Home Decor Market:
The GMI Research’s latest analysis reveals that the Home Decor Market is slated to register a significant CAGR over the forecast period. This is attributed to the rapid urbanization, rising disposable income of individuals particularly in the developing countries, and the increasing interior designing sector.
Home Decor Market’s leading Manufacturers:
- IKEA Systems B.V.
- Kimball International, Inc.
- Herman Miller, Inc.
- Hanssem Corporation
- HOME24
- Koninklijke Philips N.V
- Suofeiya Home Collection Co., Ltd.
- Springs Window Fashions LLC
Home Decor Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The rapid urbanization and the increasing interior designing sector are the key drivers contributing to the growth of the home décor market size. The individuals are significantly shifting towards urban areas from rural areas. According to the UN, Department of Economies and Social Affairs world’s 68% of the population would resists in urban areas by the end of 2050. In addition to this, the world population can increase upto 2.5 billion people to urban areas by 2050. Individuals from rural areas are fundamentally shifting towards cities in search of more facilities, better opportunities, enhanced lifestyle, and employment. This shift is rising disposable income of individuals which has changed the lifestyle of individuals. Presently, individual choose to live in an attractive house with comfort and safety. According to the home décor market research, the rapid urbanization has led to an increase in the demand for home décor among people in urban areas.
The raw materials utilized for home décor including wood, stone, fabric, rattan, and others, are expensive, which limits individual from used such material to decorate their houses. The rising disposable income of individuals particularly in the developing countries is projected to reduce the cost of raw materials. This is likely to surge the growth of the market.
Product Segment Drivers
Based on product, the market is segmented into textile, furniture, flooring, and others. The furniture is projected to dominate the market in the coming years due to the rising disposable income of people. People prefer to have attractive furniture for their bathroom, kitchen, living room, and others. Furniture is utilized for residential and commercial decoration, wherein design and shape improve the look of the place, which is an essential part in the furniture sector that impacts the decision making of consumers.
Application Segment Drivers
Based on the application, the market is segmented into indoor and outdoor. The indoor is expected to rise at a higher CAGR in the coming years due to various high demands for attractive and comfortable products, such as bedroom, kitchen, living areas, bathroom, and others. On the other hand, the outdoor is predicted to lead the market in the coming years due to the growing requirement for comfort for areas including open spaces or the garden in the house.
Home Decor Market Segmentation:
Segmentation by Product:
- Furniture
- Textile
- Flooring
- Others
Segmentation by Application:
- Indoor
- Outdoor
Segmentation by Distribution Channel:
- Supermarkets & Hypermarkets
- Specialty Stores
- E-commerce
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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