Home decor market size to grow by USD 289.49 billion from 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio
NEW YORK, Jan. 31, 2023 /PRNewswire/ -- The global home decor market size is estimated to increase by USD 289.49 billion between 2022 and 2027. The market's growth momentum will accelerate at a CAGR of 7.27%. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. Discover more insights on the market - Request a sample report
Global home decor market ? Vendor analysis Vendor offerings -
Armstrong World Industries Inc. - The company offers home decor solutions such as raised panel, EASY ELEGANCE deep coffer white, and WOODHAVEN beadboard.
Ashley home stores Ltd. - The company offers home decor solutions such as wall mirrors, floor mirrors, and faux plants.
Bed Bath and Beyond Inc. - The company offers home decor solutions such as candles, diffusers, faux florals, and greenery.
Costco Wholesale Corp. - The company offers home decor solutions such as wall art, picture frames, and indoor plants.
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Vendor landscape ?
The global home decor market is fragmented, with the presence of several established vendors. A few prominent vendors that offer home decor in the market are Armstrong World Industries Inc., Ashley home stores Ltd., Bed Bath and Beyond Inc., Costco Wholesale Corp., Duresta Upholstery Ltd., Forbo Management SA, Global Home Interiors, HANSSEM Co. Ltd., Home24 SE, Inter IKEA Holding BV, Kimball International Inc., Mannington Mills Inc., MillerKnoll Inc., Mohawk Industries Inc., Otto Home Goods, Penney IP LLC, Shaw Industries Group Inc., Springs Window Fashions LLC, Suofeiya Home Collection Co. Ltd., and Wayfair Inc. and others.
Market players compete on various factors, including price, quality, brand, and variety. Companies undertake various marketing strategies to increase their market shares. The acquisition of new brands will enable the leading competitors to maintain their dominance in the global home decor market during the forecast period. In addition, market players should to focus on the customization of furniture through consumer interactions. Major competitors are trying to mass-customize their products by interacting with consumers through AR-based applications. Such technological advances are expected to drive the growth of the global home decor market during the forecast period.
Global home decor market - Customer landscape To help companies evaluate and develop growth strategies, the report outlines ?
Key purchase criteria
Adoption rates
Adoption lifecycle
Drivers of price sensitivity
Global home decor market - Segmentation assessment
Segment overview Technavio has segmented the market based on product (furniture, floor coverings, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The furniture segment will account for a significant share of the market's growth during the forecast period. This growth is attributed to factors such as the rising popularity of wooden furniture among middle- and high-income customers. In addition, the adoption of eco-friendly products has increased. Pinewood, metal, plastic, glass, and leather are some of the eco-friendly raw materials used for making furniture. These factors will drive the growth of the furniture segment in the market during the forecast period.
Geography overview Based on geography, the global home decor market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global home decor market.
APAC is estimated to account for 50% of the growth of the global market during the forecast period. The growth of the market is attributed to factors such as rising disposable income, the recovery of the real estate industry, rapid urbanization, and increasing awareness. The high performance of the online retail sector is also driving market growth in the region. Home decor products are easily available, affordable, and convenient to buy from online retail platforms.
Leading drivers - The growing importance of innovative, customized furniture is driving market growth. The preference for smart and customized furniture has increased. For instance, IKEA and Ethan Allen offer innovative furniture and customized fabric. On December 6, 2022, IKEA announced its plan to develop multifunctional furniture. Thus, growing innovation in furniture by vendors will fuel the growth of the market during the forecast period.
Key trends - Enhancement of consumer experience through technology is a key trend in the market. AR and VR apps allow users to input the dimensions of rooms and then select items from the catalog accordingly. Consumers can virtually see different colors and textures by pointing their smartphones at a particular item of furniture. They can also find similar products and select the desired home decor items. These factors will support the growth of the market.
Major challenges - High volatility in raw material prices and transportation costs is challenging market growth. The prices of raw materials have increased due to their shortage. Raw materials, such as polyurethane foam, faced a shortage in late 2020, which increased their price. The prices of other raw materials, such as springs, fabrics, board materials, mechanisms, feathers, fiber, and packaging goods, have also increased. Moreover, the capacity of transportation is restricted, and tariffs have increased. These factors increase the final cost of the product. This, in turn, will hinder the growth of the market during the forecast period.
