BANGALORE, India, Aug. 9, 2021 /PRNewswire/ -- The Home Decor Market is Segmented by Type (Home Furniture, Rugs, Bath Textiles, Bed Textiles, Kitchen and Dining Textiles, Tiles, Wood & Laminate Flooring, Vinyl & Rubber Flooring, Lighting, Others), by Application (Indoor, Outdoor, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Home & Interior Decor Category.
The global Home Decor market size is projected to reach USD 622770 Million by 2027, from USD 540760 Million in 2020, at a CAGR of 2.4% during the forecast period 2021-2027
Major factors driving the growth of the Home Décor market are:
The home decor market has been gaining traction in emerging economies, owing to the rise in the affluent population.
An increase in environmental awareness among consumers has shifted their preference toward eco-friendly home decor products, which is a key growth factor of the global market
Furthermore, the growth of the worldwide home decor market has been propelled by a shift in consumer trends towards an urban lifestyle as a result of the increasing rate of urbanization. The adaptation of furniture and appliances to the new lifestyle necessitates the use of high-end, high-quality products.
The surge in demand for trending & unique furniture due to the rise of social media culture is anticipated to provide lucrative growth opportunities for the home decor industry.
TRENDS INFLUENCING THE GROWTH OF THE HOME DECOR MARKET
The increasing rate of urbanization has spurred the home decor market growth by shifting customer preferences toward urban lifestyles. A change in lifestyle necessitates the right placement of furniture and furnishings, which should be of high quality. Furthermore, real estate expansion and development are likely to support the growth of the home decor market during the forecast period.
The popularity of buying home décor products online has expanded due to the increasing penetration of e-commerce and smart devices such as mobile phones and tablets with convenient payment and distribution possibilities. With varied home décor products, easy access to products as well as increased availability has spurred home decor market expansion.
In addition, the rise of the interior design business has opened the way for opulent and high-end home décor products that provide guests with a memorable experience. These opulent and high-end items contribute to spiritual and aesthetic enjoyment, as well as the sophistication of the household's residents. Consumer demand for home renovations after a given length of time is increasing, which increases the demand for various home décors products such as wooden or marble flooring, decorative lighting, and eco-friendly furniture. Thus the rise of the interior design business will in turn fuel the growth of the home decor market.
Based on application market share, the indoor application segment is expected to be the most lucrative. Indoor application refers to spaces within a home that are enclosed, such as a bedroom, living room, bathroom, kitchen, and other covered areas. Consumers have been motivated to invest in these products as trends toward creative and inventive décor and furniture have shifted.
Based on region, North America is expected to be the most lucrative market. The United States home decor industry is witnessing the most growth, due to fast-changing lifestyles and an increase in the number of house possessions. The home decor products like furniture, textiles, and floor coverings that are used to enhance the living space are gaining more momentum.
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- The U.S. home decor market size was valued at USD 125,813.0 million in 2019, and is estimated to reach USD 158,929.1 million by 2027, registering a CAGR of 8.0% from 2020 to 2027. In 2019, the floor covering segment accounted for significant revenue share in the total U.S. home decor market, and is expected to grow at a CAGR of 8.4% throughout the forecast period.
- The global Digital OOH (DOOH) market size is projected to reach USD 13180 Million by 2027, from USD 7317.7 Million in 2020, at a CAGR of 8.3% during the forecast period 2021-2027.
- In 2020, the global Home Appliances market size was USD 92990 Million and it is expected to reach USD 141950 Million by the end of 2027, with a CAGR of 6.4% during 2021-2027.
- The global Bedroom Furniture market size is valued at USD 140110 Million in 2019 and the market size will reach USD 176310 Million by the end of 2026, growing at a CAGR of 3.3% during the forecast period 2021-2026.
- The global Luxury Furniture market size is projected to reach USD 41380 Million by 2027, from USD 31240 Million in 2020, at a CAGR of 4.1% during 2021-2027.
- The Prefabricated Bathroom Pods market size was valued at USD 1242.2 Million in 2020 and is projected to reach USD 2446.3 Million by 2027, at a CAGR of 10.2% during the forecast period 2021-2027.
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