Published August 22, 2023
According to the report by Expert Market Research (EMR), the global home decor market size reached a value of approximately USD 746.6 billion in 2022. Aided by the growing demand for aesthetic home improvement products and the broadening application of home decor items in various residential and commercial settings, the market is projected to further grow at a CAGR of 4.80% between 2023 and 2028 to reach a value of USD 989.14 billion by 2028.
Home decor items, ranging from furniture, textiles, floor coverings to wall decor, play a crucial role in interior design, aiding in the creation of comfortable, functional, and aesthetically pleasing living spaces. These items not only elevate the appeal of homes but also reflect personal style and social status, which is further driving their demand.
A significant factor propelling the global home decor market growth is the rising consumer inclination towards aesthetically pleasing and comfortable residential spaces. As people spend more time at home, especially in the context of remote work and study arrangements due to the pandemic, there has been a marked shift towards home improvement and renovation activities.
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Furthermore, an increasing number of homeowners are investing in home decor to create personalised spaces that reflect their tastes and lifestyle, fostering market growth. The upsurge in the real estate sector, coupled with the rising disposable income and urbanisation in emerging economies, is another contributing factor to the home decor market expansion.
Home decor has also found a growing market in the commercial sector. Businesses, especially in the hospitality industry, invest significantly in interior decoration to create inviting and appealing environments that enhance customer experiences.
The advancement in e-commerce platforms has been a boon to the home decor market. These platforms offer a wide variety of home decor items from different brands, allowing consumers to compare prices and designs and read reviews before making a purchase. Additionally, these platforms enable sellers to reach a larger and more diverse consumer base, driving market growth.
Trends in home decor are also shaping the home decor market demand. For instance, the growing interest in sustainable and eco-friendly products, driven by environmental concerns, has led to an increased demand for home decor items made from natural and recycled materials. The trend of minimalist design, with a focus on functionality and simplicity, is also gaining traction.
The home decor market also benefits from the rise of smart homes and the integration of technology into home decor items. Smart furniture and appliances, connected lighting systems, and automated curtains and blinds are some examples of how technology is transforming the home decor market.
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The market can be divided based on product type, price, application, distribution channel, and region.
Market Breakup by Product Type
• Home Textile
o Bed Linen
o Bath Linen
o Kitchen Linen
• Floor Covering
o Living Room
o Dining Room
o Ceramics and Tiles
o Wood and Laminated
o Vinyl Flooring
o Carpets and Rugs
o Lamps and Shades
o Light Bulbs
Market Breakup by Price
Market Breakup by Application
Market Breakup by Distribution Channel
• Supermarkets and Hypermarkets
• Speciality Stores
Market Breakup by Region
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global home decor companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Inter IKEA Systems B.V.
• Forbo Holding Ltd
• Armstrong World Industries, Inc.
• Mannington Mills Inc.
• Mohawk Industries, Inc.
• Shaw Industries Group, Inc.
• MillerKnoll, Inc.
• Ashley Home Stores, Ltd.
• Kimball International Inc.
• Duresta Upholstery Ltd
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