimalist designs is predicted to drive the North American wall art industry. By 2033, growth in European residential and personal spaces is likely to support the wall art market. Some people may be spending money on improvements or additions to their homes.
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As the number of homeowners increases, the need to design and modify living spaces to express one's personality will likely increase. This is expected to increase the demand for wall art, which is an ideal way to start personalizing, allowing homeowners to decorate their homes to their own tastes.
With the growing influence of Pinterest and Instagram, we expect wall art adoption to increase in Asia Pacific over the study period. Both social media platforms are highly visual and frequently feature various DIY projects, designs, and wall art ideas.
Both platforms have helped DIY enthusiasts discover a variety of wall art ideas, from the complex to the simple. This visual motivation will stimulate the imagination and motivate individuals to take on new DIY projects.
Key points from wall art market research
The global wall art industry grew at a decent CAGR of 6.7% during the historical period from 2018 to 2022. The US wall art industry is expected to be valued at more than US$16.3 billion by 2033. China's wall art industry has the potential to showcase its value. The CAGR from 2023 to 2033 is approximately 5.4%. In terms of type, the wallpaper/stickers/wall coverings segment is expected to achieve a CAGR of 5.2% during the forecast period. Based on usage, the residential segment had a CAGR of 5.0% during the assessment period.
“Thanks to continued technological advances, digital art promises to be able to reproduce iconic works of art in high resolution and detail. In this way, the finished work of art retains the delicacy and detail of the original. This is expected to create new avenues of growth for leading wall art providers,” says Future Market Insights (FMI) Principal Analyst.
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competitive environment
Leading suppliers of wall art are implementing a variety of organic and inorganic technologies to compete with rivals in today's changing market. Some companies license well-known works of art or work with artists to create original designs. They create an appealing set of art styles that may reach an audience of fans as a result.
Reputable companies also focus on expanding their geographical reach outside their home market. They will do this to learn about some cultural preferences and seize new business opportunities.
The rapid growth of internet marketplaces and e-commerce platforms is predicted to change the way wall art is sold and purchased. Several vendors are working hard to build their online presence through well-known online marketplaces or their own websites. This plan allows you to deliver your products to your customers' doorsteps, increasing your sales.
for example,
Kolkata-based company A Square Designs has debuted its new ‘Power of Wall Art’ line in September 2023. The company's latest exhibit serves as proof that well-chosen wall art can elevate any space from the ordinary to the extraordinary. Wall producer Art Prints AI Art and prints created by artificial intelligence (AI) has launched its latest collection on its official website in July 2023. The original landscapes, abstract designs, and portrait photographs in the collection were created with different aesthetics in mind.
Gain more valuable insights into the wall art market
Future Market Insights (FMI) presents an objective assessment of the global wall art market, presenting historical demand data from 2018 to 2022 and forecast statistics from 2023 to 2033.
The wall art market is segmented by type (wallpaper/sticker/wallpaper, wall hanging, framework, decorative shelf, etc.), sales channel (offline (hypermarkets and supermarkets, specialty stores, others), application (residential, commercial), and region. ) from 2023 to 2033.
Wall Art Market Report Scope
Attribute Details Estimated Wall Art Market Size (2023) 56.2 Billion USD Forecast Wall Art Market Valuation (2033) 94.8 Billion USD Wall Art Market in Value CAGR (2023-2033)5.4% Historical Data 2018-2022 Forecast Period 2023-2033 Unit Value (USD Billion) Segment Wall Art Market Research Types of Studies Covered in the Study Sales Channels Applications Regions Covered in the Wall Art Market Report North America, Latin America, East Asia, South Asia-Pacific, Western Europe , Eastern Europe, Middle East and Africa Major countries covered in the global wall art market United States, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Russia, GCC countries, India, China, Japan, Australia Wall Art Market Top Players VGL GroupArt.com Inc.Uprise Art LLCSaatchi Art LimitedSociety6 LLC
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The Consumer Products team at Future Market Insights (FMI) provides comprehensive business intelligence services with a vast array of reports and data points analyzed over 10 years and across more than 50 countries. The team provides consulting services and end-to-end research, delivering expert analysis, actionable insights and strategic recommendations to clients around the world. Contact them to discuss how they can meet your unique business intelligence needs.
Learn more about FMI's ongoing consumer products market insights
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author
Sneha Varghese, Senior Consultant, Consumer Products and Commodities, has over 6 years of experience in the market research and consulting industry. She has worked on over 200 of her research questions on consumer retail products.
Her work primarily focuses on driving strategic decision making, cross-functional business operations, technology project planning and management, and successful implementation. She has helped produce insightful and relevant analysis of food and beverage market reports and research, including consumer market, retail, and manufacturer research perspectives. She is also involved in several food magazine and magazine bulletins.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Winner, Greater New York Chamber of Commerce Member) provides deep insight into the drivers driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting, and events for the packaging, food and beverage, consumer technology, healthcare, industrial, and chemical markets. With a large team of over 5,000 analysts located around the world, FMI provides global, regional and local expertise on diverse sectors and industry trends in over 110 countries.
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