Increasing urban population in emerging economies and increasing spending on home decor products such as coarse textiles and carpets are contributing significantly to the growth of the global market. However, the distribution of low-quality and counterfeit products and fluctuations in the prices of raw materials used to manufacture these products are restraining the market growth. On the contrary, the surge in demand for trendy and unique furniture is expected to provide lucrative growth opportunities for the DIY home decoration industry.
According to a new report titled “DIY Home Decoration Market” published by Allied Market Research, the DIY home decoration market was valued at $240.64 billion in 2021 and will reach $372.06 billion by 2031, with a CAGR of It is estimated to grow at 4.7%. The flooring segment accounts for a significant revenue share of the DIY home decoration market share in the global interior decoration market and is expected to grow at a CAGR of 4.0% over the forecast period. North America is one of the prominent regions, accounting for a significant share of the total market in 2019.
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The global DIY home decoration market has witnessed significant growth over the years and is expected to grow steadily during the forecast period. This is due to the increasing environmental awareness, which is driving market players to focus on developing environment-friendly products. The flooring segment accounted for the largest share of the overall DIY home decoration market in 2019 and is expected to maintain its leading position throughout the forecast period due to wide adoption of flooring across the globe. Additionally, the demand for home décor products is expected to increase due to rapidly rising disposable incomes and rising standards of living in emerging economies such as China and India, as well as growing consumer affinity for consumer-friendly home décor products. Masu. However, availability of low-quality and counterfeit products and fluctuations in prices of raw materials used in manufacturing these products are restraining the growth of the DIY home decoration market. On the contrary, the surge in demand for trendy and unique furniture is expected to result in favorable growth for players. DIY Home Decoration Market Opportunities
This report segments the DIY Home Decoration market on the basis of product type, income group, price range, distribution channel, and region. Based on product type, the market is segmented into furniture, home textiles, and flooring. By income bracket, it is divided into lower middle income, upper middle income, and high income. By price, it is divided into mass and premium. Depending on the distribution channel, they are classified into supermarkets, hypermarkets, specialty stores, e-commerce, etc. Regionally, research spans North America, Europe, Asia-Pacific, and LAMEA.
Increasing urbanized population in emerging economies, coupled with increasing spending on upholstery products such as rough fabrics and carpets, is contributing significantly to the growth of the global DIY upholstery market trend. According to the global DIY interior decoration market analysis, the flooring segment generated the highest revenue in 2019 and is expected to continue to dominate throughout the forecast period.
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This is due to the increased demand for stylish flooring products among consumers. Moreover, the increasing popularity of home decoration products, coupled with the rising demand for different designs and customizations, is positively impacting the growth of the global DIY home decoration market.
In 2021, flooring was the most prominent segment accounting for the largest share in the global market. This can be attributed to the rise in home decor trends and standard lifestyles. However, the e-commerce segment is expected to witness the highest growth due to the rising penetration of the internet and online shopping.
According to the DIY home décor market forecast, Asia Pacific is expected to hold the largest share of the global market in 2021 and is expected to continue this trend in the near future. This can be attributed to the surge in consumer spending on luxury home décor items and rising living standards. Moreover, developed retail structure and celebrity brand endorsements are helping boost sales in the region. Moreover, China is expected to grow at the highest CAGR due to the rapid development of infrastructure and changing purchasing behavior of people due to increasing disposable income.
Key companies profiled in the DIY home décor industry include Inter IKEA Group, Forbo International SA, Armstrong World Industries, Inc., Mannington Mills, Inc., Mohawk Industries Inc., Shaw Industries Group, Inc., Herman Miller, Inc., Ashley Furniture Industries Ltd., Kimball International, Overstock.com, Inc., Target Corporation, Walmart Inc., Wayfair Inc., Williams-Sonoma, Inc. Duresta Upholstery Ltd, Overstock.com, Inc., Target Corporation, Walmart Inc., Wayfair Inc., Williams-Sonoma, Inc. These companies are focusing on developing eco-friendly home décor products to strengthen their foothold in the market.
Main results of the study
Based on product type, the flooring segment contributed the most to the global DIY interior decoration market demand in 2021 and is projected to grow at a CAGR of 3.9%.
Based on income groups, the lower-middle income segment is expected to grow at the highest CAGR of 5.5% from 2022 to 2031.
Regionally, the DIY home decoration market size in Asia Pacific is expected to grow at a CAGR of 4.8% from 2022 to 2031.
Based on price band, the mass segment is expected to grow at a CAGR of 4.0% from 2022 to 2031.
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Allied Market Research (AMR) is the full-service market research and business consulting division of Allied Analytics LLP, based in Wilmington, Delaware. Allied Market Research provides unparalleled quality of Market Research Reports and Business Intelligence Solutions to global corporations and small businesses. AMR's goal is to provide business insights and consulting to help clients make strategic business decisions and achieve sustainable growth in their respective market areas.
As CEO of Allied Market Research, Mr. Pawan leads the organization towards delivering high quality data and insights. We have professional corporate relationships with various companies that allow us to mine market data, create accurate research data tables, and maximize the accuracy of market forecasts. All data presented in the reports we publish are extracted through initial interviews with top executives of leading companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with knowledgeable industry experts and analysts.
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