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North America and Europe Home Decor and Accessories Market Expected to Reach $375,664.8 million by 2030
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The North America and Europe home decor and accessories market has witnessed significant growth over the years, and is expected to grow at a steady pace during the forecast period. This is attributed to the fact that market players are focusing on developing eco-friendly products, owing to rise in environment awareness.
Lifestyle of consumers, especially in urban areas, is enhancing significantly, owing to increase in disposable income. Furthermore, there is a rise in the demand for home décor products such as floor coverings, textiles, and furniture, owing rise in construction activities and luxurious lifestyle of consumers, as they have become an integral part of to modern lifestyles. Furthermore, rise in willingness to spend more on home décor products is anticipated to offer remunerative opportunities for the expansion of the market, as these products enhance the aesthetical appearance of homes. Thus, improvement in lifestyle is expected to provide potential growth opportunities for players operating in the market. However, increase in cost of raw materials hamper the market growth. In addition, stringent regulations imposed on production and import of raw materials have resulted in a scarce supply of high-quality material, thereby limiting the adoption of home décor products.
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Demand for leather material is strong owing to the high demand generated from industries such as footwear and textile. On the contrary, supply of leather is limited. Thus, all these factors collectively lead to an increased cost of raw materials, thereby restraining the North America and Europe home decor and accessories market growth.
The North America and Europe home decor and accessories market is segmented into product type, and price point. On the basis of product type, the market is divided into kitchen and dining, bedding, bath and decor. As per price point, it is categorized into mass and premium. Region wise, it is studied across North America and Europe.
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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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