Surge In Home Renovation And Remodeling Activities Driving Growth Of Market Due To Increasing Demand For Aesthetic Enhancements: An Emerging Driver Transforming The Decorative Accessories Market Landscape

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What Is the Projected Growth of the Decorative Accessories Market?
Recent years have witnessed a robust expansion in the market size of decorative accessories. Projected to elevate from $76.78 billion in 2024 to $82.34 billion in 2025, the market is set to climb at a compound annual growth rate (CAGR) of 7.2%. Factors, including a surge in home renovations, a rise in disposable income, urbanization growth, the widening of the e-commerce sector, and an increase in real estate investments, contributed to this historical growth period.

The market size for decorative accessories is predicted to witness robust expansion in the upcoming years, reaching $107.75 billion in 2029, with a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this growth during the forecast period include an increase in hospitality industry demand, heightened consciousness about home décor, a surging demand for smart decorations, the growing sway of social media, and the burgeoning appreciation for minimalist design. The forecast period also reveals major trends such as the integration of smart home technologies, the incorporation of augmented reality, AI-guided home decor proposals, the rise of 3D printed décor, and the adoption of virtual showrooms.

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What Are the Different Decorative Accessories Market Segments?
The decorative accessories market covered in this report is segmented -

1) By Product Type: Lamp And Lighting, Pottery And Vases, Home Décor, Pillows, Rugs, Other Product Types
2) By Material: Metal, Wood, Glass, Ceramic, Fabric, Other Materials
3) By Distribution Channel: Hypermarkets And Supermarkets, Specialty Stores, Departmental Stores, Online, Other Distribution Channels
4) By Application: Residential, Institutions, Corporate Offices, Malls, Other Applications

Subsegments:

1) By Lamp And Lighting: Table Lamps, Floor Lamps, Chandeliers, Pendant Lights, Wall Sconces, LED Decorative Lights
2) By Pottery And Vases: Ceramic Vases, Glass Vases, Metal Vases, Stoneware Pottery, Terracotta Pottery, Porcelain Vases
3) By Home Décor: Wall Art, Clocks, Mirrors, Figurines and Sculptures, Decorative Trays, Candle Holders
4) By Pillows: Throw Pillows, Floor Cushions, Outdoor Pillows, Bolster Pillows, Decorative Pillow Covers
5) By Rugs: Area Rugs, Runner Rugs, Outdoor Rugs, Handmade Rugs, Machine-Made Rugs, Shag Rug
6) By Other Product Types: Picture Frames, Decorative Bowls, Artificial Flowers and Plants, Seasonal Decorations, Bookends, Wind Chimes

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What Are the Primary Drivers Shaping the Decorative Accessories Market?
The growth of the decorative accessories market is likely to be fueled by the increase in home renovation and remodeling activities. These activities, which involve enhancing, restoring, or modifying residential spaces to improve their functionality, aesthetics, and value, have become increasingly over time due to the desire for personalized and practical living environments. This gives homeowners a sense of satisfaction and control over their surroundings. Decorative accessories are crucial in the renovation and remodeling process as they add individuality, fashion, and consistency to spaces, harmoniously integrating architectural features, color themes, and furniture to achieve a refined, welcoming aesthetic. For example, Houzz, a US-based platform for home remodeling and design, revealed in March 2024 that the expenditure on home improvement by homeowners who carried out renovations rose significantly over the past three years, with median remodeling costs skyrocketing 60% from $15,000 to $24,000 in 2023. In 2023, home renovation expenses of $25,000 or more were incurred by 51% of homeowners, an increase of 37% from the previous three years. Hence, the decorative accessories market is experiencing growth propelled by the upsurge in home renovation and remodeling activities.

Which Companies Are Leading in the Decorative Accessories Market?
Major companies operating in the decorative accessories market are Berkshire Hathaway Inc., The Home Depot Inc., Lowe's Companies Inc., General Electric Company, Inter IKEA Holding B.V., H&M Home, Koninklijke Philips NV, Ashley Furniture Industries Inc., Wayfair Inc., Mohawk Industries Inc., Williams-Sonoma Inc., Bed Bath & Beyond Inc., Urban Outfitters Inc., MillerKnoll Inc., Zara Home, Pottery Barn, Rooms To Go Inc., Euromarket Designs Inc. (operating as Crate & Barrel), At Home Group Inc., Forbo Holding AG

What Are the Major Trends Shaping the Decorative Accessories Market?
Leading players in the decorative accessories market are prioritizing the creation of unique, theme-based decorations to keep up with the ever-changing demands for personalized and visually appealing home interiors. This type of decoration aims to unite spaces with a cohesive theme or style, creating a harmonious visual. In a case in point, At Home Group Inc., a US-based home décor superstore company, unveiled Honeybloom, a private-label modern farmhouse home décor line, in August 2022. This line, which includes furniture, rugs, wall decor, and seasonal items, aims to elicit feelings of warmth and unity while maintaining a chic, well-used aesthetic. This aligns perfectly with At Home's commitment to providing exclusive designs at cost-effective prices throughout its network of over 250 stores.

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What Are the Top Revenue-Generating Geographies in the Decorative Accessories Market?
North America was the largest region in the decorative accessories market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the decorative accessories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Decorative Accessories Market?
2. What is the CAGR expected in the Decorative Accessories Market?
3. What Are the Key Innovations Transforming the Decorative Accessories Industry?
4. Which Region Is Leading the Decorative Accessories Market?

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