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Home Decor Market 2024 - By Size, Segmentation, Application, Outlook And Opportunities Analysis By 2033
Home Decor Market
As per the report, the home decor market size has grown marginally in recent years. It will grow from $639.64 billion in 2023 to $648.54 billion in 2024 at a compound annual growth rate (CAGR) of 1.4%. The home decor market size is expected to see steady growth in the next few years. It will grow to $735.05 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%.
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The Impact Of Smartphones And E-Commerce On Home Decor Trends
The increasing penetration of smartphones and e-commerce is expected to propel the growth of the home decor market going forward. A Smartphone refers to a handheld electronic gadget that furnishes a connection to a cellular network and the internet. Smartphones are helpful for buying home decor products such as wall decor, cushions, curtains, and figurines from various online e-commerce websites. For instance, in October 2021, according to The Economic Times, an Indian business newspaper, India had the highest mobile data consumption rate in the world at 12 gigabytes per user a month, and the country is adding 25 million new smartphone users every quarter. Also, according to Bankmycell, a US-based price comparison site for mobile phones, in 2021, there are 6.37 billion (80.76% of the world population) smartphone users. Therefore, the increasing penetration of smart devices contributes to the growth of the home decor market.
Navigating The Home Decor Market Through Strategic Collaborations
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the home decor market. Major companies operating in the home decor market are focused on strategic partnerships and collaborations to sustain their position in the market. For instance, in April 2022, Mitzi, a US-based home decor company, collaborated with Dabito, a designer, photographer, artist, and founder of Old Brand New. Through this collaboration, 12 new Mitzi pieces were created, from chandeliers to wall sconces, all equal parts cool, contemporary, and covetable. Also, in April 2022, Ruggable, a US-based innovative washable rug company, teamed up with Keith Haring Studio to create a collection of 15 chenille rugs and 9 doormats decorated with the late American artist's iconic line drawings. As with all Ruggable's products, each rug consists of a padded base and an easily removable (and machine washable) top layer.
The home decor market covered in this report is segmented -
1) By Product Type: Furniture, Textile, Flooring, Other Products
2) By Price: Premium, Mass
3) By Application: Indoor, Outdoor
4) By Distribution Channel: Supermarkets and Hypermarkets, Specialty Stores, E-Commerce, Other Distribution Channels
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Major companies operating in the home decor market report are Siemens AG, General Electric, Inter IKEA Systems BV, Koninklijke Philips N.V., Wayfair Inc., Mohawk Industries Inc., Shaw Industries Group Inc., Bed Bath & Beyond Inc., IKEA USA, Hexagon AB, Ashley Furniture Industries Ltd., Rooms To Go, Herman Miller Inc., Crate & Barrel, Conair Corporation, Springs Window Fashions LLC, Suofeiya Home Collection Co. Ltd., Pier 1 Imports Inc., Forbo Group, Hanssem Corporation, Armstrong World Industries Inc., ESRI Inc., Bentley Systems Inc., Mannington Mills Inc., home24, Kimball International Inc., MDA Corporation, Samson Holding Ltd., Zepter International Inc., Duresta Upholstery Ltd.
Contents of the report:
1. Executive Summary
2. Home Decor Market Report Structure
3. Home Decor Market Trends And Strategies
4. Home Decor Market - Macro Economic Scenario
5. Home Decor Market Size And Growth
…..
27. Home Decor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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