USD 856.26 billion
Home Decor Market Size, Share, Growth Analysis, By Product(Furniture, Textile, Flooring, and Others), By Application(Indoor, and Outdoor), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25F2045 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
63
|Figures:
75
Home Decor Market Insights
Global Home Decor Market size was valued at USD 856.26 billion in 2022 and is poised to grow from USD 912.77 billion in 2023 to USD 1522.02 billion by 2031, growing at a CAGR of 6.60% during the forecast period (2024-2031).
The rise in demand for upholstery products, decor, and fixtures will drive up market product demand. The market for the product is supported by consumer preferences for ostentatious home décor products, particularly timber flooring and furniture. A further factor driving demand for home décor products throughout the projection period is a trend towards using environmentally friendly items that are less stressful on the environment. This development has increased demand for innovative home décor products that utilize an array of raw materials.
The growth of the market has been driven by consumer shifting preferences towards urban lifestyles brought on by the speedy urbanization of society. A change in lifestyle necessitates the right placement of furniture and other furnishings made of excellent-quality premium goods. 55.0% of people on earth live in urban areas, according to the United Nations. As a result, the demand for home décor goods will increase during the forecast period as a result of this rate increase. Additionally, it is anticipated that the growth of the home decor market would be complemented by growth in the real estate industry.
The growth of the market has been driven by consumer shifting preferences towards urban lifestyles brought on by the speedy urbanization of society. A change in lifestyle necessitates the right placement of furniture and other furnishings made of excellent-quality premium goods. 55.0% of people on earth live in urban areas, according to the United Nations. As a result, the demand for home décor goods will increase during the forecast period as a result of this rate increase. Additionally, it is anticipated that the growth of the home decor market would be complemented by growth in the real estate industry.
Additionally, since e-commerce and smart devices like smartphones and tablets with simple payment and delivery options have grown in popularity, more people are choosing to buy for home décor online. The market expansion for various home décor products has also been boosted by broader availability and easy access to products. However, these goods are frequently more expensively priced, which makes it challenging for customers of all economic levels to buy. Additionally, the market's ability to expand is being hampered by rising raw material prices for goods made of wood and leather.
US Home Decor Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Indoor
Fastest Growth
Indoor
Growth Rate
6.60% CAGR
Global Home Decor Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Home Decor Market Segmental Analysis
The global home decor market is segmented based on product, application, and region. Based on product, the market is segmented into furniture, textile, flooring, and others. In terms of categorization by application, the market is grouped into indoor, and outdoor. Regionally, the global home decor market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Home Decor Market Analysis by Product
The largest product category, accounting for 51.1% of total revenue, was the furniture segment. Growing popularity of wooden furniture due to its high quality and attractiveness has propelled the segment's rise. In addition, the influence of western society is a major factor in the growing popularity of modular wardrobes and kitchens.
The application of eco-friendly items in various areas of the home, including the bedroom, bathroom, outdoor area, and interior area, has expanded due to shifting trends towards the adoption of eco-friendly products. In addition to pinewood as an alternative, a variety of raw materials used in the production of furniture, like metal, plastic, glass, and leather, have acquired popularity on the market. Additionally, the market for furniture is expanding as multipurpose furniture becomes more and more popular due to its better convenience.
Home Decor Market Analysis by Application
The largest portion, or 92.6%, was accounted for by the indoor application category in 2022. The term "indoor application" refers to indoor living areas like a home's living room, bedroom, bathroom, kitchen and other covered spaces. Consumers have been motivated to invest in these products by changing trends towards creative and inventive furniture and home decor. The market for foldable furniture, which offers convenience and ease of storage, has been pushed by consumers' increasing preference for small products in the home.
The product is specifically designed for people who live in compact spaces. In the market for interior home décor, there is also a lot of potential due to the expanding use of upholstery in numerous applications. While the growing acceptance of western culture's way of life has significantly pushed customers to purchase luxury goods, especially for the bathroom and bedroom. However, there is a growing market desire for more experimentation using different types of lighting to decorate living rooms.
