Press release
DIY Home Décor Market CAGR to be at 4.7% | $372.06 Billion Industry Revenue by 2031
The global DIY home décor market was valued at $240.64 billion in 2021 and is projected to reach $372.06 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031. DIY (Do-It-Yourself) home décor enables homeowners to perform interior design chores independently using home improvement tools, equipment, and appliances, allowing customers to develop eye-catching home decoration projects without any professional help.
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Key Segments
By Product Type: Furniture, Home Textile, Floor Covering
By Income Group: Lower-Middle Income, Upper-Middle Income, Higher Income
By Price Point: Mass, Premium
By Distribution Channel: Supermarkets & Hypermarkets, Specialty Stores, E-commerce, Others
Notable Segment Insights
By Product Type:
The floor covering segment was the highest contributor to the global DIY home décor market in 2021 and is projected to grow at a CAGR of 3.9% during the forecast period. The floor covering products segment held more than one-third of the global DIY home décor market share and is expected to continue its leadership status throughout the forecast period. However, the home textile segment is expected to register the highest CAGR of 5.8% from 2022 to 2031. Newstrail
By Income Group:
The lower-middle income segment is expected to grow at the highest CAGR of 5.5% from 2022 to 2031, reflecting the expanding consumer base for DIY home décor in emerging economies. Newstrail
By Price Point:
The mass segment is expected to grow at a CAGR of 4.0%, while the premium segment is expected to manifest the highest CAGR of 5.5% from 2022 to 2031. OpenPR
By Distribution Channel:
The specialty stores segment accounted for the highest share in 2021, holding more than two-fifths of the global market, and is expected to continue its leadership status. However, the e-commerce segment is estimated to grow at the highest CAGR of 6.3% during the forecast period. OpenPR
Regional Outlook
Asia-Pacific held the largest share in 2021, contributing nearly one-third of the total market share, and is projected to maintain its dominance in terms of revenue through 2031. Asia-Pacific DIY home décor market size is projected to grow at a CAGR of 4.8% from 2022 to 2031. North America is expected to manifest the fastest CAGR of 5.4% during the forecast period.
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Market Drivers
Lifestyle changes and rising disposable income in urban areas are key demand drivers, fueling increased expenditure on home décor products such as floor coverings, textiles, and furniture. In emerging countries, the increasing number of working women and their participation in home design decision-making are also contributing to rising demand for DIY décor products.
Social media is playing a major role in market growth. With more than 4.55 billion social media users globally, key players are strategically promoting their products on platforms such as Facebook, Instagram, and YouTube to increase consumer awareness and broaden their reach. Social media usage growth in North America increased by 6.96% and in Europe by 4.32% from 2019 to 2020.
Rise in urbanized population in emerging economies, coupled with increasing expenditure on home décor products such as rough textiles and carpets, has significantly contributed toward the growth of the global market. Surging demand for trendy and unique furniture is also anticipated to provide lucrative growth opportunities.
Market Restraints
Availability of low-quality and counterfeit products, as well as fluctuations in the prices of raw materials used to manufacture these products, are key factors restraining market growth.
Key Players
Leading market players include Forbo International, Herman Miller, Inter IKEA Systems, Kimball International, Mannington Mills, Mohawk Industries, Overstock.com, Shaw Industries Group, Target Corporation, Armstrong World Industries, Ashley Furniture Industries, and Duresta Upholstery.
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SIMILAR REPORTS :-
Outdoor Kitchen Cabinets Market https://www.alliedmarketresearch.com/outdoor-kitchen-cabinets-market-A06575
Smoking Accessories Market https://www.alliedmarketresearch.com/smoking-accessories-market-A16013
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