The global home décor market size was valued at USD 697.91 billion in 2023. The market is expected to expand from USD 747.75 billion in 2024 to USD 1,097.51 billion by 2032, exhibiting a CAGR of 4.91% over the study period.
Decorative accents like scented candles, throw pillows, and artwork significantly enhance the aesthetics of living spaces. The growing trend of decorating outdoor living areas and the rise in home gardening are expected to further drive market growth.
List of Key Players Mentioned in the Report:
- 1888 Mills, LLC. (U.S.)
- Inter IKEA Systems B.V.(Netherlands)
- Williams-Sonoma Inc. (U.S.)
- Ashley Furniture Industries, LLC. (U.S.)
- Idea Nuova (U.S.)
- Ethan Allen Global, Inc. (U.S.)
- American Textile Company (U.S.)
- Ralph Lauren Corporation (U.S.)
- Welspun Flooring (India)
- Kimball International, Inc. (U.S.)
- Herman Miller, Inc. (U.S.)
- Steelcase, Inc. (U.S.)
Information Source: https://www.fortunebusinessinsights.com/home-decor-market-109906
Segmentation:
Technological Advancements in the Design of Floor Covering Products to Spur Segment Expansion
Based on the product category, the market is divided into floor coverings, furniture and home furnishings, home textiles, and others. The floor covering segment holds the largest share of the home décor market. Advancements in material composition and design technology for floor covering products are influencing households to install new flooring..
Discount Coupon Offerings Fosters Hypermarkets/Supermarkets Segment Growth
The market is segmented by distribution channel into specialty stores, online channels, hypermarkets & supermarkets, and others. The hypermarkets & supermarkets segment leads the market, primarily due to the consistent availability of discount coupons on décor products, which boosts product demand.
Regionally, the home décor market is divided into South America, the Middle East & Africa, North America, Europe, and Asia Pacific.
Report Coverage
The research report provides vital insights into the key factors affecting the market growth. In addition, it offers comprehensive coverage of the latest trends, dominating segments, and the impact of the COVID-19 pandemic on the market growth. Other aspects of the report include the strategic measures undertaken by prominent companies to stand out from the competition.
Drivers and Restraints:
Constant Smart Home Offerings to Accelerate Market Growth
The steady expansion of smart home offerings, including speakers, aesthetic home appliances, and smart decorative lighting, is driving an increase in product consumption across various countries worldwide. Additionally, the growth of the home décor market is fueled by the rising trend of purchasing connected technology-based décor products that feature home security, next-generation entertainment, and personalized health management.
However, the high cost of premium-priced products could potentially hinder market growth.
Regional Insights:
Asia Pacific Due to Rising Number of Residential Infrastructural Facilities
Asia Pacific holds the largest home décor market share on the back of surging number of commercial and residential infrastructure facilities, which boost the demand for modern living room and kitchen furniture in Southeast Asia and China.
Europe’s market growth is driven by growing demand for sustainable products coupled with efforts of manufacturers toward the production of home décor products made using eco-friendly materials.
Competitive Landscape:
Top Companies Focus on Mergers and Acquisition Strategies to Create Their Product Portfolio
Market players are leveraging different strategic initiatives, such as joint ventures, capacity expansions, and product innovations, to keep ahead of their competition. Prominent companies launch newer stores to boost their retail footprint across the globe. Leading players in the home décor market are also emphasizing mergers & acquisition strategies to build their product portfolio.
Key Industry Development:
July 2021: Hellman & Friedman, a global private equity firm and At Home Group Inc., a living room interior items’ store collectively acquired At Home, a retail chain company to strengthen its market share in the U.S. furniture retailing industry.