Global Home Decor Market By Application 2021 (%)
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Home Decor Market Regional Insights
North America accounted for 37.7% of global revenue in 2022, thus, making it the largest regional market. The market's growth is attributed to increasing product accessibility and expanded online and offline home décor channels penetration. The region that the most market players exhibit the greatest penetration of different décor products, such as furniture, lighting, decorative flooring, and the usage of textiles. Additionally, the U.S. dominates the world market for outdoor furniture as a result of customers' increasing willingness to spend money on home décor items.
The Asia Pacific market is anticipated to grow significantly as a result of a population migration to cities. The local real estate market is growing quickly, which suggests that new residences and buildings are being constructed. As a result of new construction, the market is flooded with innovative and creative décor products. As the interior design industry grows in developing nations like Indonesia, China, and India, there is a rising demand for home décor products. The growing inclination of consumers for eco-friendly products has also increased the popularity of using waste materials to produce attractive aesthetics. As a result, the creative component in the creation of home décor objects has increased.
Global Home Decor Market By Geography, 2021-2030
- Largest
- Fastest
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Home Decor Market Dynamics
Home Decor Market Drivers
Growing Disposable Income
- Rising disposable income levels have led to an increase in consumer spending on home decor products. As consumers have more money to spend, they are more likely to invest in higher-end home decor items.
Home Decor Market Restraints
High Competition
- The home decor market is highly competitive, with many companies vying for a share of the market. This can make it difficult for smaller businesses to compete with larger, more established companies.
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Home Decor Market Competitive Landscape
The home decor market is highly competitive, with a diverse range of players, from small boutique stores to large multinational corporations. The competitive landscape of the home decor market is influenced by a range of factors, including product quality, price, design, brand reputation, customer service, and marketing. Many companies differentiate themselves through a combination of these factors. For example, Ikea is known for its affordable yet stylish designs, while Williams-Sonoma is known for its high-end products and personalized customer service.
Home Decor Market Top Player’s Company Profiles
- Ikea
- Bed Bath & Beyond
- Wayfair
- Williams-Sonoma, Inc.
- Home Depot
- Lowe's
- Target
- Amazon
- Pier 1 Imports
- Pottery Barn
- West Elm
- Crate & Barrel
- Ashley Furniture Industries
- Ethan Allen Interiors
- Mohawk Industries
- Sherwin-Williams
- Benjamin Moore & Co.
- J.C. Penney
- Kirkland's
- HomeGoods.
Home Decor Market Recent Developments
- In April 2023, IKEA launched a new line of sustainable home decor products, including furniture made from recycled materials and textiles made from organic cotton.
- In March 2023, Wayfair announced that it was partnering with several home decor brands to offer a wider range of products on its platform, including luxury furniture and decor.
Home Decor Key Market Trends
- Sustainability: Sustainability has become a major trend in the home decor market, with consumers increasingly interested in eco-friendly and sustainable products. Companies are responding by introducing products made from recycled materials or sustainably sourced materials.
- Personalization: Consumers are increasingly looking for personalized home decor items that reflect their individual style and taste. This trend has led to the rise of customizable home decor products, such as custom-made furniture, personalized wall art, and monogrammed linens.
- Bold colors and patterns: Bold colors and patterns are in vogue in the home decor market, with consumers embracing bright hues and eye-catching prints. Companies are introducing colorful and patterned home decor products, such as vibrant accent pillows, bold wallpaper, and patterned rugs.
- Minimalism: While bold colors and patterns are popular, minimalism is also a trend in the home decor market. Consumers are opting for clean lines, neutral colors, and simple designs, which create a calming and peaceful atmosphere.
- Smart home technology: The rise of smart home technology has led to the introduction of smart home decor products, such as lighting, security systems, and smart thermostats. Consumers are increasingly interested in products that can be controlled via their smartphones or voice assistants.
Home Decor Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the home decor market the market Increased demand for upholstery products, decor, and fixtures will drive up market product demand. The market for the product is supported by consumer preferences for ostentatious home décor products, particularly timber flooring and furniture. A further factor driving demand for home décor products throughout the projection period is a trend towards using environmentally friendly items that are less stressful on the environment. This development has increased demand for innovative home décor products that utilize an array of raw materials.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 856.26 billion |
| Market size value in 2031 | USD 1522.02 billion |
| Growth Rate | 6.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Home Decor Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Home Decor Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Home Decor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Home Decor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Home Decor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Home Decor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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