The home furniture market is estimated to grow at a CAGR of 5.34% between 2022 and 2027. The size of the market is forecasted to increase by USD 105.01 billion. This report extensively covers market segmentation by distribution channel (offline and online), product (living room furniture, bedroom furniture, storage furniture, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The size of the home furniture and bedding market in US is projected to grow by USD 10.86 billion with a CAGR of 2.96% during the forecast period 2021 to 2026. This report extensively covers segmentation by distribution channel (offline and online) and product (living room furniture, bedroom furniture, storage furniture, and others).
Home Decor Market Scope
Report Coverage
Details
Page number
161
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 7.27%
Market growth 2023-2027
USD 289.49 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
6.75
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 50%
Key countries
US, China, India, UK, and Germany
Competitive landscape
Leading vendors, market positioning of vendors, competitive strategies, and industry risks
Key companies profiled
Armstrong World Industries Inc., Ashley home stores Ltd., Bed Bath and Beyond Inc., Costco Wholesale Corp., Duresta Upholstery Ltd., Forbo Management SA, Global Home Interiors, HANSSEM Co. Ltd., Home24 SE, Inter IKEA Holding BV, Kimball International Inc., Mannington Mills Inc., MillerKnoll Inc., Mohawk Industries Inc., Otto Home Goods, Penney IP LLC, Shaw Industries Group Inc., Springs Window Fashions LLC, Suofeiya Home Collection Co. Ltd., and Wayfair Inc.
Market dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 131: Forbo Management SA - Business segments
Exhibit 132: Forbo Management SA - Key offerings
Exhibit 133: Forbo Management SA - Segment focus
12.9 HANSSEM Co. Ltd.
Exhibit 134: HANSSEM Co. Ltd. - Overview
Exhibit 135: HANSSEM Co. Ltd. - Product / Service
Exhibit 136: HANSSEM Co. Ltd. - Key offerings
12.10 Inter IKEA Holding BV
Exhibit 137: Inter IKEA Holding BV - Overview
Exhibit 138: Inter IKEA Holding BV - Product / Service
Exhibit 139: Inter IKEA Holding BV - Key news
Exhibit 140: Inter IKEA Holding BV - Key offerings
12.11 Kimball International Inc.
Exhibit 141: Kimball International Inc. - Overview
Exhibit 142: Kimball International Inc. - Business segments
Exhibit 143: Kimball International Inc. - Key offerings
Exhibit 144: Kimball International Inc. - Segment focus
12.12 Mannington Mills Inc.
Exhibit 145: Mannington Mills Inc. - Overview
Exhibit 146: Mannington Mills Inc. - Product / Service
Exhibit 147: Mannington Mills Inc. - Key offerings
12.13 MillerKnoll Inc.
Exhibit 148: MillerKnoll Inc. - Overview
Exhibit 149: MillerKnoll Inc. - Business segments
Exhibit 150: MillerKnoll Inc. - Key offerings
Exhibit 151: MillerKnoll Inc. - Segment focus
12.14 Mohawk Industries Inc.
Exhibit 152: Mohawk Industries Inc. - Overview
Exhibit 153: Mohawk Industries Inc. - Business segments
Exhibit 154: Mohawk Industries Inc. - Key offerings
Exhibit 155: Mohawk Industries Inc. - Segment focus
12.15 Otto Home Goods
Exhibit 156: Otto Home Goods - Overview
Exhibit 157: Otto Home Goods - Product / Service
Exhibit 158: Otto Home Goods - Key offerings
12.16 Penney IP LLC
Exhibit 159: Penney IP LLC - Overview
Exhibit 160: Penney IP LLC - Product / Service
Exhibit 161: Penney IP LLC - Key offerings
12.17 Suofeiya Home Collection Co. Ltd.
Exhibit 162: Suofeiya Home Collection Co. Ltd. - Overview
Exhibit 163: Suofeiya Home Collection Co. Ltd. - Product / Service
Exhibit 164: Suofeiya Home Collection Co. Ltd. - Key offerings
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 165: Inclusions checklist
Exhibit 166: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 167: Currency conversion rates for US$
13.4 Research methodology
Exhibit 168: Research methodology
Exhibit 169: Validation techniques employed for market sizing
Exhibit 170: Information sources
13.5 List of abbreviations
Exhibit 171: List of abbreviations
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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