New York, May 12, 2023 (GLOBE NEWSWIRE) -- In 2022, the global home decor market was worth USD 672.2 billion. By 2032, it is expected to reach USD 949 billion, growing at a CAGR of 3.6%.
Home decor is the art of designing the inside and outside of a house to look good and be useful for the people who live there. Products for decorating the home include a variety of items, such as furniture and textiles for the home, including those for the kitchen & dining areas, the bathroom, the living room, and the bed, and floor coverings like carpets, tiles, rugs, rubber and vinyl, laminate & wood, and others.
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Key Takeaway:
- By product type, floor covering held a dominating revenue share of more than 26.0% in 2022
- By distribution channel, the specialty stores category had the highest revenue share in 2022
- North America held a revenue share of approximately 39.7% in 2022
- Asia Pacific market is anticipated to grow the highest CAGR during the forecast period.
The products for home decor have been widely adopted in developed nations like the United States, Canada, and Germany, while consumer demand is expected to rise steadily in developing nations like China, Brazil, and India.
Factors Affecting the Growth of the Home Decor Market
Several factors can affect the growth of the home decor market. Some of these factors include:
- Constructions: The increasing number of commercial and residential constructions, remodeling, and renovations means the need for home decor will be more. This is expected to aid in the market’s expansion.
- Growing disposable income: The increasing spending capacity and shifting population to urban areas is causing the increase in sales of home decor, helping in the market’s development.
- Increasing awareness: Awareness among the public of eco-friendly materials is anticipated to drive market growth during the forecast period.
- Accessibility: The availability of aesthetic components at a discounted rate, as well as the ease of delivery to their homes and secure online payments.
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Top Trends in Global Home Decor Market
Consumers are changing their preferences for urban lifestyles due to growing urbanization, like using high-quality and premium furniture & other furnishings. The demand for home decor is expected to grow because of these changes. In addition, it is anticipated that the expansion of the home decor market will be supplemented by growth in the real estate industry.
Market Growth
Market key players are encouraging the expansion of their product lines as a result of the growing public awareness of the advantages of adopting eco-friendly materials. They are concentrating on strategic partnerships with interior designers in order to provide customers with individualized home decor items, which is anticipated to drive market expansion during the forecast period.
Regional Analysis
In 2022, North America was the largest region and accounted for 39.7% of global revenue. Market growth can be attributed to increased product accessibility and greater penetration of both online and offline interior design channels. This region is home to many market players and has seen a rise in the use of lighting, textiles, and decorative flooring. Due to increasing urbanization, the Asia Pacific region will see significant market growth. This region has seen strong growth in the realty sector, which involves the construction of new buildings and houses.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Market leaders are focusing on product innovation to increase their market share. Because consumers are increasingly looking for luxury and a high-end lifestyle, new product launches help to keep their interest alive. Some of the major players are Inter IKEA Systems B.V., Kimball International Inc., Herman Miller, Inc., Home24, Hanssem Corporation, Koninklijke Philips N.V., Conair Corporation, Suofeiya Home Collection Co., Ltd., Springs Window Fashions LLC, Siemens AG, other key players in the home decor market.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 672.2 billion |
| Market Size (2032) | USD 949 billion |
| CAGR (from 2023 to 2032) | 3.6% |
| North America Revenue Share | 39.7% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The increasing number of commercial and residential constructions, remodeling, and renovations are driving the growth of the home decor market. The increasing spending capacity and shifting population to urban areas are also driving the global demand for home decor products. A positive outlook is also being created by a significant increase in trade activities for decorative products.
Market Restraints
The home decor industry heavily depends upon raw material suppliers. High-quality wood is also hard to come by because natural materials like wood are tightly controlled when they are made and imported, which makes it harder for people to buy home decor products. Leather is in high demand as a result of significant demand from industries like footwear and textiles. However, there is a limited supply of leather. The rising costs of raw materials brought on by these factors impede the expansion of the market
Market Opportunities
Consumers' lifestyles are significantly improving, particularly in urban areas, as a result of an increase in disposable income. It is anticipated that consumers' increased willingness to spend more on home decor items will provide lucrative opportunities for the global market's expansion as these products enhance homes' aesthetic appeal.
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Report Segmentation of the Home Decor Market
Product Type Insight
Based on type, the floor-covering sector holds the largest share of the market. Vinyl, rubber, tiles, wood and laminate, and other floor covering materials are available. The importance of recycling and reducing waste has significantly increased awareness. The flooring industry is affected by recycled materials like tiles, laminate, and wood. Customers have shown a lot of appreciation for trendy floor coverings that are also cheap and good for the environment.
Distribution Channel Insight
Based on the distribution channel, specialty stores held the largest market share in 2022. The specialty outlet for home decor offers many products and similar items. This specialty shop provides specialized solutions for offices, apartments, corporate customers, and other locations. Specialty shops offer superior customer service and expert advice to assist customers in choosing home decor items for different uses, such as outdoor furniture, kitchens, bedrooms, or outdoor spaces.
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Market Segmentation
Based on Product Type
- Home textile
- Floor covering
- Furniture
- Other Types
Based on Distribution Channel
- Supermarkets and Hypermarkets
- Specialty Stores
- E-commerce
- Other Channels
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The 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
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Inter IKEA Systems B.V.
- Kimball International Inc.
- Herman Miller, Inc.
- Home24
- Hanssem Corporation
- Koninklijke Philips N.V.
- Conair Corporation
- Suofeiya Home Collection Co., Ltd.
- Springs Window Fashions LLC
- Siemens AG
- Other Key Players
Recent Development of the Home Decor Market
- This fiscal, Kurlon intends to generate Rs 1,000 crore in revenue. Kurlon, a leading mattress manufacturer, intends to achieve Rs 1,000 crore in revenue and a 25% increase in sales this fiscal year.
- Dekulture Works, a lifestyle brand, opened three stores in Bangalore. The company is in talks with a number of investors to raise approximately Rs 100 million for future expansion in Delhi, Mumbai, and other metropolitan areas.
Browse More Related Reports:
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- Smart Homes Market was valued at USD 113.5 Billion in 2022 and it is expected to reach USD 503.1 billion between 2023 and 2032, this market is estimated to register the highest CAGR of 16.8%.
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