NEW YORK, May 12, 2023 (Globe Newswire) — The global interior decoration market was worth USD 672.2 billion in 2022. By 2032, it is expected to grow at a CAGR of 3.6% to reach USD 949 billion.
Home decoration is the art of designing the interior and exterior of a home to be aesthetically pleasing and useful to the people who live there. Products for decorating your home include a variety of items such as kitchen, dining area, bathroom, living room, home furnishings such as beds and flooring such as textiles, carpets, tiles, and rugs. Rubber and vinyl, laminate and wood, and more.
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Important points:
By product type, flooring had the overwhelming revenue share of over 26.0% in 2022 By distribution channel, the specialty store category had the highest revenue share in 2022 The Asia-Pacific market, which gained a revenue share of 39.7%, is expected to grow at the highest CAGR during the forecast period.
Home decor products have been widely adopted in developed countries such as the United States, Canada, and Germany, and consumer demand is expected to steadily increase in developing countries such as China, Brazil, and India.
Factors influencing the growth of the interior decoration market
Several factors can influence the growth of the interior decoration market. These factors include:
Construction: The increasing number of commercial and residential constructions, renovations, and renovations means that the need for interior decoration is even greater. This is expected to help expand the market. Increasing disposable income: Increased spending capacity and migration of population to urban areas are increasing sales of home decor products and contributing to market development. Increasing awareness: The public's awareness of the environment is increasing. Friendly materials are expected to drive market growth during the forecast period. Accessibility: Availability of aesthetic components at discounted prices, easy home delivery, and secure online payments.
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Top trends in the global interior decoration market
Increasing urbanization of consumers is changing their preferences for an urban lifestyle, including the use of high-quality, upscale furniture and other furnishings. Due to these changes, demand for interior decoration is expected to continue to grow. Furthermore, the expansion of the interior decoration market is expected to be complemented by the growth of the real estate industry.
market growth
Increasing public awareness of the benefits of adopting environmentally friendly materials has encouraged market leading players to expand their product lines. They are focusing on strategic partnerships with interior designers to offer unique home décor items to their customers, which is anticipated to drive market expansion during the forecast period.
regional analysis
In 2022, North America became the largest region, accounting for 39.7% of global revenue. Market growth can be attributed to increasing product accessibility and increasing penetration of both online and offline interior design channels. There are many market players in the region, and the use of lighting, textiles and decorative flooring is increasing. Significant market growth is expected in the Asia-Pacific region due to increasing urbanization. The region is seeing significant growth in the real estate sector, including the construction of new buildings and housing.
competitive environment
The competitive landscape of the market is also studied in this report. Market leaders are focusing on product innovation to increase market share. As consumers increasingly seek luxury and high-end lifestyles, new product launches help maintain consumer interest. Key players include Inter IKEA Systems BV, Kimball International Inc., Herman Miller, Inc., Home24, Hanssem Corporation, Koninklijke Philips NV, Conair Corporation, Suofeiya Home Collection Co., Ltd., Springs Window Fashions LLC, Siemens AG And so on. , and other major players in the interior decoration market.
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Report scope
Report Attribute Details Market Value (2022) USD 672.2 Billion Market Size (2032) USD 949 Billion CAGR (2023 to 2032) 3.6% North America Revenue Share 39.7% Past Period 2016 to 2022 Base Year 2022 Forecast Years 2023 to 2032
market drivers
Increasing number of commercial and residential constructions, renovations, and renovations are driving the growth of the interior decoration market. Increasing consumption capacity and population migration to urban areas are also driving global demand for home decor products. A significant increase in trade activities in ornaments also provides a positive outlook.
market constraints
The interior decoration industry is highly dependent on raw material suppliers. It's also difficult to obtain high-quality wood, as natural materials such as wood are strictly controlled when manufactured and imported, making it difficult to purchase upholstery products. Leather is in high demand due to the huge demand from industries such as footwear and textiles. However, the supply of leather is limited.Rising raw material costs due to these factors are hindering market expansion.
market opportunity
The lifestyle of consumers, especially in urban areas, has improved significantly due to the increase in disposable income. Rising desire of consumers to spend more money on home décor as these products enhance the aesthetic appeal of their homes is anticipated to provide lucrative opportunities for expansion of the global market.
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Home Decoration Market Report Segmentation
Insights into product types
Based on type, the flooring segment accounts for the largest share in the market. You can use vinyl, rubber, tile, wood, laminate, and other flooring materials. Awareness of the importance of recycling and waste reduction has increased significantly. The flooring industry is being influenced by recycled materials such as tiles, laminates, and wood. Our trendy flooring materials are inexpensive, environmentally friendly, and highly rated by our customers.
Distribution channel insights
Based on distribution channel, specialty stores accounted for the largest market share in 2022. Specialized outlets for upholstery sell many products and similar products. We are a specialty store that provides specialized solutions for offices, condominiums, corporations, etc. Specialty stores provide excellent customer service and expert advice to help customers choose home decor items for a variety of uses, including outdoor furniture, kitchens, bedrooms, and outdoor spaces.
For detailed insights on historical and forecast market data from 2016 to 2032, download sample report from https://market.us/report/home-decor-market/request-sample/ .
market segmentation
Based on product type
Home Textiles Flooring Furniture Other Types
Based on distribution channel
Supermarkets and Hypermarkets Specialty Stores E-commerce Other Channels
By geography
North America Western Europe Germany France United Kingdom Spain Italy Portugal Ireland Austria Switzerland Benelux Northern Europe Rest of Western Europe Eastern Europe Russia Poland Czech Republic Greece Rest of Eastern Europe APAC China Japan South Korea India Australia & New Zealand Indonesia Malaysia Philippines Singapore Thailand Vietnam Rest of APAC Parts of Latin America Brazil Colombia Chile Argentina Costa Rica Rest of Latin America Middle East and Africa Algeria Egypt Israel Kuwait Nigeria Saudi Arabia South Africa Turkey United Arab Emirates Rest of MEA
Key players in the market:
Inter IKEA Systems BVKimball International Inc.Herman Miller, Inc.Home24Hanssem CorporationKoninklijke Philips NVConair CorporationSuofeiya Home Collection Co., Ltd.Springs Window Fashions LLCSiemens AGOther major companies
Recent developments in the home decoration market
This quarter, Kurlon is expected to generate revenue of Rs 1,000 crore. Leading mattress manufacturer Kurlon expects to achieve a revenue of Rs 1,000 crore and a sales increase of 25% in the current financial year. Lifestyle brand Dekulture Works has opened his 3rd store in Bangalore. The company is in talks with a number of investors to raise around Rs 100 crore for future expansion in Delhi, Mumbai and other metropolitan areas.
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