The home decor market is experiencing gradual growth, projected to rise from $639.64 billion in 2023 to $648.54 billion in 2024, with a CAGR of 1.4%. This growth is influenced by social media trends and the demand for sustainable products. By 2028, the market is expected to reach $735.05 billion, growing at a CAGR of 3.2%, driven by smart home integration and the increasing focus on wellness design.
Major Driver In The Home Decor Market
The expanding penetration of smartphones and the prevalence of e-commerce are anticipated to be key drivers for the growth of the home decor market. Smartphones, handheld electronic devices connecting users to cellular networks and the internet, facilitate the purchase of home decor products such as wall decor, cushions, curtains, and figurines through various online e-commerce platforms. Notably, India, as reported by The Economic Times in October 2021, boasted the world's highest mobile data consumption rate at 12 gigabytes per user per month, with the addition of 25 million new smartphone users each quarter. According to Bankmycell, a US-based mobile phone price comparison site, the global smartphone user base reached 6.37 billion in 2021, constituting 80.76% of the world's population. Thus, the increasing prevalence of smart devices contributes significantly to the growth of the home decor market. To comprehensively understand this growth, it is crucial to explore the market size figures for the years 2023, 2024, and 2028.
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Home Decor Market Competitive Landscape
Siemens AG, General Electric, Inter IKEA Systems BV, Koninklijke Philips N.V., Wayfair Inc., Mohawk Industries Inc., Shaw Industries Group Inc., Bed Bath & Beyond Inc., IKEA USA, Hexagon AB, Ashley Furniture Industries Ltd., Rooms To Go, Herman Miller Inc., Crate & Barrel, Conair Corporation, Springs Window Fashions LLC, Suofeiya Home Collection Co. Ltd., Pier 1 Imports Inc., Forbo Group, Hanssem Corporation, Armstrong World Industries Inc., ESRI Inc., Bentley Systems Inc., Mannington Mills Inc., home24, Kimball International Inc., MDA Corporation, Samson Holding Ltd., Zepter International Inc., Duresta Upholstery Ltd.
Key Home Decor Market Trend
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the home decor market. Major companies operating in the home decor market are focused on strategic partnerships and collaborations to sustain their position in the market. For instance, in April 2022, Mitzi, a US-based home decor company, collaborated with Dabito, a designer, photographer, artist, and founder of Old Brand New. Through this collaboration, 12 new Mitzi pieces were created, from chandeliers to wall sconces, all equal parts cool, contemporary, and covetable. Also, in April 2022, Ruggable, a US-based innovative washable rug company, teamed up with Keith Haring Studio to create a collection of 15 chenille rugs and 9 doormats decorated with the late American artist's iconic line drawings. As with all Ruggable's products, each rug consists of a padded base and an easily removable (and machine washable) top layer.
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Home Decor Market Segmentation
The home decor market covered in this report is segmented –
1) By Product Type: Furniture, Textile, Flooring, Other Products
2) By Price: Premium, Mass
3) By Application: Indoor, Outdoor
4) By Distribution Channel: Supermarkets and Hypermarkets, Specialty Stores, E-Commerce, Other Distribution Channels
By Geography:The regions covered in the home decor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the home decor market in 2023.
The Home Decor Global Market Report 2024 furnishes information about the global home decor market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
