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Home Decor Global Market Report 2024 Market Analysis, Growth, Insights, Trends 2024-2033
Home Decor Global Market Report
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According to The Business Research Company's, 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 growth in the historic period can be attributed to influence of social media, sustainable and eco-friendly products, globalization of design, real estate market stability, home improvement shows.
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%. The growth in the forecast period can be attributed to smart home integration, wellness and biophilic design, sustainability and circular design, influence of influencers, global cultural fusion. Major trends in the forecast period include digital transformation and online retail, personalization and customization, subscription services and rental models, multi-functional furniture, augmented reality (AR) shopping.
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Market Drivers and 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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Home Decor Market 2024 Key Insights:
• 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%.
• The Impact Of Smartphones And E-Commerce On Home Decor Trends
• Navigating The Home Decor Market Through Strategic Collaborations
• North America was the largest region in the home decor market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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