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North America and Europe (Home Decor and Accessories)Market Size is Projected to Reach $375,664.8 Mn by 2030
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Innovation is the key for the growth of the home decor market in terms of value sales The North America and Europe home decor and accessories market is expected to exhibit notable growth during the forecast period, owing to increase in consumer's interest toward the concept of home decor. In addition, upsurge in urban population and development of the real estate industry fosters the sales of home decor products, thereby fueling the growth of the market.
Furthermore, increase in disposable income and improvement in life style of individuals are expected to offer remunerative opportunities for investors in the home decor market. In the current scenario, eco-friendly home decor products are gaining high acceptance among consumers. Thus, players operating in the market are consolidating their efforts in developing eco-friendly products to capitalize on the increase in demand. Operating players in the market compete on certain parameters such as product design, style, and quality of raw materials. Furthermore, many manufacturers are collaborating with importers, contractors, and interior designers to sell their home decor products. Companies have further opted for e-commerce platforms to sell their products and increase their profit margins by reducing the distribution costs.
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Key Findings Of The Study
By product type, the kitchen and dining segment dominated the market in 2020, and is expected to retain its dominance throughout North America and Europe home decor and accessories market forecast period.
By price point, the North America and Europe home decor and accessories market is divided into mass and premium. Mass segment lead in terms of market share and is expected to continue to grow with robust CAGR during the forecast period.
By region, North America accounted for highest market share in 2020, and is expected to grow at a CAGR of 4.3%.
The players in the North America and Europe home decor and accessories market have adopted acquisition as their key development strategy to increase profitability and to strengthen their foothold in the North America and Europe home decor and accessories market share. In addition, players have relied on product launch to improve their product portfolio and stay competitive in the global market. The key players profiled in the North America and Europe home decor and accessories industry include Bed Bath & Beyond Inc., Amazon.com, Inc., Cymax Group Technologies Ltd., Inter IKEA Holding B.V., Overstock.com, Inc., Target Corporation, Walmart Inc., Wayfair Inc., Williams-Sonoma, Inc. and SHEIN.
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